Accelerated Underwriting

Why it matters

Carriers use accelerated underwriting to speed approval for healthy applicants within set age and coverage limits. Applicants who do not qualify may be sent to full underwriting with an exam. The benefit is speed and convenience, and pricing can be close to fully underwritten rates. Rules differ by carrier, and some products limit the face amount. Because decisions rely on third-party data, applicants should answer health questions accurately and may ask what data the carrier used.

Source: naic.org

Where we use this term

• Life insurance for seniors: what you can get at 50, 60, 70, and 80