Guaranteed and simplified issue can take up to a week with life insurance companies who are leaders in “jet” issue. Conventional underwriting has time components to the process. The first is gathering all requirements for review. The second is the review process, which from company to company can be as much as a 30 day difference. The third is the final underwriting offer and acceptance by the owner of the policy. The best scenario with all requirements received is generally 30 days. The worst wait with all requirements received can be 90 days. During the fourth quarter these times can be acerbated by an increase in end of the year underwriting due to impaired risk submissions.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
How long can underwriting take? Anyway from a few days to several months. Some plans do not do a deep search and may only take a day or two. Expect to pay a lot for coverage from companies who offer these plans. They've already assumed yes answers to the unasked questions. Most fully underwritten plans will take about 60 days from application submittal to policy issue, which also is reflected in the price in a positive way for the purchaser.
Life Insurance underwriting takes as long as it takes the life insurance underwriter to collect all the data needed to approve your policy. If you apply for a policy that does not need any exam or medical records, the process may take less than 24 hours. If they do not require an exam but can order medical records, it will take as long as it takes you or your doctor's office(s) to provide those records. If they require an exam, you will not be approved until at least 3 days after you take the exam.
In other words, the faster you and your doctor's office(s) respond to the underwriter's requests, the shorter the time it generally takes for your policy to be approved. However, things can get held up if life insurance companies get behind, the paramed examiner will not work with you to set up your exam, your doctor's office is slow to provide your medical records to the life insurance company, and/or additional medical records must be ordered weeks or months into the process.
Above all, a good Case Manager who regularly communicates with you and the insurance company can shave time off the underwriting process. Using an agency that has great customer service may not only help speed things up, it may be the key to getting your life insurance put into effect, period.
.JPG){kind=avatar}
In other words, the faster you and your doctor's office(s) respond to the underwriter's requests, the shorter the time it generally takes for your policy to be approved. However, things can get held up if life insurance companies get behind, the paramed examiner will not work with you to set up your exam, your doctor's office is slow to provide your medical records to the life insurance company, and/or additional medical records must be ordered weeks or months into the process.
Above all, a good Case Manager who regularly communicates with you and the insurance company can shave time off the underwriting process. Using an agency that has great customer service may not only help speed things up, it may be the key to getting your life insurance put into effect, period.