Financial professionals

What to expect when applying for life insurance

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You’ve worked with a financial professional and are ready to apply for life insurance coverage with AuguStarSM Life. What’s next? While your financial professional will help guide you, here’s a quick overview of what you can expect.

Step 1: Complete your application

The answers on your application serve a few important roles. First, it helps us understand the type of protection you want to put in place, including the amount, type of coverage, customized features, and beneficiaries of the policy. Second, it serves as a roadmap to help our underwriting team quickly and efficiently evaluate your request for coverage. We’re here to help you shoulder important financial risks posed to your family or your business if you’re no longer there. To do that, we need to be able to understand the risks by asking you questions about:

  • Your occupation, sources of income, net worth, current debt and financial obligations
  • Any life insurance coverage already in place
  • Your medical history, including conditions you’ve been or are being treated for, hospitalizations, and prescriptions
  • Whether members of your immediate family (parents and siblings) have experienced specific medical conditions
  • Recent or scheduled foreign travel
  • Personal habits (like smoking, drinking, or recreational drug use) or activities (like scuba diving or mountain climbing) that impact your risk profile

All information you provide is collected, stored securely and kept confidential. While some of the questions might feel a bit detailed or personal, it’s important that you answer them honestly and completely. We want to protect your interests, and the interests of all of our policyholders, so we can maintain fair and competitive prices for protection. Additionally, to protect our policyholders, there are provisions that allow us to cancel or deny coverage if it’s determined that answers provided were fraudulent.

Step 2: We review your application

This step is known as underwriting. Our team will evaluate the information provided in your application, and based upon that information, including your age, health history, amount of coverage requested or other factors, they may request an exam. That exam may include:

  • Measurements of your height, weight, pulse and blood pressure
  • A small blood and urine sample
  • A review of some of the information submitted on your application

If an exam is required, your financial professional will help you schedule it at a time and place that is convenient for you.

Sometimes, we may request additional information to better understand your risk profile. For example, we may order copies of your medical records, documentation that verifies financial information or additional tests, such as an EKG. Occasionally, this part of the application process takes the longest, as we cannot always control how quickly we’ll receive the records we’ve requested.

These pieces of information help underwriters decide if you are eligible for coverage, and if so, the right rates to charge based upon your risk profile.

Step 3: Review your offer for coverage

Once approved, we’ll give your financial professional the details of our offer for coverage to review with you. You’ll have time to review the policy, ask any questions you have, and see whether any adjustment may be made to the coverage before putting it in place. If everything meets your expectations, the financial professional will deliver the final policy to you and help you complete the final steps to put the coverage in place.

We’re here for you

We want you to be confident you’ve selected the right coverage, and have the peace of mind that comes with understanding your policy and the value it can provide for you and your loved ones.

Products are issued by and guarantees based on the claims-paying ability of the AuguStar Life Insurance Company and AuguStar Life Assurance Corporation. Product, product features and rider availability vary by state. Issuer not licensed to conduct business in NY.

Need some guidance?

Our knowledgeable representatives are ready to help.

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