Accelerated underwriting life insurance
Summary: Accelerated underwriting policies let you skip a medical exam and get a policy faster. They can usually offer better pricing than guaranteed issue policies because they use personal information, including medical information, that the insurer receives from third-party sources.
What to know: The life insurance company will pull a variety of information about you, which can include:
- Answers to past questions on individual life and health insurance applications, from MIB Group.
- Prescription drug history from a pharmaceutical database.
- Motor vehicle record.
- Credit history.
- Public records (criminal history, bankruptcies, liens, home ownership, professional licenses).
- Health information, by contacting medical professionals and institutions that have provided care to you.
- Poor health could be a hurdle to getting no-exam life insurance with accelerated underwriting. The insurer might still ask for an exam if it needs more information about your health
If you’re interested in buying a policy with accelerated underwriting, ask an independent life insurance agent to get quotes from companies that offer it.
