Having life insurance is not a luxury, it is a necessity. It is a solution to keep your loved ones cared for in case of your untimely demise. 

So, are you ready to learn how Banner Life Insurance reviews new applications? If that is a yes then you would need to read through the following sections where a few generic steps are mentioned that are typically followed by leading insurance companies when it comes to reviewing a life insurance application. 

Let’s begin, shall we!?

You will be asked a ton of questions related to your health/medical history

When one applies for a life insurance policy, the insurer will ask for basic yet crucial information from the applicant which can in the form of –

  • The height of the applicant
  • The weight of the applicant
  • The applicant’s date of birth
  • Details about the lifestyle choices of the applicant such as whether or not they prefer leading a sedentary life or an active life, do they have drinking or smoking habits and so on!

You would be subjected to a thorough medical exam

An in-person medical examination is a must when one applies for life insurance. The insurer will make the necessary arrangements to ensure that the applicant’s overall health and medical history is in front of the insurer.

This is a clever way adopted by insurance companies to filter out applications coming from applicants who are medically weak or lead risky lives. After all, an insurance company is running a business and approving an application from an applicant who is prone to getting ill or dying prematurely is a high-risk decision. And high risk means loss. This is avoided at all costs by all insurers. 

This is the reason why an applicant will be subjected to the following tests to ensure that he or she is not a ‘high-risk’ case – 

  • Thorough documentation of the applicant’s medical history will be conducted.
  • Medical history of the immediate family of the applicant will also be documented
  • The applicant’s blood pressure, heart condition, weight, etc. will be measured.
  • A blood sample will be drawn to conduct all necessary tests
  • A urine sample will also be drawn to ensure that the chances of renal diseases contracted by the applicant are nil.

Your application will be reviewed by an underwriter

The final step that your life insurance application will be subjected to is a thorough review by an underwriter who is directly under the payroll of the insurer you have chosen. 

The underwriter will not only review your application but will also consider your medical exam results. By comparing the data from the two, the underwriter will either say ‘yay’ or ‘nay’ to your application. This decision is irrevocable in most cases.  

However, if you can secure a one-to-one with the insurance officer and somehow convince him or her to consider your case, your application might get approved but it will come at a cost. And the cost would be a higher premium amount that you would need to bear. 

One should keep in mind that an insurer will conduct a detailed review of the applicant’s driving history and lifestyle choices as well. If an applicant doesn’t have any bad habits or frictions with the law, the same can enjoy rewards in the form of low premium rates!