Are You Eligible?
In order to be eligible for the accelerated underwriting process, there are several qualification criteria that you must meet. These include being between the age of 18 and 60. In addition, the policy you are applying for must be a new policy versus an addition to an existing Principal policy you already have.
There are a number of different types of policies in which the accelerated underwriting can be used. These include:
Term (10, 15, 20 and 30 year)
Indexed universal life (IUL)
Variable universal life (VUL)
Survivorship universal life (SUL)
Benefit VUL II (NY only)
The face amount of your policy can range anywhere between $50,000 and $1 million.
There are also some instances where your application may not qualify for the accelerated underwriting process. These include:
· If you’ve had prior life insurance coverage that’s been approved at a rating other than Preferred or Super Preferred
· You have had labs completed for insurance purposes within the past 12 months
· If you’re applying for Non-Tobacco Preferred, you’ve had no tobacco use within the past 24 months
· If you are over the age of 50, you have no primary care physician and you have no evidence of a recent routine physical
· You are a foreign national and / or you travel to hazardous countries
· You have a criminal history
· You have a history of driving under the influence or reckless driving in the past five years
· You have certain major medical conditions, some of which include the following:
· Kidney Disease
· Heart Disease
· Cancer (with certain exceptions)