What is accelerated underwriting?
Accelerated underwriting (AU) is a type of life insurance application process that allows you to get approved for coverage in under two weeks or, with certain insurers, even the same day you apply. By comparison, the typical life insurance application process takes, on average, four to six weeks. This is because insurance companies want to make sure to fully evaluate a person's mortality risk before they provide an offer.
Many people age 18 to 60 who have a health profile considered healthy can be eligible for AU.
Can you qualify for accelerated underwriting?
You’re not guaranteed to qualify for accelerated underwriting just because you’re in good health, but you’re more likely to be approved if you are:
Age 18 to 60
Generally healthy with no family history of serious medical conditions
In good financial shape with good credit and no recent history of bankruptcy
Clear of serious criminal charges, including felonies and moving violations
A U.S. citizen or permanent resident
Someone who has not been declined insurance coverage in the past
You may not be approved for an AU policy if you have:
A complex health profile or a serious condition
A heritable health condition in your family health history, like breast cancer
If the insurer feels your driving, insurance, and prescription histories — along with a quick health-related interview — tell it enough about your health, you won’t need to take the medical exam that’s a standard part of the life insurance application process. In other words, you’ll be deemed eligible for accelerated underwriting.
How does accelerated underwriting work at Policygenius?
After you get quotes online, we’ll hop on a call to confirm your information and make sure we’ve got a complete and accurate picture of your full health history. That’s when we’ll tell you if you qualify for accelerated underwriting with any insurance companies.
If you’re interested in an accelerated-underwriting policy at that point, we’ll transfer you to a representative from the life insurance company, who’ll conduct a formal health interview. The questions will be familiar; the insurer will be going over the same information that you confirmed on the phone with your Policygenius expert.
This transfer is non-binding: you’re not agreeing to purchase a policy, and you can change your mind at any time before you sign anything final.
What happens after the call with the insurance company?
After you speak to the representative from the life insurance company, the insurer will pull your motor vehicle report, your prescription medication records, and your Medical Information Bureau (MIB) file, which has a record of any life insurance policies you own or have applied for.
At this point, one of four things can happen:
The insurance company auto-approves you for a policy within 1-3 days.
The insurance company emails you some follow-up questions, then approves you.
The insurance company emails you some follow-up questions, then requests that you complete a medical exam.
The insurance company requests that you complete the medical exam.
If you end up needing to complete the medical exam, it’s not the end of the world, and it doesn’t mean you won’t get approved. It just means the insurance company has opted to get a better picture of your current health before making a final decision.
Learn how to get ready for the life insurance medical exam
Is there a downside to accelerated underwriting?
Short answer? Nope!
If you apply for and are approved through accelerated underwriting, you’re getting the same policy with the same benefits and transparent pricing as you would if you went through full underwriting.
If you pre-qualify for and pursue accelerated underwriting, but then find out you don’t qualify, you’ll have spent some extra time answering questions about your medical history. That can be frustrating, but for many people, the possibility of a quicker approval is worth the extra phone interview.
Is it any more or less expensive to choose accelerated underwriting?
Not all insurance companies offer accelerated underwriting, so if you qualify for accelerated underwriting, it might not be with the insurer that offers you your lowest rate. Some applicants think the potential for time savings is worth the extra cost, but your licensed expert will always provide you with all of your pricing options before you make a decision.
It’s also possible to go through the accelerated underwriting process only for the insurance company to offer you a policy at a higher rate than initially quoted.
At that point, you can accept the offer, or choose to go through full underwriting with another company that may offer you a lower rate.