Speeding Up the Process

The underwriting process involves gathering information about you. This is done in several ways: the application, the paramedical exam, the collection of vitals and body fluids, and additional requirements imposed by the insurance company, to name a few. There are several ways to avoid delays in the process.

Let's start with the application. The quicker you return it to us, the quicker we can start the whole process. Also, a quick return of your application makes it more likely you will receive the premium rate you were originally quoted (this, of course, is subject to underwriting and not guaranteed). As time goes by, events occur that change premium rates: you get older, your health changes, insurance companies change premiums, etc. Submitting your application promptly helps to avoid these events.

Equally important is the completeness of the application forms. Missing information can introduce delays into the process. This is a simple problem to avoid. Our applications are sent to you highlighted and include an instruction sheet to assist you. And of course, your assigned Barrons sales representative is always available to assist you by e-mail or telephone.

Now, let's look at the paramedical exam. Schedule it quickly. It's that simple. Do not delay or cancel the appointment unless it is absolutely necessary. If you will be traveling, get it done before you go. If you work 80 hours a week, free up 30 minutes in the morning, on a lunch break or on a weekend. This can be the biggest time-saver in the entire process.

Finally, we have the additional requirements. These will not apply to everyone. Examples are additional tests (e.g. electrocardiogram and treadmill), physician's statements, and medical records. These can be sources of long delays. If any of these are ordered, we will notify you. Your assistance in obtaining these is appreciated and encouraged. You can schedule any additional tests immediately and call your physician(s) to expedite records and statements.

If all goes well, we will help you through the underwriting process and have you insured within four to six weeks. With your help, we may be able to shorten the process.

Insurance Rate Classifications

Your life insurance underwriting classification, or rate class, determines how much you will pay for your premium. Because people are unique, they have different rate classes, based upon health and lifestyle characteristics. The ability to more accurately assess the risk potential of each applicant up-front allows the carrier to offer the appropriate rate. Though underwriting guidelines may vary between insurance providers, common life insurance underwriting classifications include:

• Preferred
• Standard
• Preferred Smoker
• Standard Smoker
• Substandard

Without speaking to a licensed agent and undergoing a simple medical exam, there is no way to accurately assess your insurance classification. Are you a smoker? Are you healthy? Do you engage in any risky activities, such as skydiving? Many variables are weighed before your rate class is determined.
In order to avoid the disappointment and frustration that comes with any sort of a “bait-and-switch” situation, bear this in mind when shopping for life insurance. The least expensive quote may no necessarily be the most accurate — or best!