The Application Process for Life Insurance

You’re still not sure what to expect if you have never applied for life insurance before. There’s a lot of paperwork there. What’s the distance between a quote and a rate? We’re here to assist.

When you purchase life insurance online, here’s what to expect. Our step-by-step series is going to help explain more.

Step 1: Get the Free Quote for You

Everything starts here! To know about the rates and insurers available to you, use our easy online quote. Just complete our form with a couple of crucial pieces of information:

Coverage quantity you want
Term of coverage required by you
State of domicile
Birthday
Height/Weight
Class of Health

Click “Compare Quotes” after you enter your information, and you will see an instant list of quotes, sorted from the lowest price.

Step 2: Complete a Request.

Suppose you see something in your quote results that you like. Just fill in your name, phone number, address, email, and any other medical information you might want the insurance company to know.

This information is sent directly to our insurance advisors, who put your information into the policy application you have chosen. You’re not supposed to do a thing!

All we need is your signature when the application gets completed. Many insurers let us do this virtually, so all we’ll have to do is send you a copy of the completed approval application by email.

Just slide it into the postage-paid envelope we provide when you’re done and drop it in the mail.

Step 3: Take a Medical Exam

It is compulsory to do medical exams to issue your policy. The only exception would be the “no medical exam” policy, which removes this requirement.

When the agent gives you a call to make sure you have finished your application. They will also order your free medical exam. It will not cost you much.

Most of our medical examiners are from superior mobile medics.

Step 4: Wait for Your Underwriting.

This step is the best move for you to take, so there’s nothing you need to do but wait. In this phase, the insurance agent does the entire job. Expect them to take four to six weeks to receive and process your submission.

You may be asking what they’re doing at this moment. They look through your application and calculate how much chance you’re going to get insured. New, stable candidates, for example, are at less risk than older or unhealthy applicants. The insurance company’s underwriters will have a look at your medical records and attempt to place a monthly dollar figure on the level of risk they believe you pose. The dollar amount is what will become your final cost. This step will, in most situations, equal the quoted pace.

Often insurance underwriters need some more information about you to award a “rate class” to you. For example, they might need to ask the doctor for medical history. This procedure will take quite a bit of time. The insurance underwriters then require time to look at the facts they collect.

Step 5: Take Your Offer and Receive Your Policy

Once the insurance underwriters approve your claim, they will give you a rate and ask if you would like to take the offer. This is still a judgment of yours. In most situations, the rate would be very similar to the quote you got in phase 1.

All regulation paperwork, including your suggested rate, will be submitted to you electronically (if the carrier permits) or via Priority Mail (if hard copies get required). All you need to do is sign them and give them back to us along with any charge needed to put the policy in place. You’re done when we get these documents from you! Just keep making your monthly payments, and your policy is there to protect you.