The life insurance underwriting process is the assessment of an individual’s application to determine coverage costs.
In a blog post published late last month, WAEPA, a provider of life insurance to current and former federal civilian employees, highlighted the seven steps of the process, provided an overview of what may happen in each stage and offered advice on ensuring the process goes smoothly.
When applying, the first stage is filling out and submitting the application to the WAEPA team. Once received, there is a six to eight week review period. Individuals may also be asked to participate in a phone interview, in which they will discuss their health and family medical history. This assessment would occur within three to five days after the application is submitted.
Applicants are also required to complete a blood chemistry profile and urinalysis. The visit typically takes around 15 minutes, and to prepare, individuals should reduce their consumption of salty foods, alcohol, caffeine and nicotine within 12 hours of the appointment. An attending physician’s statement may also be required, and this process takes approximately 21 days to complete. WAEPA may additionally ask applicants to provide other supplemental information, which might include the results of an EKG scan or other medical exam as well as financial information.
The underwriter will make the final decision upon receiving all required elements of the application, and individuals can expect to receive this information within five days of submission. If the application is accepted, individuals will be sent a Certificate of Insurance. The application may also be approved with changes, and in this case, applicants will be given the opportunity to review it before coverage begins. If the application is denied, a confidential letter laying out the reasons why will be sent to the applicant.