3 Critical Tips for Quick Life Insurance Underwriting

Many people aren’t aware that it typically takes 4-8 weeks for any life insurance company to gather the information necessary and make an offer. 

Just so you have an idea why it takes this long, here’s
a general breakdown:Quick Life Insurance Underwriting

1-2 weeks:       Complete the medical exam
1 week:            Application processing
2-4 weeks:      Obtaining medical records
1 week:             Application review and decision.

However, there are some things you can do to speed up underwriting. 

Here are 3 critical life insurance tips for quick life insurance underwriting:

1. Have ALL your physician information available.

I can’t stress how important this is. Make it easy for the life insurance company. Have a list of all your physicians and their contact information ready when you take the medical exam.

We’ve had clients who didn’t disclose all their physicians and it took MONTHS for them to get approved.

2. Schedule your medical exam asap.

Get this out of the way. The only thing stopping us from submitting your application to a life insurance carrier is completion of a medical exam. Pushing it out will only delay the process for everyone involved.

We recommend setting a medical exam 1 week from when you decide to move forward. This allows enough time to find an available examiner without having to reschedule.

3. Be cooperative throughout the process.

If the life insurance company needs some missing information or has some questions, respond promptly. Underwriting comes to a grinding halt when there are “outstanding requirements”.

Working with a proactive agency will also speed up underwriting.

For example, we order medical records as soon as we submit your life insurance application to the carrier. Typically agencies wait for the life insurance company to request them in underwriting and that takes about a week after an application is submitted. By being proactive and ordering your medical records immediately, our agency cuts at least 1 week off of case processing times.

If you need life insurance coverage REALLY quick, there are no medical exam life insurance companies out there where you can get a decision within 48 hours. You have to be in good health to qualify for these companies . Be aware that life insurance with no exam is a little bit more expensive, but for those who just need something quick, it may be what you’re looking for.

If you’re over the age of 50, you should also look at burial insurance which doesn’t require a medical exam.  These policies have smaller face amounts and meant to cover final expenses.

Also, ask us about temporary life insurance coverage while your application is in underwriting.  The majority of life insurance carriers will cover you while your application is being reviewed.  You must have a health class rating of Standard or better to qualify for this option.

As you can see, there are a lot of options and factors that go into getting your life insurance application approved in a timely manner.  We believe our technology and our team’s efficient practices set us apart from the competition. 

Please don’t hesitate to contact us with any questions.

About Jeff Root

is the owner of rootfin.com. He's an independent life insurance agent who has helped 1,000's of consumers purchase life insurance online and over the phone.

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