Many more insurance companies are offering the opportunity to purchase life insurance electronically without a medical exam or lab tests. This makes the buying process for the consumer much easier. Too often consumers put off a life insurance purchase because of the lengthy process. Thus, with the creation of Accelerated Underwriting consumer objections to making a purchase have decreased. Gone are:
1. the long and arduous paper application; and
2. the dreaded life insurance exam with an insurmountable amount of questions
and fluid testing
As customers clamored for a more digitized process life insurance companies began to create a more electronic friendly process to meet these demands. Carriers realized that with the availability of analytics, data, and cutting edge technology, the buying process for life insurance was made more consumer friendly. Thus, the need for exams and fluids were replaced by electronic information. In today’s world where doctors and hospitals maintain their files electronically it has provided a gateway for insurance company underwriters to easily access this information Due to many advances there is a more efficient way to purchase life insurance while sitting at home, and answering questions on your computer without the dreaded medical exam – the Accelerated Underwriting Process.
How it’s done
1. Fully digital application, online policy delivery, and online payment—complete the application and policy delivery any time in the convenience of your own home on your personal computer
2. Coverage could be inforce in 72 hours
3. Available to anyone ages 20 -65 with reasonably good health
4. Available for term or permanent insurance with amounts up to $7,500,000 of coverage
5. Underwriting is done electronically with carrier created using available electronic data
6. No in medical exam, fluid testing, gathering of physician records, or telephone interviews
While many carriers offer this Accelerated underwriting process how do you pick the one that is right for you? It comes down to finding an insurance professional whom you trust. Just like purchasing a traditionally underwritten policy, there are many things to consider when purchasing a life insurance policy online. Whether you are making the purchase via an Accelerated Underwriting Process or traditionally with an exam and labs, the basic principles of purchasing a policy are the same.
What to consider when purchasing a life insurance policy with the Accelerated Underwriting Process
1. Choose an independent life insurance professional you trust—perhaps someone you have worked with before to explain the types of products and carriers that offer them
2. What are the life insurance carrier ratings
3. What is the online process
4. What products do they offer
5. How competitive is the carrier pricing
6. Will the insurance professional continue to service my policy once it is purchased
In summary, purchasing a life insurance policy with an Accelerated Underwriting Process is a quick and easy method to protect someone you love or to provide funds for a financial obligation that comes due upon your death.
Consumer Benefits
1. Coverage could be inforce within 72 hours
2. No intrusive medical exams or lab work
3. Your family gets the protection it needs in a speedy and efficient manner
Ferne Landman has been with our firm since 1983. She is the Director of Operations. Along with her team of five professionals, they work with the insurance advisors to present well crafted and creative insurance solutions to their clients.