Medical Requirements
Traditional underwriting for life insurance involves an application, medical exam, and review of medical records.
You have the potential of facing no medical requirements during the underwriting process. Programs may be limited to healthier individuals, and many programs require ratings of Preferred or better. Your application will move to traditional underwriting if you are disqualified for accelerated underwriting.
Similar to accelerated underwriting programs, you have the potential of facing no medical requirements during the underwriting process. Multiple underwriting classes are typically available; however, issue age and face amount limits are generally somewhat lower. Carriers will request a traditional application or tele-interview, motor vehicle record check (MVR), prescription database check (Rx check), and Medical Information Bureau check (MIB); medical records (APS) may be ordered if necessary.
You may not need to meet any medical requirements during the underwriting process, with requests for exams, labs, or interviews being less likely. Underwriting decisions are generally based on your application responses and electronically sourced information. Simplified Issue tends to be somewhat more expensive than accelerated underwriting or non-medical underwriting. Carriers usually offer only non-tobacco or tobacco underwriting classes, and the decision is likely to be either acceptance or decline.
If you are unable to qualify for life insurance due to underwriting or lifestyle issues, you might consider guaranteed issue life insurance. This option requires no medical exams, health or lifestyle questions, and involves no underwriting. It is the simplest and least invasive type of life insurance, though it can be the most expensive per $1,000 of coverage.
