How to Buy Life Insurance / The Life Insurance Application Process

After shopping around for life insurance, you have finally found the perfect insurance policy for your needs and budget. To get the most affordable life insurance rates it becomes important to understand how to buy life insurance.

We would like to take a few minutes to walk you through the life insurance application process. This will help you understand how to buy life insurance and the easiest way to get fast  approval on your policy.

The life insurance application process can vary in duration depending on the agent processing the application, and the details of applicants medical history.

We have a streamlined the typical underwriting process which dramatically shortens this process for our clients.

Since, many people are not familiar with the steps of how to buy life insurance, it is often helpful to discuss the processing steps with new applicants.

The Life Insurance Application Process

How to Buy Life Insurance

The first step is to fill out an application with an agent either by phone or in person. The application consists of some personal information and your medical history. Try to answer these questions truthfully because you will be required to have a medical exam, and many of the same questions will be requested again by the nurse.

Not to mention, in many cases your insurer will compare the answers you provided against your physician’s records (APS). Sometimes an addition inquiry is submitted to the Medical Information Bureau (MIB), which is clearinghouse of medical information submitted on previous applications. If the medical exam, physician statement, or the MIB conflict with your application, it can raise a red flag and delay the application process.

Once you’ve completed your application, your agent will review it and contact a paramedical service to schedule an exam. Paramedical services are staffed by licensed nurse’s who will contact you to schedule an appointment for the medical exam at your home.

During your brief examination, the nurse asks questions pertaining to your medical history, takes your physical measurements, checks your vital signs, collect both a blood and urine sample.

Tips for your Life Insurance Exam

  • Try to get a good night’s sleep before the exam
  • Try to fast at least 12 hours before the exam – this will help your cholesterol and blood sugar levels. This very important for people seeking life insurance with hypertension or people needing life insurance with diabetes.
  • Try to refrain from drinking caffeine or alcohol for at least 12 hours before the exam
  • Have your driver’s license available
  • Have your personal doctor’s name, address, and telephone number available

The results of your medical exam are then forwarded to the home office for review by the company’s underwriters. The underwriting time varies depending on the agent processing the application, and if you doctors records are requested by the underwriter.

If medical records are needed form your doctor the normal time is 2-3 weeks from the time you take your examination. If the underwriter does not request any records, it may only take a week to obtain a policy.

How to Buy Life Insurance

Affordable Life USA has been educating clients for over 25 years on how to buy life insurance. We expedite the underwriting process by ordering your doctor records internally, rather then waiting weeks for the insurance company.

This dramatically speeds up the process for applicants looking to quickly secure coverage. Moreover, this concierge service will also allow your agent to shop your policy with multiple insurance companies. This is consumer friendly approach helps you get the best rates and differs form other large online agencies like Select Quote and Accuquote.

To determine which life insurance is the best option for you, consider your family needs, and what premium you can afford today. It is always in your best interest to shop around and compare quotes.

To get sample term and  permanent life insurance quotes, use our life insurance calculator to determine your life insurance rates for your age for the amount of life insurance coverage you need.

Our instant “life insurance premium calculator” is a hassle free method to compare different types of life insurance. You can easily compare term life, return of premium life, and permanent life insurance quotes in minutes. If you need help determining the best option for your family, please do not hesitate to call us at 1-877-249-1358.

Now, that you understand how to buy life insurance, you may be interested in how long the application process normally takes. Although times can vary, here is the typical timeline to secure affordable life insurance coverage.

The Life Insurance Application Timeline

• Day 1-5      Application is sent to a nurse to witness during your exam
• Day 6-10    Paramed exam date has been tentatively scheduled
• Day 11-17   You have completed your paramedical exam
• Day 18-19   The application is sent to the insurance carrier
• Day 20-30  The insurance carrier is underwriting your application.
• Day 31-36   The policy is approved and sent to our office for inspection.
• Day 37-42   The policy is sent to you with forms to signed and returned
• Day 43- 55   Forms are received by the carrier and your policy is activated

Eric Van Haaften, LUTCF is the president of Affordable Life USA. We are a nationally licensed life insurance agency focused on finding our clients custom planning solutions at excellent prices. 1-877-249-1358. eric@affordablelifeusa.com