What are the steps to get approved for life insurance?
1. Fill out an application with the carrier you select
2. Sign the application and submit to the carrier
3. Schedule and take the paramedical exam
4. Carrier will pull your medical records, run motor vehicle report, etc.
5. The underwriter receives all records, paramed results, and the application
6. Underwriter will either order more requirements or give a final decision
7. If approved, an underwriting rating will be assigned that will determine your premium. The best rating possible will be preferred best non-smoker and the worst would be like a substandard table 8 or 10.
8. Client determines if they want to accept the policy and the policy is issued. If the client is not happy with the result, then we can shop it to other carriers and see if we get a better rate.
The process from start to finish will take about 4-8 weeks depending on the carrier, medical history, etc. If the client has very little medical history or issues, than it shouldn’t take more than 4 weeks. If the client has extensive medical records and they have to be ordered from multiple doctors, than it can take a full 8 weeks. A lot of the time, the doctor’s office will take there time getting the records copied and ready and delay the process.
All in all, the process is really simple and easy to apply for life insurance coverage. You are not obligated, by applying and you have a choice to submit money or not with the application.