How To Get Through Insurance Underwriting
After you apply for life insurance, you go through a process called underwriting with the insurance company. An underwriter works on behalf of the life insurance company to evaluate your application details, health information, and lifestyle to give you an insurance classification based on risk, which determines your premium. As experts in the field, we at Camlife Financial Corp have written down information about how you can get through insurance underwriting.
1. Tele-health interview
The first official step of underwriting involves a tele health interview. This info is then sent to the underwriter.
2. (Maybe) order medical records
If there are concerns from your history, the underwriter will order an Attending Physician Statement (APS). An APS is a summary of your medical history from your doctor. It is advisable to send all your medical reports and information to your General practitioner (GP) so that it’s easier for the insurer to obtain everything at once.
2. Provide accurate details regarding medical history
Pre-existing medical conditions have a big impact on the application of a life insurance policy. It is required that full disclosure be made regarding an individual’s medical history at the time of application. Insurance companies could deny a claim if you fail to disclose. As advisors we can help write a cover letter to the underwriter regarding any medical history. Underwriters are people who want to help, and if you make it easy for them, they are more likely to help.
3. Look into bridge insurance plans
In the event that you cannot qualify for the plan that you want right away, there may be an alternative available to you as a bridge. Generally the more time that passes after a medical event the better. Getting denied now does not mean getting denied forever.
If you are looking for a life insurance broker in Vancouver, BC, reach out to us at Camlife Financial Corp. We help families and businesses get the best policy from any insurer. Once we determine your specific needs, we devise a plan and go to the market to see which insurer will be the best fit. We do not charge a fee for service but rather are compensated directly by the insurance company.
We offer services like life insurance, term life insurance, creditor (mortgage) insurance, life insurance for new immigrants, non-medical life insurance, disability insurance, etc., to clients across Vancouver, Richmond, West Vancouver, North Vancouver, Burnaby, Surrey, White Rock, Langley, Coquitlam, Maple Ridge, New Westminster BC. To learn more about the services we offer, please click here. To get in touch with us, please click here.