That is a great question! The answer really depends upon the company, the amount of coverage that you desire, the type of policy you want, and your health. A simplified issue policy can be approved within minutes, and a large policy that requires a para-med exam can take a couple of weeks. The policy generally won't go into effect until the policy is approved, issued, and the first premium has cleared. Find a good agent who can help you find what you are looking for. I'll help you, if you want , just contact me. Thanks for asking!
The answer isn't as simple as you might think. Each Insurance Company has different guidelines for the coverage you are looking for.
The more complicated your history, the more underwriting necessary the longer it might take. Underwritting includes not just medical but financial as well if the face amount is high enough.
Be sure to talk with your agent or broker about why you need the coverage and how much your needing.
It can take from hours to months to be approved for life insurance.
If you are applying for a simplified issue policy that requires no exam or medical records, can be signed digitally and approved on the phone, it may go into effect very quickly. The cons: this type of policy does not dig too deep, and can decline you very easily if you do not fit their exact criteria. They also usually charge higher rates to cover the risk of not knowing everything about you. The pros are that you get by without the hassle of an exam and can get the coverage very quickly.
When applying for a larger policy that does require an exam and medical records, the time in underwriting largely depends on when you schedule your exam and how long it takes for your doctor's office to send your records to the life insurance company. Another thing that can hold up approval is if you saw a doctor that the underwriter wants input from, but records were not ordered from that doctor, or the doctor has left and no one knows where those records are. Finally, an insurance website or agency that is not skilled at working this type of case can slow things down by simply not knowing how to stay on top of cases like this.
To speed up approvals for a case involving exam and medical records:
1) use an agent who has experience in impaired risk underwriting;
2) list all the doctors you have seen in the past 5 years, and all doctors who made your diagnoses;
3) schedule your exam ASAP;
4) notify your doctors that medical records will be ordered, or obtain the records yourself; and
5) answer all questions from your agent and/or case manager promptly.
These tips can cut the time for approval, even in a complicated case, from months to weeks.
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The more complicated your history, the more underwriting necessary the longer it might take. Underwritting includes not just medical but financial as well if the face amount is high enough.
Be sure to talk with your agent or broker about why you need the coverage and how much your needing.
If you are applying for a simplified issue policy that requires no exam or medical records, can be signed digitally and approved on the phone, it may go into effect very quickly. The cons: this type of policy does not dig too deep, and can decline you very easily if you do not fit their exact criteria. They also usually charge higher rates to cover the risk of not knowing everything about you. The pros are that you get by without the hassle of an exam and can get the coverage very quickly.
When applying for a larger policy that does require an exam and medical records, the time in underwriting largely depends on when you schedule your exam and how long it takes for your doctor's office to send your records to the life insurance company. Another thing that can hold up approval is if you saw a doctor that the underwriter wants input from, but records were not ordered from that doctor, or the doctor has left and no one knows where those records are. Finally, an insurance website or agency that is not skilled at working this type of case can slow things down by simply not knowing how to stay on top of cases like this.
To speed up approvals for a case involving exam and medical records:
1) use an agent who has experience in impaired risk underwriting;
2) list all the doctors you have seen in the past 5 years, and all doctors who made your diagnoses;
3) schedule your exam ASAP;
4) notify your doctors that medical records will be ordered, or obtain the records yourself; and
5) answer all questions from your agent and/or case manager promptly.
These tips can cut the time for approval, even in a complicated case, from months to weeks.