Step 1: Information Gathering
An insurance company will request various personal information of the applicant, including but not limited to:

• Medical history
• Family medical history
• Hazardous avocation/occupation
• Income
• Lifestyle

Step 2: Medical Exam
The average medical exam (which is at no cost to the applicant) takes 20 minutes. The examiner will ask details related to current and past medical history. The applicant will be required to give a blood and urine specimen and, in some cases, an ECG (electrocardiogram). Depending on how the medical questions are answered, an insurance company may ask your medical doctor(s) for more detail on any conditions in question. This gathering of information is practically a standardized method used with all domestic insurance companies

Step 3: Underwriting Review
Once all of the information has been gathered, an individual from the insurance company (called an underwriter) evaluates the data. At this evaluation, the underwriter assigns debits or credits based on the company’s very own guidelines. For example, a credit would be assigned when the height and weight fall into a prescribed underwriting guideline; a debit would be given for a cholesterol/HDL ratio that is higher than company guidelines. The company weighs the balance of the debits and credits. The company determines the policy’s cost by considering the debits and credit in relationship to a hypothetical policy.

As a consumer, here is the hard part to understand in getting a policy: insurance companies have different underwriting guidelines. This is why the least expensive policies are the most stringent on their guidelines.  

Throughout every step of the underwriting process, your TermQuest^® affiliate will provide you with details, keep you abreast of where you stand in the process, and help guide you and answer any questions you may have. Ultimately, making the underwriting process less intimidating and more manageable.