Many people are nervous about the whole process of term insurance underwriting. It can be significant enough to where they don’t even apply to begin with. We’ve touched on the process of life insurance underwriting and what to expect we’ve boiled down some key highlights to help shed light on the entire process. Let’s take a look at common questions that arise from clients.

Smoking and Tobacco use. This questions comes up frequently as people have a sense that tobacco use will impact rates. They’re right. Smoking or tobacco use will automatically move you to a more expensive price schedule regardless of health status. The carriers can have different requirements for how long smoke free before tobacco use is not considered so check with us if you have quit.

Another immediate impact to your health class and/or life insurance rating tier is height and weight. Height and weight is automatically considered in terms of pricing. It jumps from health class bracket to bracket about every 10-12 pounds on average. You cannot just lose weight and apply with no impact as they will ask about weight loss. It’s common for people with higher weight to state that they are “very healthy”. This may be the case but height/weight is still considered in absence of any other health issues.

The third main concern is medication. This could be especially true for cholesterol, high blood pressure, anxiety or depression. A combination of medications will drive the pricing bracket higher. The medications that focus on the key ailments associated with cardio-vascular health and other ailments that affect mortality rates. It’s not so much the cost of the medication but the underlying condition for which it is prescribed. In the eyes of the life insurance carrier, ongoing medications for conditions such as high blood pressure or cholesterol show a general, systemic issue that may affect mortality many years later. Having your cholesterol number “controlled” by medication doesn’t negate the fact that the medication is needed to begin with. Of course, it’s important to work with your doctor and treat the issue which is viewed better than just allowing the condition to go untreated in the eyes of the life insurance underwriters.

After smoking, height/weight, and medication, foreign travel to dangerous countries can be a factor. Let us know if you travel or have plans to travel to foreign countries. Obviously, Canada probably won’t be an issue but there are many countries that will raise red flags.

Dangerous activities are then factored into the pricing with such things as skydiving, private piloting, motorcycles, and rock climbing. Some carriers are more strict than others depending on the individual activity so it’s important to check with us if you fall within one of these categories. There are many deciding factors with any of these give situations. For example, the number of flight hours you have can impact your ability to qualify and the term insurance quote you might receive.

These are some of the key underwriting highlights. Everyone has a different health history and or status with varied items so let us help. There are definitely situations where one type of term insurance plan might be a better fit than others. It’s important to keep these highlights in mind when running your term insurance quote so that you can financially plan correctly.

Author Bio: Dennis Jarvis is a licensed insurance agent concentrating on getting the best term life quote. Shop, compare, and instantly quote multiple carriers with professional guidance and resources.

Category: Finances
Keywords: life insurance underwriting,term life quote,term life insurance