The simplest and easiest part is getting a quote using the Term Life Quote Engine. Once the information is completed on the input page and the "Get A Quote" button is clicked, the product comparison page is displayed. The first thing noticed, there are four rate classifications shown in each product strip. After the underwriting process is complete, the applicant can expect to receive an offer of one of these underwriting classifications from the insurance carrier if the application is not rated or declined.
The criteria used by each insurance carrier to determine the underwriting classification can be reviewed by viewing the Underwriting Guidelines (Labeled Health Profile). The link is along the grey bar just below the App Request button. These are just guidelines, there are many other issues that can influence the underwriting process.
There are three drop down boxes at the top of the comparison page, "Benefit Amount", "Term Length" and the Model Premium. Changing the information in each of these three areas allows for instant re-quotes.
To start the process, the applicant must click the "App Request" button and complete the form.
Once the application request form is completed and submitted, the applicant can expect to be contacted by phone to verify the request and answer the necessary questions to complete an application.
In most cases an appointment will be arranged for a licensed Nurse, Para-Med or a Doctor to visit with the applicant to perform a physical exam. The exam in most cases takes place at the applicants home or office. The extent of the exam is determined by the age and the amount of insurance the applicant is applying for. At the very least, the exam will include blood and urine and a blood pressure check. The cost of the exam is covered by the insurance carrier.
Once the exam is completed and the signed application is received by the insurance carrier, the underwriting process will begin. The time it takes to complete the underwriting process is determined by how quickly the insurance carrier can gather all the necessary information needed to make an informed decision.
After the underwriting process is complete, the applicant will be notified of the Insurance Carrier's decision to make an offer or not make an offer.
If the Insurance Carrier makes an offer, the applicant then must decide to accept or decline the offer. The applicant is not obligated for any underwriting expenses.
If the applicant decides to accept the Insurance Carrier's offer, then arrangements are made for policy delivery and payment. Once the policy is placed in force, the applicant (now insured) can discontinue the policy at anytime without penalty. However, in most cases, the policy will lapse after 30 days of non-payment.