A Waiting Game: The Traditional Life Insurance Approval Process

Not many people enjoy the idea of purchasing life insurance, especially when most expect to endure a series of medical tests and questioning on top of a long approval period. Of course, there are some policies out there that do not require the long approval process, but the majority of companies will use similar processes to determine the eligibility of applicants for their policies.

At TopLine Life Insurance, we understand that applying for life insurance can get stressful and frustrating. That is why we have decided to elaborate on the traditional approval process for most policies below and inform current and potential clients about a way to get around most (or all) of it.

Qualifying for Most Life Insurance Policies

• Go Quote-Hunting
  Every life insurance purchase must begin with a little shopping around. There is no shortage of insurance companies and policies to choose from, so it is imperative that you compare rates or work with an expert broker from TopLine to make this part easier. There is no estimated time for this part, but it is important to do enough research so your decision is educated rather than spontaneous or ill-informed.
• Paper or Electronic Application
  After you make your decision, there is usually a short application to fill out that will include health and habit questions as well as personal and beneficiary information. The premium payment schedule will also be filled out at this time. The application should take no more than a half hour to complete.
• Medical Exam
  When the application is sent, the next step is for the insurance company to send a medical professional (usually a nurse) to your home to verify the information on the application. Usually, the nurse will ask a few questions about your medical history, lifestyle, habits, personal information, and other topics relevant to the approval process. Height, weight, family history, and blood pressure will also get scrutinized. Then, the nurse will take blood and urine samples for analysis to determine medical history, underlying medical conditions, and fact check the original application. This exam should only take 15 minutes to complete.
• Underwriting Procedure
  This can take anywhere from four to eight weeks, making it the longest leg of the approval process. Underwriters will review your application and medical exam results and make a note of any discrepancies on the application. Along with a few other factors, the underwriters will determine your eligibility for the policy you want and the premium and benefit rate for which you qualify.
• Approval, Adjustments, or Denial
  If you are denied the policy, don’t worry — there are other plans to consider, and our brokers can help you find the policy best suited to your situation. However, if you are approved, it usually takes up to 10 days to receive the policy. After approval, you can proceed to make on-time, monthly premium payments to keep the policy active.

The Medical Exam Bypass

The above process is more or less standard for most life insurance policies, but it is not the only option. Watch the following video to learn about Instant-Approval Life Insurance Plans:

There are so many life insurance companies and policies, which can make it challenging to figure out what you want. With TopLine Life Insurance, you can rest assured that our experienced brokers can show you a wide range of options, provide expert insurance advice, and set you up with the right insurer in our large network of local and national providers. Call us at TopLine for instant-approval life insurance today, and get approved tomorrow!