Getting your life insurance application approved and in place doesn’t happen overnight.
If you’re applying for life insurance there is a process that takes place before you get approved for coverage.
There are 3 different ways that you can apply for life insurance and they each have their own timelines which you should know about.
Before I describe them in detail there are a couple things you need to remember before you apply for life insurance
1. Never let an existing life insurance police lapse when you apply. Until you are approved, which will take some time, because you won’t be covered. You will leave yourself exposed.
2. Always make sure you give yourself sufficient time for the policy to be reviewed, approved and put in force.
Life Insurance Application Waiting Periods
There are 3 waiting period scenarios for the 3 different ways a life insurance application can be made and they include:
- Life Insurance Application with No medical Exam
- Life Insurance Application with Medical Exam but No Medical Records Required
- Life Insurance Application with Medical Exam but Medical Records Are Required
Let’s look at them in more detail.
Life Insurance Application with No medical Exam (7- 10 Days Before Policy is Effective)
There are 3 steps when applying for a life insurance application which does not require a medical exam and they include:
1. Applying for Life Insurance
You have to phone and obtain an application form which would be sent to you the same day. Ideally, you will fill out the application and FAX it back to me the same day.
2. Phone Interview
A no-exam life insurance application requires a brief questionnaire be completed which is generally done over the phone. This generally occurs within 1-3 days from when we receive your application
3. Issuing the Life Insurance Policy
The life insurance company is sent the application and phone questionnaire and then has to review and approve the application. This takes roughly about 2 days.
The life insurance company, upon approving your application, will send you the policy by mail which could take 2-3 days for you to receive. You may then be required to sign the policy and either mail it back, or return by Fax or email. The policy will then come into effect either the same day of the following day.
(NOTE) You should be aware that no medical exam life insurance policies tend to cost more than life insurance policies which require a medical exam. The reason is because a medical exam gives the life insurance company more medical information which makes you less of a risk.
If you want a cheaper policy then you should follow the application process described in the steps below.
Life Insurance Application with Medical Exam but No Medical Records Required. (Takes up to 2 Weeks before Policy in Place)
The quickest time frame this process could take place as follows and occurs only when the life insurance company does not require any medical records.
1. Applying for Life Insurance
This considers same day application that you request which is sent to you and returned by you on the same day.
2. Taking the Medical Exam
When we receive you application, we will contact a medical examiner and they will phone you to set up an appointment which is generally done within 1-2 days to make the appointment.. (continued on page 2)