What is Accelerated Underwriting in Life Insurance?

You know you need life insurance, so what’s holding you back? For some, the life insurance underwriting process can sound overwhelming and confusing. The idea of having blood drawn or completing other exam requirements is less than appealing. The good news is you may qualify for accelerated underwriting to get your life insurance policy issued. What is accelerated life insurance underwriting for life insurance? We review common questions and share what you need to know here.

What Are the Benefits of Accelerated Underwriting?

Accelerated underwriting is a simpler approach to getting life insurance compared to traditional underwriting. The purpose of accelerated underwriting is to make it easier and faster for people to obtain life insurance. With accelerated underwriting, you may not be asked to complete medical exam requirements like providing a blood and urine sample. Instead, underwriting will use data received from third-party providers to make their decision (if you meet the requirements. Some medical history or data received may require additional underwriting requirements).

Is Accelerated Underwriting Common?

Throughout the life insurance industry, accelerated and simplified underwriting have become common practice. The 2020 Insurance Barometer Study conducted by Life Happens and LIMRA found 50% of respondents indicated they are “somewhat” or “much” more likely to purchase a life policy via simplified underwriting (over traditional underwriting). The most popular benefits noted were the speed and ease of the process, the perception that it’s unbiased, avoiding a doctor’s visit, and not needing to provide blood and urine samples.

Will I Automatically Qualify for Accelerated Underwriting?

Qualifying for the accelerated underwriting process will vary based on a variety of factors.  Items like how much life insurance you need, your age and information received from the third-party providers— like Motor Vehicle Records, medications, public records, financial history, etc. —​ will help determine the need for additional testing. Your Farm Bureau agent can help explain the process and whether or not you may be able to go through the simplified process.

How Do I Apply for Life Insurance with Accelerated Underwriting?

The first step is to contact your Farm Bureau agent. Once you connect with your agent, schedule some time to talk about your needs and goals. Your agent will help understand what you’re looking for and provide options to best suit your needs. They will help complete your application and the process will start from there. If additional requirements, such as exams or lab tests are required, you and your agent will be notified.

Protect Your Family’s Future

Taking steps today to prepare for your family’s tomorrow are important. Accelerated underwriting could help you obtain the life insurance coverage you need in a simpler and faster way. Connect with your local Farm Bureau agent today and protect those moments that matter most.