Can I get life insurance faster with accelerated underwriting?

Typically, getting a life insurance policy takes between four and six weeks. Most of that time is taken up by underwriting, a process in which your potential insurer evaluates the risk you pose of dying while your policy is active.

If you want to get life insurance coverage sooner, then accelerated underwriting (AU) life insurance is a great option. Accelerated underwriting can bring the underwriting process down from several weeks to a couple of days by foregoing the medical exam and using readily available data and previous medical records instead.

Four Policygenius partner insurers offer accelerated underwriting life insurance policies. Read on to learn more about how accelerated underwriting works, if you’re eligible, and why you might want to do it.

How the typical underwriting process works

Your medical history and your hobbies play a significant role in determining not only your premium rates but also whether you’re eligible for life insurance coverage at all.

During underwriting the insurance company gets a detailed picture of your health and lifestyle by evaluating your application information, conducting a phone interview, talking to your doctor, and having you take a medical exam. The insurance company also checks your driving record, prescription history, and looks you up in the Medical Information Bureau (MIB) database to see whether you’ve previously applied for life insurance.

If you have a more complicated medical history, they might order an attending physician statement (APS), which can add extra time to the underwriting process.

→ Learn more about the life insurance underwriting process here.

How the accelerated underwriting process works

Accelerated underwriting speeds up the typical underwriting process by avoiding some of the more onerous medical steps – namely the medical exam and APS request, which can take the longest to complete.

As with traditional underwriting, the insurance company will still check various databases (MIB, DMV, etc.) and you'll still have an initial medical interview over the phone, during which you’ll be asked about various elements of your health.

If everything looks normal, then you move on to the next step. But if any serious medical conditions or other concerns show up, you’ll be disqualified from accelerated underwriting and required to take a medical exam.

And if the results of your medical exam show a more complex health history, the insurer may order an APS after all. While this is a bummer if you were trying to speed up the process, 69% of Lincoln Financial TermAccel applicants are approved without having to submit additional lab tests or an APS, according to 2021 Policygenius data. Approval percentages vary among the other accelerated underwriting insurers.

Where to get an accelerated underwriting life insurance policy

You can get an accelerated underwriting life insurance policy through Policygenius from four of our partnering insurers: Lincoln TermAccel, Brighthouse SimplySelect, Banner Life Horizons and Prudential PruFast Track.

Below we’ll give an overview of each company’s AU option. For a comprehensive overview of each insurer’s customer services record and financial standing take a look at our life insurance company reviews.

Lincoln TermAccel

Lincoln TermAccel is a competitive policy for individuals in good health and offers up to $1 million in coverage— though if you have a more complicated medical history, it may be harder to get approved for coverage.

What sets Lincoln TermAccel apart?

The policy is especially valuable to people who may not get an affordable no-medical exam policy elsewhere. Marijuana smokers who don’t work in the industry can get competitive rates and smokers have a better chance of getting coverage than they would with other accelerated life insurance policies.

Even though the application process for a Lincoln TermAccel policy usually doesn’t require a medical exam, the coverage you can get is comparable. Policyholders have the option to convert their coverage into a whole life insurance policy at the end of its term. Other supplemental coverage options include the accelerated death benefits rider, children’s life insurance rider, and waiver of premium rider.

How much does Lincoln TermAccel cost?

Lincoln TermAccel premiums are some of the lowest in the industry. According to Policygenius quoting data, here’s how much you can expect to pay with a Preferred health classification: 

Monthly premiums for women

Monthly premiums for men

Methodology: Sample monthly premium rates based on 20-year term life insurance policy for male and female non-smokers with a Preferred health rating based in Ohio. Not all policies are available in all states. Rate illustration valid as of 2/16/2021.

Brighthouse SimplySelect

Brighthouse SimplySelect is a no-medical exam term policy that offers coverage comparable to a traditional term life insurance policy almost immediately. You can get up to $2 million in coverage.

What sets Brighthouse SimplySelect apart?

The application process for Brighthouse SimplySelect forgoes the medical exam and reviews your medical history, finances, and other public information.

The death benefit amount available to you will depend on your age and income. Within 24 hours of your phone interview, you’ll know if your application has been accepted, rejected, or if it has been “referred to the underwriter.” If your application is accepted, you’ll sign off on the policy via DocuSign and your coverage will be active. If it’s referred to the underwriter, the insurance company needs to ask you some additional questions before they make a decision.

The Brighthouse SimplySelect policy comes with supplemental riders. This includes a term conversion rider, which allows you to convert your coverage into a whole life insurance policy at the end of its term. You can also add an accelerated death benefit rider, which pays out some of the death benefit while you’re still alive if you are diagnosed with a terminal illness.

How much does Brighthouse SimplySelect cost?

Check out the graphs below to get an idea of how much you might pay for a Brighthouse SimplySelect policy. Your actual premiums will vary depending on your individual circumstances.

Average premiums for women

Average premiums for men

Methodology: Sample monthly premium rates based on 20-year term life insurance policy for male and female non-smokers with a Preferred health rating based in Ohio. Not all policies are available in all states. Rate illustration valid as of 2/16/2021.

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Accelerated underwriting offerings available from Policygenius in 2021

If you’re not eligible for an accelerated underwriting life insurance policy from Brighthouse or Lincoln Financial, there are other options available, though they may be more restrictive in their offerings and availability.

†For Brighthouse Simply Select, coverage limits vary by risk class

††For the Lincoln TermAccel 30-year term, the maximum issue age is 55 for non-smokers and 50 for smokers

Methodology: Information based on policies offered by Policygenius in 2021 and is subject to change.

What qualifies you for accelerated underwriting

Not everyone qualifies for accelerated underwriting. If you’re in poor health or have a risky hobby, like skydiving, you may not be eligible (although every insurer has different eligibility rules). Your family health history will be taken into account, and some heritable health conditions will automatically disqualify you.

You are more likely to qualify for accelerated underwriting if you are:

• Generally in good health with no family history of serious medical conditions

• Between the age range of 18 to 60

• In good financial shape, with no recent history of bankruptcy and a solid credit score

• Clear of serious criminal charges, including felonies and moving violations

• A U.S. citizen or  permanent resident

• Not someone who has been declined insurance coverage in the past

Note that even if all of the above doesn't apply to you, obtaining life insurance coverage is still possible, but you will have to go through traditional underwriting instead.

Talk to a licensed representative at Policygenius to find a policy from a life insurance company that works with your particular health profile and coverage needs.

Accelerated underwriting and coronavirus

During the outbreak of COVID-19, you may be considering an accelerated life insurance policy for its quick turnaround time or lack of medical exam requirements.

If you’re young and in good health, you may be eligible to apply for an accelerated policy, but even young and healthy individuals get rejected from the accelerated underwriting process for various reasons. If that’s the case, the insurer will ask you to complete the normal underwriting and take the medical exam.

Generally, when working with a Policygenius advisor, they’ll let you know if you qualify for an accelerated policy during your initial phone interview. If your accelerated policy is later rejected by the insurer, your Policygenius advisor will work with you to find another policy option that doesn’t require a medical exam.

If you end up going through the traditional underwriting process or apply for a no-medical exam life insurance policy, you can still make sure you’re covered in the interim with a temporary life insurance policy.