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.

Getting life insurance is a fairly simple and straight forward process.    The first thing you will want to determine in getting life insurance is the amount of life insurance that you want to buy.  The second thing to determine is the type of life insurance that you want to buy.   Do you want to buy term, whole life, return of premium term, universal life or some combination of those?  Based on the purpose of the insurance and your budget, that should help in the selection of the appropriate type.  For example, if you want to accumulate money as a supplemental retirement benefit, then you will obviously be using either whole life or universal life.

After determining what you want to buy, you need to select the carrier that will provide you the best option.  The best option will depend on your criteria.  If you want the cheapest term, than we shop the rates and select the cheapest term carrier.   If you are looking at whole life insurance, then you want to look at companies that have are good dividend paying whole life carriers.

Now you have picked your face amount, product, and the carrier you want to apply with.    It is time to fill out the application for that coverage.  Once the application is completed a paramedical exam will be ordered.  The paramedical exam is scheduled and can be completed at your home or business.  After the application and the paramed are completed, you can expect about 4-6 weeks of underwriting to get approval.   At the end of the underwriting process, the company will either approve you and assign an insurance rating or they will decline coverage.   The insurance rating will determine the premium you pay for that policy.  An example of an insurance rating would be preferred non-smoker.