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How to Apply for a Life Insurance Policy

How to Apply for a Life Insurance Policy

June 10, 2019

So, you’ve decided that you need life insurance—a wise choice. Now, how do you take that next step and apply for a policy? Here is a breakdown of the different steps of the application process and what you’ll need to do for each one:

Get a quote. First, you will need to compare insurance companies’ rates to ensure that you’re getting a good deal. Click here to get a free, instant quote on our website.

Choose a policy. Now, it’s time to pick an affordable policy that has the right amount of coverage for you. It’s also important to consider riders at this step, like an accelerated death benefit/living benefit rider or a long-term care insurance rider. You can also look into the features of the insurance company in question, especially regarding customer service policies.

Complete the application. For the application, you will need to fill out more in-depth information than you filled out for your quote. These applications can be paper or online, depending on the company and your personal preference. You will also need to authorize your doctor to share your health information with the insurance company.

Take a medical exam. At this point, you may need to take a (free) medical exam that will provide the insurance company with your basic measurements, blood pressure, and pulse, as well as a blood or urine sample. Exams are similar to that of a routine physical, can take place at your home or office, and generally take around 30 minutes.

Complete a phone interview. An insurance agent will ask you a few additional questions about your health habits and lifestyle. Those who enjoy risky hobbies (like skydiving or mountain climbing, for example) may have higher premiums.

Wait for underwriting. After you have completed all of these steps, you must wait for underwriting approval. The underwriter will look over your application and your medical exam results to calculate how risky you will be to insure. Their job is to make sure that you can be offered a premium rate that is similar to your original quote.

Sign your policy. Now you can confirm the details of your policy discussed with your insurance agent and authorize a method of payment (monthly or annual). Once you have signed, paid your first premium, and sent back a copy to the insurer, you officially own a life insurance policy. Congratulations!

Although at first the application process can seem daunting, within a few weeks, you too can own a life insurance policy. For a more in-depth explanation of each of the above steps, you can contact us here or get an instant quote.

This blog post was originally published on our insurance site, 1752 Insurance.