The application for life insurance takes about 30 minutes. The required paramedical exam takes about 45 minutes. If your doctor’s responsive the attending physician’s statements can be collect in a week. The life insurance company will perform a search for prescriptions, the Medical Information Bureau, credit check and motor vehicle department, which takes about an hour. Then the information is compiled for the underwriter who can spend couple of hours review your case. It doesn’t sound like much time, but an average case takes 4 to six weeks to generate an offer that you can either accept or decline.
With some No Exam policies, you can have life insurance set up and in effect within 24 hours.
With policies that require an exam, it largely depends on: 1) how quickly you do your exam, 2) whether medical records are ordered, and 3) if medical records are ordered, how quickly they are received by the life insurance companies.
If you have a health condition that requires getting records from several doctors, do not be alarmed if the process takes 3-5 months. Keep in mind that the more thoroughly your health history is reviewed, the chances are nearly zero that your payment would be declined if death occurred during the policy's first two years (the contestibility period).
However, even with a health condition, medically underwritten policies do not normally take that long. Working with a reputable agency who keeps you up to date during underwriting can cut down the time a lot.
.JPG){kind=avatar}
With policies that require an exam, it largely depends on: 1) how quickly you do your exam, 2) whether medical records are ordered, and 3) if medical records are ordered, how quickly they are received by the life insurance companies.
If you have a health condition that requires getting records from several doctors, do not be alarmed if the process takes 3-5 months. Keep in mind that the more thoroughly your health history is reviewed, the chances are nearly zero that your payment would be declined if death occurred during the policy's first two years (the contestibility period).
However, even with a health condition, medically underwritten policies do not normally take that long. Working with a reputable agency who keeps you up to date during underwriting can cut down the time a lot.