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Life Insurance Underwriting Guidelines
If you are interested in purchasing life insurance, one of the first questions that you should ask is "What is life insurance underwriting?" Underwriting refers to the process by which life insurance companies determine whether a potential client is an ideal candidate for coverage. Potential clients are examined for health issues, and risk factors such as smoking and past drinking habits are analyzed in order to determine if a person is at risk for a loss of income due to old age or some other medical condition. Life insurance underwriting differs from state to state, and there are many differences between the plans and premiums that are offered.
One important difference is the level of underwriting that is required. Each insurance company has different requirements regarding health and death rates, among other things. Most importantly, the underwriter is looking for the same things when he or she determines a person's eligibility for insurance coverage: a stable lifestyle and consistent employment, if possible. This ensures that people who are about to start a new job will not be turned away because of a pre-existing condition that could negatively affect the job. Another thing that the underwriter is looking for is the same thing that you are: a good amount of money in the bank. The best way to do this is to have a good credit history, so that the insurance company will view you as a low-risk investment.
There are several different types of life insurance. One of these is called "defined benefit" life insurance. Basically, the insurer agrees to pay out a certain sum of money in the event that the applicant dies during the policy's term. Typically, the premiums for this kind of life insurance are expensive, but the advantages make it a good choice for many people.
The next type of insurance is "risk-based" insurance. This means that the underwriter analyzes the prospective customer's risk of dying during a specified period of time and decides how much money to pay out to the beneficiaries. This is based on the statistical probability of dying for each individual. Both "defined benefit" and "risk-based" insurance are very similar to each other in their underwriting criteria. However, they have some major differences in how they administer the death benefit.
As a general rule, life insurance companies that use "life-term" guidelines will typically require a higher premium.  egg-insurance.com  realize that the insured is probably going to die sooner rather than later. Despite this, however, the insurance company will still need to use some discretion when deciding what kind of premium to charge. Generally speaking, life insurance plans with "indemnity" clauses, which require the insurer to pay the beneficiary upon the insured's death, tend to charge the highest premiums.
If you're considering buying life insurance, you should know that it's a good idea to talk to an experienced insurance agent. While life insurance underwriters depend on statistics and economic models, the actual experience of the life insurance underwriter can offer valuable insights into what kind of rates you should be paying. Additionally, the agent can offer information about how life insurance companies determine their underwriting policies and can explain why they may underwrite a certain policy more than others. Most importantly, however, a qualified life insurance agent can explain to you what your insurance options are and help you find the most affordable policy that meets your needs.
The next step you'll want to take after talking to an experienced agent is to shop around. You can search online for life insurance underwriting guidelines and estimates. Or, you can contact a local life insurance company for quotes. If you're not familiar with purchasing insurance online, make sure you use a third-party website that allows you to compare quotes from several different insurance companies. This will allow you to easily compare rates side-by-side to make sure you're truly getting the best deal.
Once you've found a few life insurance companies that meet your criteria, don't rush into purchasing coverage. Take some time to thoroughly research each company and speak to an experienced underwriter. Don't hesitate to ask questions and request details. The more informed you are before making a decision, the more likely you will be to make an educated decision that benefits you in the long run.