The Underwriting Process.
Underwriting is an essential part of buying life insurance. Every applicant goes through some sort of underwriting process, so he or she may qualify for coverage.
Once a life insurance company receives your signed application, that carrier will begin an evaluation process – this is the foundation of any underwriting procedures – to determine your eligibility for life insurance, and, should you qualify for coverage, the rate you will pay for a particular policy.
Please note: Applying for life insurance is not a guarantee that you will receive an offer to purchase a policy. A life insurance company may conclude that you are ineligible for the policy you seek to buy, or you can only get coverage on a modified basis at a higher rate.
Your life insurance application is the primary source of information an underwriter will review. Your answers must, therefore, be thorough and true. You must inform us of any changes to your responses before accepting delivery of a policy.
In fact, your signature on an application is confirmation that you will comply with these rules. We may also seek information from other sources, to help us better evaluate the material disclosed on your application.