Steps to Purchasing Life Insurance and How long it takes

Every Life insurance policy starts with a plan! Once we have reviewed your financial plan and determined the correct amount of coverage you need; you then have two options; Easy underwriting or Traditional underwriting.

Easy Underwriting

Easy underwriting is for an individual whose is constantly on the go and needs a policy fast!  If you’re in great health and between the ages of 18-44 you may qualify for our easy underwriting program. The application is done online, requires no medical, and most policy’s are placed in 5 to 7 Business days. 

Traditional Underwriting

Traditional is for those who are older, and with more medical issues than your average 20 year old. The application can be done online or in person. After your application has been completed, a medical examiner will you see at your home or place of business. An average case will require blood, urine, and a para medical examine. The underwriters  will then review your exam results, depending on what they find the may request records from your Doctor.  While it typically takes on average 2 weeks to obtain a set of medical records, I’ve seen them come quicker than that.

Occasioally it can take much longer, and  I’ve listed some reason below why records can take longer than expected.

  • Your doctor’s office could be backlogged with medical requests.
  • Many offices charge a fee which the insurance company takes care of, but It usually takes a week for payment and processing.
  • Sometimes records are lost, incomplete, and difficult to locate.
  • Sometimes, your records are ordered from your Primary Doctor, and information is discovered in those records requiring additional records from other doctors.

Recap

  1. Consultation- review needs and objectives to find the right policy for you.
  2. Review the numbers, make sure they make sense to you. 
  3. Apply for coverage – simple process, which can be done by virtual meeting or in person. If you qualify for easy underwriting a policy can be issued in 5-7 business days.
  4. Traditional underwriting we will schedule your free medical exam
  5. Underwriters review exam and medical records. Average wait time for approval is 4-6 weeks. 
  6. Pay your first premium, and your policy is now inforce!

If you want to get started give me a call 732 326 5206, or click the link below.

Click here to get a Life Insurance Quote

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