If buying life insurance was as easy as getting dinner at your favorite fast food joint, everyone would have it. The reality is that getting approved for a policy is a little more complicated than pulling up to a drive-thru window, and for some people, it's not a quick process. However, we are here to make buying life insurance online easy.
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| How long does it take for you to get life insurance 2022? |
How long does it take to get life insurance?
It usually takes 3-6 weeks to get life insurance. However, if you choose a non-med life insurance policy, you can get life insurance in as little as 24 hours. With fast underwriting, it is also possible to get life insurance instantly.
How long it takes to get your policy approved depends on the policy you buy and the company you buy it from.
What the Life Insurance Application Process Involves
The first step to buying life insurance is to get a rate quote. You can do this online in just a few minutes and once you get the quote, you can move on to the more time-intensive step of filling out the application. You can also view our life insurance rates by age page to get an idea of how much it might cost.
Depending on which insurance company you are going through, you may also have the option to do this online. Some insurance companies, however, require you to fill out the form by hand. In either case, the actual application itself can take anywhere from a few minutes to a couple of hours to complete, depending on how detailed it is and how busy you are.
Once you have completed the application you will need to send it back to the insurance company for their review. If you are doing it online or faxing it, it will obviously get to you faster than mailing it to you. Within 24 to 72 hours of receiving your application, the insurance company will review it and determine a schedule. Medical examination.
A medical exam usually takes place within a week or two and can be done at your home or at the doctor's office. During the exam, you will be asked questions about your health and the examiner will measure your height, weight and blood pressure. You will also need to provide a blood sample and, in some cases, a urine sample. Overall, the exam itself is relatively short, usually lasting less than an hour. Check out this article on the life insurance application process.
How Long Does Underwriting Take?
After you complete the application and pass the medical exam, the insurance company begins the underwriting process. How long this takes depends on how quickly the lab is able to process your medical exam results, whether the exam turns up any serious pre-existing conditions, and whether the insurance company decides to pull your complete medical record.
Once all of your information is received, the insurance company begins the final review process. At this stage, the insurer is crunching the numbers to determine how much of a risk you pose, based on your age, occupation and overall health. If you have to answer follow-up questions because you have a medical condition like diabetes or high cholesterol that can slow things down.
When you are approved, the insurance company will write the policy and contact you with the final paperwork. You will need to review the terms of the policy and arrange the premium payment. Depending on whether you are paying by bank draft, check or credit card, this can take five to seven business days to process. Once you sign on the dotted line and pay, you will be covered by the policy.
How Long Does Life Insurance Approval Take?
From start to finish, the life insurance approval process can take up to two months to complete. If you're interested in getting coverage sooner than that or you don't want to go through the hassle of a medical exam, a no-exam life insurance policy may be your best bet. However, these policies are generally limited to $1,000,000 of coverage.
With this type of coverage, you can complete the application online and no medical exam is required. Instead, the insurance company uses your answers to the health questionnaire section of the application to gauge your risk level. In terms of turnaround time, you can get approved for life insurance within 24 to 48 hours and the policy can be effective immediately. Read more about the best life insurance companies for life insurance without exam.
When you are comparing no term policies with traditional term life or whole life coverage, one major difference is the cost of the premium. Because you are skipping the medical exam, the insurance company compensates by charging a little more for the policy. No exam policies are a more convenient option if your focus is on saving time but it is important to balance this against the long-term costs.
