How are the insurance policies underwritten?

There are different ways that CUOLI policies are underwritten and how they are offered depends on several factors. CUOLI policies may be underwritten as Guaranteed Issue (GI), Simplified Issue (SI) or Medically/Fully Underwritten.

Guarantee Issue underwriting offers insurance without an applicant providing detailed medical history or requiring any physical medical test or exam with some general guidelines including minimum number of lives in the census, a maximum age of insured and the amount of insurance allowed on each insured.

Simplified Issue underwriting is offered if a credit union can’t qualify for GI. Simplified Issue may allow for lower minimum lives and can have higher maximum ages but usually employees will need to provide a more detailed medical history and, in some cases, may need their physician to submit a form.

Medically, or Fully, Underwritten policies require medical and personal history information as well as some sort of medical screening. Normally, this involves a paramedical exam to determine height, weight and blood pressure. Further tests may be done, such as an EKG, urine or blood analysis.