With simplified issue life insurance you get your approval right when you do the application with many companies. This is the type of whole-life insurance that many seniors over age 50 purchase on amounts of $25,000 or less. The agent that you meet with will do the initial screening and then you call in to the life insurance company for a phone interview. At the end of the phone interview you are approved or declined and if you want to write a check for your first premium, you are covered right then.
For life insurance in larger amounts, they will do much more extensive underwriting. Your application will have many more health questions and you will likely have to take a physical exam. The insurance company may order records from your doctor's office and that can take over a month depending on fast your doctor's office responds.
So one to two months would be average for fully-underwritten life insurance. And for simplified issue it could be right within the meeting with your insurance agent.
The more extensive underwriting will usually get you a better rate per thousand if you are healthy and buying more than $25,000 of coverage.
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A life insurance application can be completed much quicker than you may realize. There ae specific policies that can be almost instantaneously approved. Other types of coverage may require more extensive underwriting and could take longer.
As an experienced licensed and registered broker, our job is to not only find the best rates for you, but to also simplify the underwriting process and make applying for coverage a very easy and quick process.
Filling out the life insurance application itself takes about 30 minutes for a medically underwritten policy (one that requires a paramed exam). Having your drivers license, the date of birth and possibly Social Security numbers of your beneficiaries, and all your doctors' information on hand will save time in filling it out.
Once the application is submitted, you will take your free exam in your home or other place of your choice. Sometimes medical records are ordered. The time it takes complete the process depends partly on how quickly you take your exam and how quickly records are obtained.
If you apply for a policy without an exam, the policy is issued much more quickly.
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For life insurance in larger amounts, they will do much more extensive underwriting. Your application will have many more health questions and you will likely have to take a physical exam. The insurance company may order records from your doctor's office and that can take over a month depending on fast your doctor's office responds.
So one to two months would be average for fully-underwritten life insurance. And for simplified issue it could be right within the meeting with your insurance agent.
The more extensive underwriting will usually get you a better rate per thousand if you are healthy and buying more than $25,000 of coverage.
As an experienced licensed and registered broker, our job is to not only find the best rates for you, but to also simplify the underwriting process and make applying for coverage a very easy and quick process.
Once the application is submitted, you will take your free exam in your home or other place of your choice. Sometimes medical records are ordered. The time it takes complete the process depends partly on how quickly you take your exam and how quickly records are obtained.
If you apply for a policy without an exam, the policy is issued much more quickly.