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Guaranteed-issue or underwritten: What are the fundamental differences?

Know the differences between these two types of underwriting for life insurance policies, so you can make an informed decision about the process for obtaining this valuable protection.

It’s a question that comes up frequently among dental students around the country. It’s important to know the differences between these two types of underwriting for life insurance policies, so you can make an informed decision about the process for obtaining this valuable protection.

What is underwriting?

1. You fill out an insurance application to provide personal details, such as your health status. This will include information such as any health conditions, your family medical history, medications you’re taking and health-related information such as your height and weight.

2. After you submit your application, the insurance company will order a medical exam. The medical exam is standard; a nurse or paramedic will draw blood, measure your height and weight, take your blood pressure and ask some medical questions.

3. The insurance company will request your medical records from your primary care physician and review them along with the results from your medical exam. Getting your medical records from your healthcare provider can sometimes delay the approval process.

4. The insurance company may also look at other factors. They may review your driving record, occupation and hobbies.

5. Based on the review, the insurance company will make an "offer." This offer will include the amount of insurance they are willing to provide and how much it will cost for you to purchase it.

The entire underwriting process typically takes four to ten weeks depending on how much information is needed.

Guaranteed-issue skips the medical underwriting process.

Riders are extra features that can be added to your policy for an additional fee to enhance your coverage for your specific needs and wants. Common riders include:

With guaranteed-issue insurance, you won’t have to go through a medical exam or answer any medical questions, and approval usually takes a fraction of the time of an underwritten policy. Keep in mind, the coverage may be subject to a pre-existing conditions limitation. This means benefits may not be payable for death resulting from a sickness or condition that existed or was treated prior to enrollment.

It’s understandable why this coverage is so appealing. After all, why go through a medical exam and answer personal medical questions if you don’t have to? Why wait ten weeks if you can receive an approval so much faster? The reason is simple: cost.

With most guaranteed-issue policies, you will generally pay more for the convenience of skipping the underwriting process. Likewise, there may be a limitation on your coverage amount (typically $50K–$100K depending on age).

So, it comes down to a choice between the speed and convenience of guaranteed-issue insurance or the higher coverage and typically lower cost of an underwritten policy.

A good choice: ADA student members insurance underwritten by Protective.

There is a guaranteed-issue life insurance policy available to ADA student members throughout dental school*. It’s a benefit of your ADA student membership. This coverage includes $50,000 of term life insurance and $50,000 of accidental death coverage — which doubles to $100,000 on July 1 of the year you graduate. And because it’s guaranteed-issue, you won’t have any medical exams or underwriting to worry about.

The coverage will remain in effect through December 31 of the year you graduate.

In December, you’ll receive an invoice to keep the coverage in place. This specific insurance offer was designed with you in mind to be guaranteed-issued without a cost markup and offered at a standard rate, giving you an easy way to stay protected during a typically busy time as you begin your career. Simply pay the invoice to continue the coverage trusted by generations of ADA members and dental students to help protect their families.

Visit ada.protective.com/studentaccess and follow the prompts to request activation — it will just take a few minutes. Once the insurance is activated, you can apply for additional coverage as your needs change, as well as coverage for a spouse, by completing an application and going through the normal underwriting process.

Questions? If you have questions about underwriting, guaranteed-issue, or the ADA student members insurance available to you, contact an Insurance Plan Specialist at 866.607.5338 or at ADAPlanSpecialist@protective.com.

*Student coverage is issued regardless of your condition if you are under 60.

CLC.2460304 (03.23)
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The information on this website is not a contract. Protective refers to Protective Life Insurance Company (PLICO) and its affiliates, including Protective Life and Annuity Company (PLAIC). PLICO, founded in 1907, is located in Nashville, TN and is licensed in all states excluding New York. PLAIC is located in Birmingham, AL, and is licensed in New York.

Protective® is a registered trademark of PLICO. The Protective trademarks, logos and service marks are property of PLICO and are protected by copyright, trademark, and/or other proprietary rights and laws. ADA® is a registered trademark of the American Dental Association (ADA). ADA Members Insurance Plans® is a registered service mark of the ADA. The ADA trademarks, logos, and service marks are the property of the ADA and used by Protective with permission. In some states, the ADA is entitled to receive royalties from the ADA Members Insurance Plans.

ADA Members Insurance Plans refers to the group life, disability, and supplemental medical policies issued by PLICO and PLAIC to the ADA.

Policies issued by PLICO in all states except New York: Term Life Insurance1 (TL-P 1-21), Student Term Life Insurance (TL-ST-P 2-21), Universal Life Insurance1 (TP-P 11-20), Level Term Insurance2 (LT-P 1-21), Disability Income Protection Insurance3 (IP-P 7-20), Office Overhead Expense Disability Insurance4 (OE-P 9-20), Student Disability Income Insurance3 (ST-P 8-20), Hospital Indemnity Insurance (HI-P 11-20), and Critical Illness Insurance (CI-P 7-20).

In New York, policies issued by PLAIC: Term Life Insurance1 (TL-P-NY 1-21), Student Term Life Insurance (TL-ST-P-NY 2-21), Universal Life Insurance1 (TP-P-NY 2-21), Level Term Life Insurance2 (LT-P-NY 2-21), Disability Income Protection Insurance3 (IP-P-NY 12-20), Office Overhead Expense Disability Insurance4 (OE-P-NY 01-21), Student Disability Income Insurance1 (ST-P-NY 1-21), Hospital Indemnity Insurance (HI-P-NY 1-21), and Critical Illness Insurance (CI-P-NY).

Consult the policy for benefits, riders, limitations, and exclusions. Benefits adjusted for misstatements of age or sex. Benefits are provided under a group policy issued to the ADA. Each Plan participant will receive a Certificate of Insurance explaining the terms and conditions of the policy. An insured must maintain continuous ADA membership to remain eligible for insurance.

1For term life insurance and universal life insurance, premiums increase annually based on age. The Premium Credit is not guaranteed but reevaluated periodically. Universal life recommended premiums consist of the costs of insurance (which vary based on the member’s age and coverage amount), the amount a member places into the Policy Value Account and service charge. Premium deposits may fluctuate or remain level.

2For level term life insurance, premiums are fixed based on the member’s age, gender and coverage amount at issue.

3Premiums increase every five years based on age for disability income protection. Premium Credit is not guaranteed but reevaluated periodically.

4Premiums increase every 10 years based on age to age 60 and every 5 years thereafter to age 75 for office overhead expense disability. Premium credit is not guaranteed but reevaluated periodically.

Coverage for dental student members is issued regardless of condition if under age 60. Coverage automatically renews each academic year. Individuals may convert coverage to the plans for practicing dentists after graduation by paying member premiums and maintaining continuous ADA membership.

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