Whenever anyone applies for Term life insurance they have to go through several phases before the application can be approved. Understating the life insurance application process can take away the mysteries concerning what is going to happen next. This will make the process go smooth and much easier for the applicant.
No one enjoys going through a step by step process totaling in the dark. This blog post will open the doors for you so you can see what is involved and know what to expect.
Once you have chosen your desired life insurance policy design, it will be time to apply for your new Term life insurance.
Here are the basic steps the life insurance company will require to proceed with the application.
• The life insurance application itself. This will be a paper application, an online application or a simple and easy telephone application like I use. I recommend a medical pre-screen before the application if necessary.
• The next basic step will be the Para-Med nurse visit. The nurse will only give you what is required by your application. This is usually going to be a quick blood, urine and saliva test which will very simple and painless. Your height and weight will also be checked and recorded.
• The signed application and the Para-Med test results will be delivered to the carrier to be issued to a medical underwriter to begin processing.
• It is possible the Underwriter will request medical records from you doctor’s office. This is called an attending physicians statement. Keep in mind that the insurance company will pay all costs for the complete underwriting process.
• The next step is your application will be in a holding pattern so the Underwriter can review all the information carefully.
• You will probably receive a call from the underwriter’s assistant in order to do a telephone interview.
The life insurance company will normally request a MVR which is normally referred to as motor vehicle report. They would be looking for violation that is serious in nature that could cause a fatal accident.
This is actually and easy process when you have an experienced life insurance agent helping you.
After all the steps have been taken you application will be in a holding process so the information received can be carefully reviewed. Keep in mind that life insurance companies move slowly and a conventional Term life insurance application can take anywhere from about a month to over three months to get approved. If you are in very good health with no medical conditions and all your other specific information is fine your application will be approved in less time. Some insurance companies with be faster or slow than others.
You can go through the Simplified underwriting process and save time but your premium could be over double.
Simplified underwritten policies can take between 24-48 hours to get approved but the premiums are quite a bit higher. If you are looking for low cost Term life insurance you will want to go with the standard underwriting process where you will save much more money in the long run. If you run our quote engine you will be able to compare over 40 highly rated companies in less than a minute. Our quote engine will display low cost Term life insurance and also Universal life insurance.
Life insurance rates can change after they go through the underwriting system. That is why a medical pre-screen can be a wise step to take to insure there are no surprises once you actually apply. Feel free to contact us 7 days a week for all the help you need. There is no obligation for our services. Thank you for visiting and reading our blog post, Understanding the Life Insurance Application Process.