What is Accelerated Underwriting in Life Insurance?

You know you need life insurance. Everyone needs a policy, no matter their life situation. So what’s holding you back? For some, the obstacle is mental: the life insurance underwriting process can sound overwhelming and confusing, and it’s hard to know how long the underwriting will take. The idea of having blood drawn or completing other exam requirements may also be less than appealing. 

But there’s good news. You may qualify for accelerated underwriting to get your life insurance policy issued, which will shorten and simplify the process of getting your policy in place. Here are some common questions and factors that you need to know about accelerated underwriting life insurance. 

What Are the Benefits of Accelerated Underwriting?

Compared to traditional underwriting, accelerated underwriting is a faster, simpler way to get life insurance. It’s designed to make the process easier. With accelerated underwriting, you may not be asked to complete medical exam requirements, which can include things like providing a blood and urine sample. Instead, underwriting will use data received from third-party providers to make their decision. (Some medical history or data received may require additional underwriting requirements.)

Is Accelerated Underwriting for Life Insurance Common?

It is. In fact, throughout the life insurance industry, accelerated and simplified underwriting have become common practice. The Insurance Barometer Study conducted by Life Happens and LIMRA found 50% of respondents indicated that they are “somewhat” or “much” more likely to purchase a life policy via simplified underwriting (over traditional underwriting). The most popular benefits noted were the speed and ease of the process, the perception that it’s unbiased, avoiding a doctor’s visit and not needing to provide blood and urine samples.

Will I Automatically Qualify for Accelerated Underwriting Life Insurance?

You may! Qualifying for the accelerated underwriting process will vary, based on a variety of factors that are unique to your life and insurance needs. For instance, the amount of life insurance that you need, your age, your medical history and information received from the third-party providers (which may include Department of Motor Vehicle records, medications, public records, financial history and more) will help determine whether you qualify for simplified underwriting or need additional testing. Your Farm Bureau agent can help explain the process and discuss whether or not you may be able to go through the simplified process.

How Do I Apply for Life Insurance with Accelerated Underwriting?

If you’re interested in applying for life insurance with accelerated underwriting, start by contacting your Farm Bureau agent. Your first step is to schedule some time to talk with them about your needs and goals. Your agent will help understand what you’re looking for and provide options to best suit your needs. They will help you complete your application and begin the process of underwriting. If additional requirements arise, such as exams or lab tests, you and your agent will be notified.

Protect Your Family’s Future

Taking steps today to prepare for your family’s tomorrow are important. Accelerated underwriting could help you obtain the life insurance coverage you need in a simpler and faster way. Connect with your local Farm Bureau agent today and protect those moments that matter most.