The eLife® Process - Easy, Efficient, Effective - No Medical Exam - Instant Issue Term Life Insurance*
How Life Insurance Underwriting Affects Your Policy
When you purchase your Life Insurance policy from TermRunner, your professional licensed agent will ask you for some personal information, such as your height, weight and health. This information is then entered into our eLife® system - our innovative process that simplifies the way you purchase your Life Insurance policy. You information will be processed directly into insurance companies' computers, giving you an approval and quote almost immediately.
The information collected from TermRunner will be used to determine the cost for the coverage you have selected. This "underwriting process" will take into account information you've
provided and allows TermRunner to provide some of the most competitive premium rates based on your personal health profile. If you are determined to be healthy in both lifestyle and medical history, you will be less of a risk to insure, resulting in lower premiums than someone who has serious health issues or is severely overweight.
Some of the elements the underwriting process reviews are:
Once we have your information, all personal, health and financial data will be held in strict confidence and will be protected. Your risk profile will place you into a specific category, which determines how much you will pay for your Life Insurance policy.
Preferred and/or Super Preferred. If you're in good health with no history of health problems, you could be classified in this category. This rate is the lowest rate available.
Standard. Most people who apply for Life Insurance will fall into this category, usually due to weight/height issues or family health history.
Smoker. If you are a tobacco user you will pay higher premiums since the mortality with smokers is higher than non-smokers.
Rated. If you present an above-average risk, such as obesity, diabetes or heart issues, you will be classified as a sub-standard risk. Your premiums will be higher than those who fall into the Preferred or Standard classification.
Declined. In some circumstances, some applicants are classified as uninsurable. This is usually due to having multiple or severe health issues or a terminal illness. Your coverage will be denied entirely.
It's important to keep in mind that risk classifications are not permanent and some can be modified with simple life changes.
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