Life insurance normally takes effect when the policy has been approved, issued, and the fist premium has been made and delivery paperwork is completed.
There are variations, though. With some policies, you can purchase temporary coverage that would allow the policy to pay your beneficiary if something happened to you during underwriting. Some No Exam, digitally signed applications will draft the first premium and put the policy into effect before you receive it in the mail.
That is a great question! Generally your policy becomes effective after they've received your first premium payment, and it has cleared. That is assuming of course that you were approved, and the policy issued. That said, some companies will insure you from the date of the application, some states have regulations regarding the time your coverage begins, and your individual company can have its own rule. Best advice is to ask your agent for your policy's specifics. Thanks for asking!
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There are variations, though. With some policies, you can purchase temporary coverage that would allow the policy to pay your beneficiary if something happened to you during underwriting. Some No Exam, digitally signed applications will draft the first premium and put the policy into effect before you receive it in the mail.