Fully underwritten
Health questions, records, and usually an exam
The most thorough review, and typically the lowest rates for people in good health. It takes the longest, often a few weeks from application to decision.
Start an applicationGet a quote
What a quote asks, and why it asks it.
A life insurance quote is a price estimate based on your age, health, and the coverage you choose. Understanding what moves the number lets you read a quote rather than just receive one.
What moves the price
Six factors behind almost every quote.
- Age. It is the single largest factor, and it moves in one direction, which is why quotes get more expensive the longer you wait.
- Health history and current conditions, including height and weight, blood pressure, cholesterol, and any recent diagnosis or pending test.
- Tobacco and nicotine use, which typically places you in a separate and considerably more expensive rate class.
- Coverage amount and, for term policies, the length of the term. Both raise the premium as they go up.
- Family medical history, since some conditions in immediate family members affect the risk class an insurer assigns.
- Occupation, hobbies, driving record, and international travel, where risk is higher than average.
Underwriting
Four paths from application to policy.
The path an insurer uses determines how fast you get a decision and how much you pay per dollar of coverage.
Accelerated
Data-driven review, often no exam
Some insurers use prescription, motor vehicle, and other records to reach a decision quickly for applicants who fit their profile, sometimes within days.
See if I qualifySimplified issue
A short health questionnaire, no exam
Faster and easier to qualify for, with lower coverage limits and a higher cost per dollar of coverage than a fully underwritten policy.
Compare simplified optionsGuaranteed issue
No health questions at all
Acceptance is not based on health, so it is often used for final expense coverage. Expect small coverage amounts, the highest cost per dollar, and a waiting period before the full death benefit applies.
Ask about final expenseHow much coverage
A six-line calculation you can do on paper.
Coverage amount is the number most people guess at. Working through these lines gives you a figure grounded in your actual obligations, which also makes it much easier to compare quotes fairly.
- Income replacement: your annual income times the number of years your household would need it.
- Debts: mortgage balance, car loans, student loans, credit cards, and any loan someone co-signed.
- Childcare and education: what it would cost to raise and educate your children without your income.
- Final expenses: funeral, burial or cremation, and any medical bills left behind.
- Subtract savings, existing individual policies, and group coverage through work, keeping in mind that group coverage usually ends with the job.
- The remainder is a reasonable starting coverage amount to quote, and it is normal to adjust it against what you can comfortably pay.
At a glance
What to expect from the process.
- to get a quote, with no obligation to buy
- Free
- from application to a decision, depending on underwriting
- Days to weeks
- the largest single factor in your rate
- Age
- on the application protects your beneficiaries
- Accuracy
Good to know
Questions people ask before requesting a quote.
Does getting a quote cost anything or affect my credit?
A quote is free and getting one does not obligate you to buy. A quote itself does not involve a credit check in the way a loan does, though insurers may use certain consumer report information as part of underwriting if you move forward with an application. You are told when an application begins.
How long does it take to get covered?
It depends on the underwriting path. Simplified and guaranteed issue policies can be approved in days. Accelerated underwriting is often days to a couple of weeks. Fully underwritten policies with an exam and medical records commonly take a few weeks. Coverage begins when the policy is issued and the first premium is paid, subject to the terms of the policy.
What happens during a medical exam?
A paramedical examiner usually comes to your home or office. Expect height and weight, blood pressure, and a blood and urine sample, plus questions about your health history and medications. It generally takes under half an hour, and the results are shared with the insurer as part of the application.
Should I answer health questions conservatively to get a better rate?
No. Answer every question completely and accurately. Most policies include a contestability period, commonly the first two years, during which the insurer can review the application if a claim is filed. A misstatement discovered then can reduce or deny the benefit at exactly the moment your family needs it.
What if I have a health condition?
Many conditions are insurable, sometimes at a standard rate and sometimes at a higher rate class. Insurers assess the same condition differently, so being declined or rated by one company does not settle the question. A licensed agent who works with multiple carriers can help match your history to the insurers most likely to underwrite it favorably.
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