The Application Process
The process of getting pre-approved for life insurance coverage should take 3-6 hours of the applicant's time to provide information.
1. Apply. A an application for life insurance, completed under the guidance of Legato's licensed advisor either in person or virtual meeting, goes to the insurance carrier such as Manulife, Canada Life, Sun Life, or Equitable Life.
2. Review. Their team of underwriters reviews the application using a variety of tools, guides and, increasingly, artificial intelligence. Their in-house guidelines assess risk factors such as medical history, driving record and alcohol use. For example, a heavy drinker could be a riskier applicant than a non-drinker.
Generally, higher coverage and older age of the applicant will require more “evidence of insurability”.
The amount of requested insurance and age of the applicant determine the depth of investigation. Some or not
3. Decision by the carrier.
Their underwriting process will determine:
3. Decision by the Applicant. The applicant can then choose to accept or decline the offer from the carrier.
1. Apply. A an application for life insurance, completed under the guidance of Legato's licensed advisor either in person or virtual meeting, goes to the insurance carrier such as Manulife, Canada Life, Sun Life, or Equitable Life.
2. Review. Their team of underwriters reviews the application using a variety of tools, guides and, increasingly, artificial intelligence. Their in-house guidelines assess risk factors such as medical history, driving record and alcohol use. For example, a heavy drinker could be a riskier applicant than a non-drinker.
Generally, higher coverage and older age of the applicant will require more “evidence of insurability”.
The amount of requested insurance and age of the applicant determine the depth of investigation. Some or not
- An attending physician statement (APS). A summary of the medical history of the person(s) to be insured will be prepared by their doctor. A third party requests the report to ensure it’s objective and may check it for completeness.
- A paramedical exam. A third-party medical examiner gathers information on the applicant's medical history and checks their height, weight, blood pressure and pulse.
- Vitals. A measure of your height, weight, blood pressure and pulse, taken by an approved paramedical firm.
- A tele-interview. This interview gathers information on your lifestyle and medical history over the phone.
- A blood test/profile. A blood profile and a urinalysis (an evaluation of urine) will be gathered by a registered nurse for insights on your health.
- A mature age focus interview (MAFI). Insurance companies often require a MAFI if you’re 71 or older. That’s because your risk of health problems increases over time. The MAFI examines your daily living habits and tests your cognitive and mobility skills.
3. Decision by the carrier.
Their underwriting process will determine:
- if the application for insurance is acceptable and approved,
- the amount of life insurance coverage,
- the monthly or annual premium deposit amounts.
3. Decision by the Applicant. The applicant can then choose to accept or decline the offer from the carrier.
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