A Principal of Underwriting

Buying life insurance can be a daunting experience. First of all, who wants to think about being dead? Then, one has to consider all the financial considerations and problems facing one's family when one passes on, and make some determination about how much coverage to buy. Finally, one has to then decide what type of plan is appropriate (term, whole life, etc).And then, one most likely has to "face the needle:" undergo a paramed exam including blood and urine samples.But what if there was a way to avoid that last step?The Principal Financial Group has introduced their "accelerated underwriting" process that could dramatically reduce both the intrusiveness and the timeline of the process. I recently had the opportunity to speak with Neal Halder, The Principal's assistant vice president and chief underwriter of individual life insurance, who filled me in on the finer points.Let's start with the fact that it can often take a month (or longer) for a typical plan to make its way through underwriting. There's the application, of course, then (usually) an exam and maybe a Medical Information Bureau (MIB) report, and then the underwriter has to wait for all those results and inquiries to come in before a decision can be made. In the meantime, the applicant may or may not actually have coverage, and may in fact be having second thoughts about the whole ordeal.That's where the "Principal Accelerated Underwriting" program comes into play. As Mr Halder explained, "our studies found almo...
Source: InsureBlog - Category: Medical Lawyers and Insurers Source Type: blogs