The process of buying life insurance
Buying life insurance typically takes 4-6 weeks. Why? Because each insurance company has a process they use to determine if, and at what health rating they are willing to offer coverage to an applicant. Here are the steps a life insurance buyer typically undertakes to obtain life insurance:
- Compare life insurance quotes from various insurers. Your rates are only estimates based on your age, sex, and basic medical information.
- Complete an application. The application is completed via a phone interview process that will be gathering any additional information needed. The completed application is then sent to you for review and signature.
- Undergo a medical exam. The insurance company collects data about your personal health by sending a medical examiner to your home or office, free of charge.
- Wait for underwriting. For most applications, the insurer requires several weeks to collect and evaluate data from your physician and perhaps other sources of information.
- Accept an offer. If the insurer is willing to accept your application, they will send you an offer. To put your contract in force, sign the offer and return it with your first premium payment. Until you do so, there is never an obligation to buy.
Is A Medical Exam Required?
Most life insurance companies require a medical exam as part of the life insurance application process. The medical exam can be completed at your home or any other convenient location of your choice and typically 15-30 minutes to complete. Exams are conducted by a licensed paramedical or medical doctor and generally require a blood and urine specimen, blood pressure readings, height and weight measurement, and a series of questions regarding your medical history.