
When you apply for life insurance, your life insurance application goes through a process called underwriting. Underwriting is when your insurance risk is evaluated. Approval and costs are based on your risk class.
There are two types of underwriting: traditional underwriting and simplified underwriting. In traditional underwriting, you fill out a formal application and typically undergo a short medical exam. It can take several weeks to be approved when the life insurance application undergoes traditional underwriting.
In contrast, simplified underwriting is usually a quick online life insurance application that does not require a medical exam. You can often receive instantaneous life insurance coverage. Just be aware that the coverage amount may be limited as well as more expensive with simplified underwriting.
