Once your written application is signed and returned to the agent and, if necessary, your medical exam is completed (today many companies do not require you to have a medical exam), the insurance company needs to evaluate your request for insurance coverage. This evaluation is called underwriting.
Your M&T Securities Representative will attempt to gather all relevant information before the underwriting process begins. However, your agent or the insurance company may contact you to verify or collect additional or missing information.
Information that the insurance company may require includes some medical information, a consumer credit report and, for larger policies, more detailed personal information. Generally, the larger the value of the policy you are applying for, the more in-depth the underwriting is.
As a licensed agency, M&T Securities, Inc. sells simplified issue life insurance for those who qualify. Simplified issue life insurance does not require a medical exam and has a simplified underwriting process, which makes the application process much faster. Most insurance companies will not offer simplified issue life insurance on large policies.
The agent will obtain authorization from you at the time you sign the application to check your credit or medical history. It is illegal for an insurance company to run a credit check or gain access to your medical information unless you give them permission to do so.
Once all required information has been received, the insurance company will make its decision based on your age, health, amount and type of coverage applied for. The underwriting process concludes with an insurance contract (policy) being issued, or a declination for coverage.
Investment and Insurance Products: • Are NOT Deposits • Are NOT FDIC-Insured • Are NOT Insured By Any Federal Government Agency • Have NO Bank Guarantee • May Go Down In Value
M&T Investment GroupSM is a service mark of M&T Bank Corporation and consists of M&T Securities, Inc., the investment-related areas of M&T Bank and investment advisory firms MTB Investment Advisors, Inc., and Zirkin-Cutler Investments, Inc.
Brokerage services and insurance products are offered by M&T Securities, Inc. (member FINRA/SIPC), not by M&T Bank. M&T Securities, Inc. is licensed as an insurance agent and acts as agent for insurers. Insurance policies are obligations of the insurers that issue the policies. Insurance products may not be available in all states.
