Applying for life insurance can sometimes be a lengthy process. Typically, the life insurance application itself can be filled out over the phone with the help of a licensed agent. After the application is submitted to the insurance carrier, however, the long process begins. Most insurance companies require a medical exam, blood test, and urinalysis as a part of their underwriting process. Your insurance agent will work with you to schedule the no-cost medical exam around your schedule. After your medical exam is complete, it can take up to 4 weeks for the confidential results to be sent to the insurance company. The insurance company then reviews the application, medical exam results, medical history and even the applicant’s driving record. In some cases, the insurance company will request additional information from the applicant’s doctor. Once the insurance company has completed its review, it will make a decision whether or not to offer coverage, as well as the rating at which it will offer coverage to the applicant. Many applicants are surprised that this process can take beyond 9 weeks.
No Medical Exam Life Insurance
Some insurance companies offer life insurance coverage with simplified medical underwriting or with no medical exam. Life insurance applications submitted through a non-medical exam approach are usually approved much faster than the typical process described above. In some cases a non-med life insurance policy can be issued within a week of submitting the application. It is important to consider that no medical-exam life insurance policies usually cost more and a screening of medical history is almost always performed before the policy issues. Be sure to let your agent know if your main concern is getting life insurance coverage fast, as a non-med life insurance policy might be your best option.
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