The future of life insurance is now. There are changes occurring all
around us due to technology and many companies are looking to disrupt
the way business is done. The life insurance marketplace is no
different. Welcome to accelerated underwriting life insurance, the wave of the future.
What is accelerated underwriting life insurance?
Accelerated underwriting is the life insurance industry’s attempt at getting more people insured with less hassle than the older, more traditional route of having to take part in an invasive medical exam. It typically involves a telephone interview and a background check, with some companies still requiring physical measurements and vitals, but no blood draw. The background check usually consists of a look at the medical information bureau, prescription database and motor vehicle records.Accelerated underwriting is perfect for anyone that wants life insurance with the least amount of hassle. It is important to note that currently you will still find that fully underwritten policies will offer more competitive term life insurance quotes. However, often the difference in pricing between accelerated underwriting vs fully underwritten life insurance is minimal and worth the few extra dollars for the ease of getting the coverage.Why would I choose accelerated Underwriting?
Eligibility for accelerated underwriting typically comes down to a few primary criteria. Most policies require that the applicant be between 18 and 50, although some companies offer accelerated underwriting up to age 65.Am I eligible for accelerated underwriting?
Another criteria is that you are relatively healthy. Obviously, the idea of “health” is somewhat relative but the healthier you are the better chance you will qualify for accelerated underwriting.
Also, having a clean background check really helps put the underwriter’s mind at ease. If some red flags pop up on your background check it may hamper your chance of being approved and you will need to go the more traditional route of a fully underwritten application.
The process consists of talking with an agent familiar with accelerated underwriting companies. After you work with your agent to fill out an application, it is then submitted to the carrier of choice. Some carriers conduct a further telephone interview, while other companies simply run a quick background check. It all comes down to the company you apply with and what that company’s criteria is going to be.How do I get an accelerated underwriting life insurance policy?
Best Accelerated Underwriting Companies in 2017
There is no single “best” accelerated underwriting company as each fits a unique need in the life insurance marketplace. In composing our list we looked at the current crop of companies that are offering less invasive ways to get people insured. Each of the companies on our list are top rated carriers, all carrying at least an A.M. Best rating of A.Top 7 Best Companies and Policies Offering Accelerated Underwriting
The following accelerated underwriting companies are listed in alphabetical order.- American National
- Banner Life
- Foresters Financial
- North American Company
- Principal Financial Group
- Sagicor Life
- SBLI of Massachusetts
American National 
American National’s Xpress Plus accelerated underwriting policy
offers up to a million dollars of life insurance for clients 50 and
below and $500,000 of coverage for ages 51-60. Another benefit besides
the high face amounts offered is that American National does not require
a tele-app interview.
Banner Life
APPcelerate offered through Legal and General’s flagship company, Banner life insurance,
is another innovative policy for ages 20-50 and face amounts ranging
from $100,000 to $500,000. The client fills out an application with the
agent and then an agent with the company’s call center conducts a phone
interview with the client. If the client passes the interview, no
further action is required. If the client does not pass the interview
and medical exam may be ordered.
Foresters Financial
Foresters Advantage Plus policy is unique in that it offers the benefits of whole life insurance without the need for an exam. Foresters offers dividend paying whole life insurance coverage up to $400,000 is available for ages 16-55.The whole life policy is available in 6 different rate classes:
- Preferred Plus Non-Tobacco
- Preferred Non-Tobacco
- Non-Tobacco Plus
- Non-Tobacco
- Tobacco Plus
- Tobacco
North American Company
LifeVue is a simplified issue policy from North American Company. It is available for up to $500,000 in coverage for ages 18-50. It offers competitive term life insurance rates, even against more traditional companies that require an exam.
Principal Financial Group
The Principal Financial Group is truly an innovator, offering
accelerated underwriting on a large amount of policies, including term
life, guaranteed universal life, indexed universal life and variable
universal life. It even offers $2,000,000 of coverage without a paramed
exam for survivorship universal life. The one catch is you must qualify
for the top rate class in order to be eligible.
Sagicor Life
Sagicor Life coined the phrase “Accelerwriting”
to describe the company’s accelerated underwriting. Sagicor is a great
option for a myriad of clients from all different health and lifestyle
backgrounds. Sagicor offers accelerwriting for term life, universal life
and whole life. Face amounts vary depending on the product.- Term $50,000-$500,000;
- UL $25,000-$400,000;
- WL $25,000-$250,000
SBLI of Massachusetts
The Future of Life Insurance
Leave a Reply