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What is underwriting?
When it comes to life insurance policies, underwriting is the process used by insurance companies to determine the level of risk involved in providing coverage for an individual.
Various factors such as an applicant's age, sex, health, lifestyle, coverage amount, and medical history are studied. Applicants are then assigned a classification.
The process begins with the application that will include questions on health and lifestyle. For TD Term Life Insurance, you could be instantly approved if you are eligible. If not instantly approved, the application is reviewed by an underwriter. After this review, some applicants may need to undergo a medical exam.
Underwriting is used to decide whether to approve the application or not. It also plays a role in determining how much the applicant will pay for coverage.
Please note that the answers to the questions are for information purposes only and do not constitute a legal opinion on the various types of coverage discussed. Individual circumstances may affect your coverage. In case of discrepancy between the answers contained herein and your policy, the policy prevails.