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life insurance application processLife insurance isn’t like most products that you can buy and take home with you immediately. There are several different components of the application process, unlike something that you buy from a grocery store. The application process can take anywhere from 4-8 weeks.  It’s important to understand the process if you’re in the market for life insurance. 

Any misunderstandings about the application process could delay your coverage or could even cause you to be declined for coverage. Because life insurance is such an important purchase, it’s vital that you fully understand everything that’s going to happen and the best way to navigate the process.

Here’s a Quick Synopsis:

1.  An application is completed.  A licensed life insurance agent has to assist you with your application.  There is no way around it.  Make sure you use an experienced agent who can make the application process smooth and quick. 

The application process can take a while, but it’s an easy application that only requires basic information about yourself. The insurance agent will ask how much you’re applying for, and they may ask simple health questions that could impact your medical exam. We can help no matter how much coverage you need. There are companies who offer million dollar life insurance policies if this should interest you.

2. A medical exam is scheduled.  This is free to the consumer.  Typically these are scheduled a week from when the application is completed – so the nurse has enough time to accommodate your requested date and time.  The exam can be scheduled at your home, work or at their facility.  The exam itself takes about 30 minutes to complete.  In most cases it involves giving a vile of blood and a urine sample.

Aside from the blood and urine sample, the insurance company is going to want an overall picture of your health to determine how much of a risk that you are to insure. TO do this, they are going take your blood pressure, heart rate, weight, and several other basic vital signs. The results from the medical exam are going to play an important role in how much you pay for your coverage and your chances of being approved for insurance.

3. We order your Attending Physician Statements (APS) or doctor records.  Again, this is of no cost to you, we pay your physicians for their trouble.  Average time to receive these is 2-3 weeks after your medical exam is completed.  Some physicians are quick and others are slow, this is really the determining factor on how long the underwriting process takes. 

4. Underwriters review your APS and medical exam results.  They also run a MVR report to see your driving history.  This can take 1-2 weeks depending on how long your APS is.

5. After a full evaluation, the underwriters will determine your health class and make an offer.  If you were honest with your agent regarding your health, there should be no surprises here. They will use all of the factors above to determine how much of a risk you are and which class rating you’ll receive. Your class rating is going to determine the premiums that you’ll pay for your coverage. At this point you can opt to accept the life insurance company’s offer or decline it.

That’s it!  The process is of no cost to you and you are NEVER under any obligation.

Life insurance is one of the most important purchases that you could ever make, but a lot of people are confused about the application process, which keeps some people from getting the protection that they need. As you can see, the process is simple and requires very little work on your part.

There are dozens of different kinds of policies, but all of the applications are extremely similar. The only way that is notably different is a no exam medical life insurance policy, which is the same, minus the medical exam.

The goal of every life insurance application is to be “Approved As Applied For”.  Meaning your agent quoted you the correct rate.  If you have any questions regarding the life insurance application process, please contact our team here at RootFin.com.

Getting the most Affordable Life Insurance Coverage

There are several lifestyle changes that you can make to ensure that you’re getting the best rates for your life insurance coverage. It’s vital that you get an affordable and quality life insurance plan.

The first thing that you should do is focus on your health before you apply for coverage. Because the insurance company is going to require that you take a medical exam before you’re accepted for coverage, the better your health is, the cheaper your policy is. One of the best ways to do this is through regular exercise and a diet. Both of these are going to help you improve your overall health and keep more money in your pocket. But if you are concerned because of a health condition such as diabetes and you are needing life insurance for diabetics; we can certainly help.

Another thing that you can do is to eliminate any tobacco that you’re currently using. One huge factor that the insurance company is going to use to calculate your premiums is if you use chewing tobacco or you’re a smoker. Smokers are going to pay twice as much as a non-smoker for the same coverage. Cutting cigarettes can save you thousands of dollars on your life insurance plan.

Another way to save money is to work with an independent life insurance agent, like ours at Rootfin.com. Unlike traditional insurance agents, independent insurance agents represent dozens of insurance companies across the United States. Because every insurance company is different, you could receive drastically different rates for the same amount of coverage, which means it’s important to get quotes from dozens of companies before you pick the one that works best for you.

Instead of wasting your time calling tons of insurance companies, let our agents do all the work for you. We can bring all of the lowest rates directly to you. No calling, no hassle.

If you have any questions about life insurance or the purchasing process, please contact one of our agents today. We would be happy to answer those questions and ensure that you’re getting the most affordable insurance available.

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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