Underwriting Tips

Read these 3 Underwriting Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Life Insurance tips and hundreds of other topics.

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Medical Information Bureau (MIB)

Underwriters pull information from Medical Information Bureau (MIB) reports in order to find out if you have forgotten to include any medical information on your application. MIB reports will show any chronic illness or diseases your physician has diagnosed you with. Like a credit report, the MIB will also show how many MIB reports have been run for you recently. A large number of recent reports could indicate to an underwriter that you are shopping for life insurance. This could indicate that you are aware of some risk you may have.


Weight and Underwriting Approval

Every life insurance company has an established height and weight range for men and women. If you are within this range, you will be charged standard rates for your insurance policy. Outside the standard range is a graduated grid of other height and weight ranges that will require additional premiums.


Insurable Interest

Before your application for life insurance can be approved, the underwriter will make sure that the people you named as beneficiary have an insurable interest in you. Family members and spouses have an insurable interest in you because they are generally responsible for burial expenses and estate responsibilities. Unless you have no living relatives, a friend may not be considered to have an insurable interest.

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