[...] Roy Bubbs, President and CEO of Hooper Holmes, noted that life insurance carriers spend an average of $500 to underwrite an application, and he believes that his company’s product that reduce that amount by half. My guess would be that it will also speed up the underwriting process, much as the electronic application process for health insurance policies reduced underwriting times for some policies from weeks to days over the last decade. [...]
[...] If you have life insurance through your employer, be sure you know how much coverage it provides and how far that would go. If you need to add additional life insurance coverage, a basic term policy of 20 or 30 years will probably do the trick. Premiums are based on age at issue, so the younger you are when you get your policy, the less you’ll pay for the life of the policy. And since life insurance policies are medically underwritten, the healthier you are, the better rate you’ll get. The time to make sure that your family is protected is today.
[...] However, underwriting does vary from one insurance carrier to another, and some are more lenient than others for specific activities and health conditions. If you’ve applied for a life insurance policy in Colorado and received a rate increase because of health or lifestyle, there may be other options that would allow you to purchase the same amount of insurance for a lower premium. We can compare options for you and help you find the best value for your insurance dollars, and there is never a charge for our services.
We can look at a wide variety of Colorado life insurance companies and get quotes on many types of insurance and different risk classes. By letting us know your health, driving, and family history up front, we can let you know what life underwriting class you will be classified into and get you the right quotes the first time [...]