Best Life Insurance Application Process: What you Need to Know?

life insurance application process

Many people are most of the time discouraged in buying life insurance. The reason behind this is the fact that the entire process can go over a month. Although, no medical exam, instant issue, and guaranteed issue are all life insurance products that offer a quicker alternative to regular medically underwritten life insurance. If you are looking into getting this type of insurance for future security, then you may want to know how long you need to wait for the entire process to finish. This knowledge is very important to become aware of the things that you need to prepare before you decide to acquire the life insurance that you need. This article will provide you with detailed information on how the entire process goes. 

What do you need to go through with the Life Insurance Application Process?

Step 1: Decide on the Amount of Coverage

The first process involves your decision making by assessing your need for insurance coverage. The best policy according to Coach B. and most insurers is a plan that can cover long term debts as well as at least 5 years of your yearly income. An online quotation through Coach B. Life Insurance’s “direct to consumer” quote and apply platform can give you a rough estimation of how much coverage you can get and the premium you need to pay with some of the best insurance companies in the United States. 

Step 2: Finish an Online Application Form

Once you decide on a particular insurance provider, then the next best thing to do is to fill out a life insurance application online form. You will be asked about some personal questions like your current job, daily activities, and lifestyle. The estimated time to finish an application form is 10 minutes. It is essential to carefully read every question before answering. Most of the life insurance application are now done online and sent directly, so you do not have to step out of the comfort of your home.

Step 3: Medical Examination

Insurers will do a run-through with your life insurance application form and they will decide whether you will continue with the next step. You will receive a call from the insurer for a short phone call interview regarding the details written in your life insurance application form. If everything goes well with the interview, then you will be scheduled for a medical examination. 

Typically, you need to wait for one week or more for the scheduling of the medical exam. They will usually offer to come to your home or place of business, and some may need you to go to their medical facility. The medical exam includes a urine test, complete blood count, and other tests necessary to know your current health condition. Also, you will be asked to answer another medical questionnaire. The result is sent directly to the insurer, you need to wait for them to call you for the result.

Step 4: Some Added Information

In the case of a health condition, then the insurer will request an APS or also known as Attending Physician Statement, however, it is an expensive document to request and adds weeks to the waiting time. The good thing is that it is rarely asked by insurers. 

The final step is the assessment from the underwriter. Underwriting is a process wherein all medical records and information given go through the analysis. This will give the insurer the idea of the actual risk involved and how much premium you need to pay. During this time, you will receive some calls from the insurer for follow up questions.

Step 5: Issuance of the Policy

If everything falls into its proper place, then you will get the coverage between 7 to 10 days.

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People Looking For A Non-Medical Exam Policy

 In case you are thinking of applying for this coverage for an easier approval process. This no medical exam life insurance will not require the applicant to go through a series of medical examinations, but there will be a thorough investigation of your medical records and other important documents. Before you decide on this type of coverage, you need to know that most insurers charge a higher premium of about 10% to 20% more compare to the regular one. 

Also, you must be healthy and with no underlying illnesses. You need to fill out medical questions and they will verify the authenticity of your answer through the Medical Information Bureau. Also, they will look into driving and pharmacy records.

This is only applicable for people with extreme fear of needles, who are in good health but can’t wait, and for those who have not seen a doctor for more than 3 years.

Other Issues that may affect for the Processing Time

The period that you need to wait may vary according to an individual’s condition, but surely, it will not take forever. The following are some possible issues that might affect your waiting time.

  • Credit checks

Some insurers might ask for a credit check and it will add up to the time that you need to wait. The common reason is most of the time linked to a financial condition like bankruptcy. 

  • Expensive Policies

If you are looking for high coverage, then the insurer will do stringent checking and that will add even more time to the life insurance application process. 

  • Special Policy Type

There are special types of coverage such as cash value and the indexed universal coverage that requires more checking in the part of the insurer.

  • Your age

One of the biggest issues that can affect your waiting time is age. This is because insurers calculate the life expectancy to know if you are still capable of paying a monthly premium for a longer period. It is good to know that there are types of life insurance that are specifically created for senior applicants.

  • Medical Records

This is applicable for no medical exam applicants and it is with no additional cost as the insurer will pay for all additional expenses for the request. It is important to inform your doctor in advance if you will apply for this type of policy to avoid a long life insurance application process.

  • Undisclosed Health Risks

Some applicants are tempted to undisclose everything about their medical condition, history, or records. This is the very last thing that you want to do as it will affect your credibility as an applicant. Any single undeclared information about your health status will surely affect your application process and may lead to denial. Insurers are very keen on checking details of the applicant and they even check your social media account to get accurate information. 

Important Point to Remember

One of the important factors that can help with your life insurance application process is a proactive insurance agent. Seasoned and professional agents are well versed on the in and out of the application process. They can make the entire process easy and quick for you. 

Coach B. Life Insurance can help you!

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