Applying for life insurance may seem like a daunting process, but knowing what to expect can make it simpler and easier for you. Depending on a variety of factors, the underwriting approval process can take anywhere from a few days to a few months or longer. The following are the basic steps you can expect with a life insurance application process.
Gather Up The Necessary Information
Before you begin the process, you will need to collect certain information to have on hand for your interview with the insurance company, including:
- Your income and outstanding debts
- Any current or past medical conditions
- Prescription medications you are taking
- Contact information for your primary care physician
- Information about your beneficiaries
Get A Quote Online Or Over The Phone
Most life insurance companies allow you to provide the required information and get a quote online. Another option is to speak on the phone with an agent, who will ask you questions about your medical history and other factors that could affect your life insurance rates. Either way, it is a quick process (approximately 10 minutes for the phone interview). Our agent can recommend a policy to suit your particular circumstances.
Complete An Application
After you have chosen a life insurance policy and received a quote, you will need to complete a full written application to supply the insurance company with all the information needed to approve your coverage. Most life insurance applications can be filled out electronically, and they typically take less than 30 minutes to complete. The sooner you submit your application, the sooner the process will be completed. It is best to do so within 24 to 48 hours.
Get A Medical Exam
The life insurance company will use your medical exam to help determine your eligibility for a policy and to finalize your rates. You may have to wait a week or two for the exam to be scheduled. Some insurers will give you the option of having the exam performed in your home or office, while others will require you to go to an exam center. The exam itself should not take more than 30 minutes.
Wait For Underwriting To Approve Your Application
After your medical exam, be prepared to wait for underwriting to assess you as an insurance risk. The time this process takes can vary, depending on factors such as your age, your medical history, and the amount of life insurance you want to purchase. The insurance company will have to wait for the medical lab to process and send your results, which could take anywhere from a few days to a few weeks. Life insurance underwriters use various sources to obtain information on prospective policyholders, including reports from the DMV, prescription databases, the Medical Information Bureau (MIB), background checks, and credit reports.
Buying life insurance is an important financial step to help protect the ones you love. Our knowledgeable agent can help you find the best available rates for a life insurance policy that suits your needs.