It can take from hours to months to get approved for life insurance. There are some policies that you can apply for online and have in effect within a day. These have limits on the face amount and are on a "pass/fail" basis. For larger policies that will give you credit for good control of your health, the underwriter may order medical records to help him/her decide how to rate your policy. How fast your doctors return those records makes a big difference in how long it takes for your life insurance policy to be approved.
President, Lane Independent Agency, Southern California
If you have a well documented medical file, with records available from your doctor, it normally takes New York Life about a week or so to make a decision and offer a rate for your coverage. If your records are hard to obtain, it will take longer. Gary Lane, Registered Representative, New York Life, 949 797 2424. Thanks.
That's a great question! The length of time to be approved will depend on a couple of things. Some companies will issue "simplified " applications, that involve only a series of health questions, a med check, and your MIB check before making a decision. Others will have you also do a phone health interview, and some of those will accept or deny you as a result of that call. Other policies require a para-med exam, and those can take quite a bit longer. Some companies have very efficient underwriting departments that move quicker than others, and if there are Doctor's records needed for a determination, it can also be quite a bit longer. I would ask your agent for more specifics if it is an issue, or contact me, I'd be happy to help. Thanks for asking!
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Depends on the type of program you're applying for.
For non-medical policies - it can take as little as 48 hours or up to about 2 weeks (depends on whether they need to get a doctor's statement (called an APS - attending physician's statement), waiting on the completion of a phone interview, etc., if applicable).
For traditional programs (one's that include an exam) - it typically takes about 4-6 weeks to complete the underwriting process. This is due to the amount of time it takes to process the lab work (blood tests, urine tests, ekg, etc.), get the doctor's statement (APS), and for the carrier to review the file. If the carrier is having a difficult time trying to track down the doctor's statement, they're backed up case-load wise, or they need to get clarification on certain items, it may take a little longer. Even though it takes about 4-6 weeks on average for these programs, it's helpful to allow 6-8 weeks for it to wrap up.
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For non-medical policies - it can take as little as 48 hours or up to about 2 weeks (depends on whether they need to get a doctor's statement (called an APS - attending physician's statement), waiting on the completion of a phone interview, etc., if applicable).
For traditional programs (one's that include an exam) - it typically takes about 4-6 weeks to complete the underwriting process. This is due to the amount of time it takes to process the lab work (blood tests, urine tests, ekg, etc.), get the doctor's statement (APS), and for the carrier to review the file. If the carrier is having a difficult time trying to track down the doctor's statement, they're backed up case-load wise, or they need to get clarification on certain items, it may take a little longer. Even though it takes about 4-6 weeks on average for these programs, it's helpful to allow 6-8 weeks for it to wrap up.