With an underwritten life insurance policy, your application is assessed upfront. This means you'll be asked questions about your health, occupation and lifestyle when you apply, and your premium (how much you pay for a policy) will be based on how risky your insurer thinks you are.
This is typically when you are assessed at the time your nominated beneficiary (most likely a loved one) makes a claim (e.g. once you pass away). In many cases, these policies contain automatic exclusions which apply to pre-existing medical conditions you may have had. They can also sometimes take longer to pay out because the assessment is done at the time you claim.
An underwriter will evaluate your:
Underwriting is essentially the process of working out how much risk a person presents to the insurer so that the right premium can be set. When it comes to life insurance, the process of underwriting (and approval) can be completed within a day, but it can take weeks in some cases. Here's a brief summary of how it works:
This will depend on the nature of your policy. If your cover is:
As a minimum the insurer will require an application form and a personal statement with details of your:
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Here are some factors that underwriters typically look at:
When your application is assessed by an underwriter, you may be asked to complete a medical examination depending on the information that you have provided. Your medical history from your doctor or other medical professional cannot be obtained without your permission and any information gathered will be treated in confidence.
Some medical conditions that will generally prompt an insurance underwriter to request a medical report from your doctor and/or medical examination include:
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