How Long Does It Take To Get A Life Insurance Policy?

Getting a life insurance policy may seem like a daunting task, but with technological advancements, companies can create quick life insurance quotes tailored to customers in minutes. However, the approval process time varies depending on the type of policy and several factors.

Life Insurance Underwriting Process

The underwriting process is the most extended part of the life insurance application process. Insurance companies assess the risk an applicant poses by analyzing their medical records, credit history, driving records, and more. The underwriting process can take up to a couple of months, depending on an applicant’s health and lifestyle profile.

There are different types of underwriting in the life insurance application process:

Type of Underwriting Description Timeframe
Guaranteed Issue Insurance offered to any eligible applicant without regards to their health status. No medical exam or health questions. A few minutes to a few weeks
Simplified Issue Applicants are asked brief questions regarding their health, but no medical examination is required. Less than a week
No Medical Exam No medical examination is required, but the insurer requires more information about an applicant’s health, background, and financial history. 24-48 hours to 1-4 weeks
Fully Underwritten A comprehensive process that takes into account the information on an applicant’s application, medical history, background checks, prescription database information, DMV records, credit history, and more. A medical examination is required. 2-8 weeks

Factors Affecting the Underwriting Process

The time it takes to be approved for life insurance varies based on factors such as age, policy type, underwriting type, existing health conditions, the insurance company, and more. The larger the policy, the more time it takes to review and approve. Whole life insurance and indexed universal life policies take longer in the underwriting process. Applicants over the age of 50-60 can expect a longer underwriting process as they may have more health problems. Unexpected health complications can also slow down underwriting, resulting in additional medical examinations, health questions, and waiting periods.

Insurance Company Data Sources

Insurance companies keep applicant information confidential and secure their data from reliable, trustworthy, and high authority sources. Commonly accessed reports by life insurance companies during the underwriting process are DMV records, prescription databases, Medical Information Bureau reports, and background checks.

While the life insurance application process may seem lengthy, underwriters work to ensure applicants get the best premium possible for the coverage they need. Depending on an applicant’s needs, guaranteed issue life insurance may be the best option for those in a rush, but it comes with a higher premium as a result of the higher risk taken on by the insurance company. For those who are in no rush to get coverage, waiting out the process and being helpful when giving information to their agent is the best option.

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* Based on website quote requests, through 5/31/23.
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