When most people think of how long the life insurance underwriting process takes, they probably picture some poor guy behind a desks with stacks of files and life insurance applications collecting dust behind him. This probably wasn't too far from the truth a few years back but the industry is making real strides to speed up the entire life insurance process to a point where are even some no medical life plans that can turn around in 24 hours. Let's look at how long you can expect the underwriting process to take for life insurance plans.
First, lets take a look at the average once you've decided on an ideal life insurance rate and plan. The fastest approach is to call us. I know that sounds weird but we really try to make the process as fast and easy as possible and we can actually start the application over the phone. In just 10 minutes, we can get the whole process going with some general information and some health questions. This is a big departure from not too long ago when you had pages of triplicate forms to complete before anything happened. Now, with just this 10 minute interview we are in the system and we can initiate the next and probably most important part of the process...the life insurance application paramedical exam.
The paramedical exam is essentially a quick physical usually with a nurse who comes to you. It involves a medical interview, blood panel, and some general metrics of health such as blood pressure, pulse, height/weight. After the 10 minute phone interview with us where we expedite your life underwriting process, the paramedical nurse usually calls within a few days to schedule the paramedical. This part of the process depends on your schedule and theirs. If you can be flexible, they usually act pretty quickly...within a few days to a week. After the exam is taken and the results are sent in to the life insurance company (which generally takes a few days),
This is where things can really vary from carrier to carrier and depending on your health and dollar amount of term life coverage. As a rule of thumb, the larger your amount of term life insurance coverage, the longer this last step will take. For very large amounts of life insurance, the carrier will really scrutinize health information. It's more likely that they will request medical records in such situations as well. Depending on how quickly the doctor's office responds, this can add some time to the underwriting process. We've seen doctors respond back to an APS (Attending Physician Statement) anywhere from a few days to a few weeks (in really bad situations). A more complicated health situation or set of issues can also prolong this period of time. As a rule of thumb, the entire process from the 10 minute initial interview with us (where we are actually completing parts of the application with you) to the final delivery of the policy if approved generally takes from four to eight weeks. Dollar amount, health complexity, and carrier can really move around in this range quite a bit.
Now, some wrinkles in the above calculation but not necessarily bad ones. You can typically enroll in temporary life insurance which covers you during this underwriting process. There's a simplified application involved and payment is required but this makes sure you have some protection while waiting. This temporary life insurance may be dependent on final approval with the underwritten policy. There are even no-medical life insurance plans where limited benefits can be approved with 24 hours. The newest innovation on the market is a hybrid life policy where you have certain limited benefits approved within a short period of time (such as 24 hours) and then an option to "upgrade" this core benefits with a paramedical exam and further approval with a time frame (such as six months). There are many options. The main issue is that you are covered as soon as possible an the temporary life insurance at least addresses this issue while waiting.
Thursday, November 12, 2009
Wednesday, November 4, 2009
No Medical Exam Life Insurance: The Instant Insurance by Joseph Benjamin
No medical exam life insurance is a very popular choice in today's "popcorn" world, where things are expected to "pop-up" whenever we want and where we hate to wait on anything. With the times that we live in today, most of us are extremely busy working at different jobs, taking care of our families, and etcetera, but with life insurance like this, we no longer have to spend all day getting a physical (at the doctor's office), and neither will we have to meet up with the local insurance agent.
For those of you who want life insurance right now, without waiting for any underwritten policies, then coverage protection like this can be an immediate blessing to you.
With the life insurance coverage that no medical exam life insurance will give to you, telling the insurance company your medical history will be a thing of the past, and you will also not have to answer a verbal questionnaire nor take a blood pressure test. Also, for those of you who hate giving either blood and/or urine samples, this form of insurance just might be the right pick for you.
The many different reasons why insurance coverage providers will have you go through the processes listed above is because they want to protect themselves, because if you have any health problems that are considered a "risk" to them, they hope that you do not die before you can consistently pay for any coverage. The coverage providers like to "cover their assets", so to speak, so if you are somebody who has serious health illnesses, you will definitely want to check-out life insurance that does not require any physical examination.
No medical exam life insurance providers will give you just a minimal amount of questions, in regards to your health, as well as a few about your background throughout the years. Whenever you receive the approve of the life insurance coverage provider, you will normally receive a call or e-mail from them that will let you know what you will have to pay, should you accept their offer in the first place. After this, you can pay for your protection with a credit card or e-check, which promises you that you will not have to meet anybody from the insurance company.
Always know that you should tell the truth as much as you can, when it comes to the insurer asking you any questions. Coverage providers have a policy that is known as "contestability", which is a 2-year period of time where you cannot give any "material misrepresentation" of your health, lifestyle, and/or driving records can make in-validate your policy, which will hurt you and your beneficiaries. If you choose to lie and not answer those questions honestly, then it's recommended that you not sign-up for insurance such as this.
Another thing you need to know is that when you choose to sign-up for life insurance of this form, the odds of you paying high premiums will go up, since those who typically pay for this coverage usually do not have good health. If your health is considered to be great, however, then I would recommend that you not pick this insurance, since you will have to pay a higher premium, which usually pertains to those who are "at risk", but you are not risky since your health is great.
No Medical Exam Life Insurance should not be a worrisome process, especially with online sites that can give you a quote instantly. As long as you talk to reliable insurance providers, you should not have anything to worry about. Thanks to sites such as Free Life Insurance Quotes Online, all it takes is a few minutes and seconds to find an affordable quote that is pleasing to your wallet/purse!
For those of you who want life insurance right now, without waiting for any underwritten policies, then coverage protection like this can be an immediate blessing to you.
With the life insurance coverage that no medical exam life insurance will give to you, telling the insurance company your medical history will be a thing of the past, and you will also not have to answer a verbal questionnaire nor take a blood pressure test. Also, for those of you who hate giving either blood and/or urine samples, this form of insurance just might be the right pick for you.
The many different reasons why insurance coverage providers will have you go through the processes listed above is because they want to protect themselves, because if you have any health problems that are considered a "risk" to them, they hope that you do not die before you can consistently pay for any coverage. The coverage providers like to "cover their assets", so to speak, so if you are somebody who has serious health illnesses, you will definitely want to check-out life insurance that does not require any physical examination.
No medical exam life insurance providers will give you just a minimal amount of questions, in regards to your health, as well as a few about your background throughout the years. Whenever you receive the approve of the life insurance coverage provider, you will normally receive a call or e-mail from them that will let you know what you will have to pay, should you accept their offer in the first place. After this, you can pay for your protection with a credit card or e-check, which promises you that you will not have to meet anybody from the insurance company.
Always know that you should tell the truth as much as you can, when it comes to the insurer asking you any questions. Coverage providers have a policy that is known as "contestability", which is a 2-year period of time where you cannot give any "material misrepresentation" of your health, lifestyle, and/or driving records can make in-validate your policy, which will hurt you and your beneficiaries. If you choose to lie and not answer those questions honestly, then it's recommended that you not sign-up for insurance such as this.
Another thing you need to know is that when you choose to sign-up for life insurance of this form, the odds of you paying high premiums will go up, since those who typically pay for this coverage usually do not have good health. If your health is considered to be great, however, then I would recommend that you not pick this insurance, since you will have to pay a higher premium, which usually pertains to those who are "at risk", but you are not risky since your health is great.
No Medical Exam Life Insurance should not be a worrisome process, especially with online sites that can give you a quote instantly. As long as you talk to reliable insurance providers, you should not have anything to worry about. Thanks to sites such as Free Life Insurance Quotes Online, all it takes is a few minutes and seconds to find an affordable quote that is pleasing to your wallet/purse!
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