Most people don’t think about underwriting until they’re knee-deep in an application and suddenly an insurer wants medical records, a blood test, or details about a back injury from years ago. It can feel intrusive, slow, and unnecessarily complicated. However, underwriting is simply the way insurers work out your level of risk so they can offer you the right cover at the right price.

If you understand how the process works, you’ll find the whole experience a lot smoother. Here’s what happens behind the scenes, and how Morgan Insurance Brokers helps you navigate it.

What is Underwriting?

Underwriting is the assessment process insurers use to decide three things:

1. Can they offer you cover?
2. How much will it cost?
3. Do they need any exclusions or special conditions?

Think of it this way: insurers are taking on the financial risk of your future. They need to know enough about your health, job, and lifestyle to judge how likely you are to claim. It’s all about pricing the risk fairly and making sure the policy will hold up when you need it most. 

Underwriting for Life Insurance vs Income Protection

While the basic idea is the same, the focus shifts depending on the type of cover.

Life Insurance

Life insurers are looking at any factors that could affect life expectancy or the likelihood of a major illness developing. That includes medical history, family history, lifestyle habits, and sometimes your occupation.

Income Protection

With income protection, the insurer’s priority is whether an injury or illness could stop you from working. So your job duties and income history matter more. They also look closely at past injuries or chronic conditions that could flare up and keep you out of work. 

The Underwriting Process Step-by-Step

Think of underwriting as a series of checkpoints. Here’s what happens the moment you submit your application. 

Step 1: Application Submission

You start by choosing the type of cover and the amount you want. Our team at Morgan Insurance Brokers helps shape that early on. This means you’re not applying for unnecessary amounts. Once the application is submitted, the insurer opens a case. That’s when the underwriting begins.

Step 2: Personal Statement/Questionnaire

This is where you answer questions about your:

• Health 
• Lifestyle 
• Occupation 
• Income

It’s important to answer honestly and thoroughly. People worry that disclosing too much will hurt their application, but failing to disclose something is what causes issues later. A clean, complete statement gets better results every time.

Step 3: Additional Information/Medical Assessments

If the underwriter needs more detail, they’ll ask for it. This might include:

• GP reports
• Specialist letters
• Blood tests
• Imaging results
• Income verification
• Clarification on job duties

This step is normal and doesn’t mean your application is in trouble. It just means the insurer wants accuracy before they commit.

Step 4: Assessment by Underwriter

The underwriter reviews everything collected. They weigh up the risks and compare your profile to the insurer’s guidelines. Based on that, they make a decision.

There are four typical outcomes:

1. Standard terms, which means full cover at standard rates.
2. Loading involves a higher premium because the risk is higher.
3. Exclusion in which certain conditions are not covered.
4. Decline; this is rare, and usually only when risks are very high or uninsurable.

If there’s anything unexpected, we negotiate with the insurer or approach another one better suited to your profile. No two insurers underwrite the same way — which is exactly why having a broker matters.

Step 5: Outcome & Policy Issuance

Once underwriting is complete, you receive your final terms. If you’re happy with them, the policy is issued. Cover starts as soon as the policy is active. Waiting periods and benefit periods apply for income protection, but life insurance generally begins immediately.

Why Choose Morgan Insurance Brokers for Life & Income Protection Cover

Underwriting is a detailed process. Having someone who knows the system, knows the insurers, and knows how to present your case properly makes a huge difference. 

At Morgan Insurance Brokers, we handle the entire process. We help you: 

• Select the right insurer based on your occupation, health, and needs
• Manage all underwriting communication
• Clarify medical requests, so you know exactly what’s required
• Negotiate loadings or exclusions where possible
• Ensure you understand the policy before you accept it

If you are uncertain whether your current insurance offers comprehensive coverage, or if you are beginning to evaluate your options, we encourage you to contact us today. 

At Morgan Insurance Brokers, we strive to get you covered appropriately with terms that hold up when life doesn’t go to plan.