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Life Insurance 101 page 5

After you have your application submitted, it will undergo underwriting process where an insurance underwriter will evaluate your risk and the potential exposure.

The insurance company is going to look at different factors to decide if they are going to accept your application for life insurance.

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The criteria that are analyzed typically include the following:
  • Applicant’s current age and gender
  • Height and weight of the applicant
  • Own and Family’s Health history
  • Applicant’s occupation (hazardous occupations increase the risk )
  • Applicant’s smoking habits or tobacco use (smokers tend to have shorter lives, therefore making smokers a higher risk)
  • Use of alcohol by the applicant (excessive drinkers are also high risks)
  • Hobbies applicant engages in (some are considered hazardous, such as rock or mountaing climbing and are considered high risks)
  • Foreign travel intentions (some types of foreign travel are considered risky)

Possible cases of Life Insurance Applicants

High-Risk Applicants

If you have a pre-existing health condition or the factors considered you as high-risk, you will be required to undergo medical examination. The application may either be rejected for coverage or approved as standard or rated. Rated means you will be forced to pay higher premiums for your policy.  The whole process may take more than a month.

Clean Case Applicants

If you declared no health condition or family health history, your application is considered a clean case. Complete underwriting process up to approval usually takes 2 weeks. You may no longer be required to undergo medical exam, but may be subjected to by random done by the company periodically.

Regardless of your health condition or case...

The only way to know if you are insurable is to submit your application.  You know you need life insurance and you shouldn’t wait any longer to get protection that your family deserves.

You never really know what’s going to happen tomorrow. If something tragic were to happen to you, are you and your family financially-prepared?

Contact a Financial Advisor today!
  • Get help in building your financial plan
  • Learn how much coverage you need
  • Get the insurance and investment plan that is fit for your purpose
  • Set meeting on your preferrred date and location
"Let me help you obtain a policy today!"
Faye Rocero, Licensed Sun Life Philippines Financial Advisor
Faye Rocero
Licensed Financial Advisor