Currently the average time a disability
insurance application is in the underwriting process with our office
is 32 days. We keep track of this information for every application
in hopes of reducing the average time it takes for us to issue an
application.
During Underwriting
Once we receive your long term disability insurance application
we will send you a confirmation e-mail. This e-mail will outline what
to expect during underwriting, as well as contain a list of items
we know we will need immediately. Our web site will automatically
send out e-mail updates to you once a week to let you know how underwriting
is going. If you ever have any questions as to the status of your
application, you can also feel free to call our office at 240-350-4797.
Some Requirements We Normally
Obtain
Each application will be underwritten according to its own merit,
however most applications require us to obtain the following with
your written authorization:
Blood,
Urine, and Paramedical Examination (We order & pay)
A
Telephone Inspection Report from General Information Services
(We order & pay)
Copies
of Medical Records from Physicians you have seen within the
past few years. (We order & pay)
Financial
documentation to verify your annual income listed on the application.
(You provide)
Length of Underwriting
The length of time your long term disability income insurance
policy is in underwriting depends upon all of the above factors.
If you work with our examiners to complete the paramedical exam,
and inspection report quickly, than there is a good chance we
could underwrite your application inside of a few weeks. Sometimes
delays are out of our control, it is quite common for us to order
a set of medical records from a physician you have seen recently,
and for us to have to wait for up to a month to obtain the
records. Unfortunately we do have to wait for them, so the real
underwriting time is going to depend on several items.
Working With Us Through
Underwriting
Don't forget that just because you filled out the application, it
does not mean we will definitely be able to issue coverage exactly
as applied for. There are several possible outcomes to a long term
disability income insurance application.
They will
issue the application as applied for
They will
decline to offer coverage
They will issue a policy with pre-existing
condition riders excluding coverage for pre-existing conditions.
They will
increase the premiums on the policy
because of a pre-ex condition.
They will
reduce the amounts, or benefits applied
for.
Many disability insurance contracts
are for a large amount of possible benefit to you. While a monthly
benefit may only be $4,000 a month, the total indemnity over the
life of a policy can easily exceed a million dollars.
It is important to keep realistic expectations,
and understand the disability insurance company needs to have all
the details in order to issue such a large policy.
