Life Insurance Underwriting is a process that insurance companies use to determine how much they should charge policyholders. Underwriting involves looking at insurance applications, and customer data and then using that information to calculate the risk the insurance company takes in insuring them. This calculation is translated into the cost of the policy, which means the more riskier the individual is to insure, the more the policy will cost.
The factors an insurance underwriter used include a range of things, such as the applicant’s age, general health, and any preexisting medical factors they may have. Also included are an individual’s choices such as if they are smokers, or if they engage in particularly risky behaviours such as sky-diving or scuba diving. If you are looking to buy life insurance it is important that you understand the options that are available to you.
Buying life insurance can be a confusing endeavour without the guidance of an insurance professional. With so many options and types of policies available, it is no wonder people often feel overwhelmed. A licensed insurance broker works with you to make sure this as easy and painless as possible.
If you fear a preexisting medical condition would disqualify you from receiving coverage from more traditional insurance policies. Often, people end up paying more for guaranteed acceptance policies because they feel that they could not pass the scrutiny of a life insurance medical examination.
Speaking with an insurance advisor guarantees that you know your options and your first step begins with LifeCover.ca. With our large network of licensed independent brokers, we can connect you with a broker in your community who is ready to work for you.