Insurers Offer Speed Underwriting

Registered reps who have shunned life insurance for their clients due to complex, time-consuming underwriting can breathe a sigh of relief. Insurers now offer “simplified issue underwriting,” a typically automated and more efficient medical underwriting process.

A 2009 survey by LIMRA of 29 insurance companies reveals that half of all types of simplified issue products can be underwritten in five days. And over 90 percent are completed within ten days. LIMRA defines the underwriting time as the “time from receipt of application to an offer of insurance being made/or the application being rejected.” By contrast, about half of the applications for a fully underwritten policy take at least 20 days to get an answer...

Registered Rep: Insurers Offer Speed Underwriting