The life insurance application process with using a paper application or online ticket format takes at least 30 – 45 minutes to complete. The online ticket format is now becoming at least half of all new submissions to the insurance companies.
Key Takeaways
Most life insurance applications will require you to answer medical questions and submit to a medical exam, however, many carriers now offer non medical or no exam options, depending on your age and the face amount requested.
It is important that you tell the truth during the application process or your beneficiaries may be denied a death benefit.
Important
The amount of life insurance you may need depends on several factors, including the age of your dependents, your spouse’s earning ability, any debt you may have, and your combined financial resources.
Questions and Additional Requirements Asked To Be Accepted
Taken in person – Height, Weight, Date of Birth, Lifestyle (smoking, drinking, exercise, drug use, frequent travel, high risk hobbies), financial information, including your annual income and net worth, your medical history, including medical conditions, surgeries and prescription medications, your immediate family’s medical history, your blood pressure reading and heart rate, taking a blood and urine sample.
There may be additional tests you need to have depending on your age, the type of policy you want and the amount of coverage for which you are applying. Tests could include a resting EKG, a chest X-ray, and/or a treadmill test at higher face amounts.
Next, an underwriter will review your application and medical exam results. They may order records from your physicians to learn more about any medical conditions you may have and any treatment received. This information helps them determine what risk you represent to the company financially and how much to charge you for coverage. Once your application and medical requirements have been reviewed, the company will either approve or deny your request to purchase coverage. This process can take days or weeks, depending on whether you submitted a complete application, how long it takes to receive lab results and if the company requests information from your physicians, and so on.