How to apply for a life insurance policy
Drive your Life
After you’ve found your best quote, you’ll need to apply for the life insurance policy—this process can take several weeks.
The process of applying for life insurance can involve even more extremely personal questions, paperwork, and a medical exam. Policygenius helps you get started, but you still have to buy insurance from an insurance company, most of which are still living in the pre-digital era. So, you can’t really buy life insurance entirely online.
Here’s what happens next:
Verify your application
First, you’ll need to speak with an agent on the phone who will verify some of the information you provided online and confirm that the quote you selected is the best policy for you. The agent will then provide some paperwork for you to sign and submit your application to the insurer.
Schedule your medical exam
If the insurance company requires a medical exam (and most do), a contractor known as a paramedical professional will contact you to schedule the exam. The paramedical professional is trained like a nurse in performing a physical exam.
Life insurance medical exams sound like a pain, but the reality is they try to make them as easy as possible for you. They’ll come to your workplace during the day or your home very early in the morning. (Mine came to my house before 7 a.m.!)
Complete your exam, then wait!
The examiner will take a thorough medical history to confirm the info in your application. He or she will take your blood pressure and draw a blood sample that will be sent to a lab to test for cholesterol and glucose levels, tobacco and drug use, and diseases. These results will be shared with you by mail.
In life insurance applications, honesty is paramount: don’t be surprised if you must answer the same question about your medical history or tobacco use five times, but always answer honestly. Insurance companies share information, so misrepresenting information might not just get you denied from one carrier, but banned from many. Worse, it could give the insurer legal grounds to deny your family’s claim if you die.
The insurance underwriter’s job is to take all the information from your application and medical exam and decide whether to insure you and how much to charge. This takes many weeks. You’ll want to ask your agent whether the carrier binds any life insurance upon receipt of the application. For example, when you submit your application and a check for your first premium, many carriers will insure you for something, although not the full amount you’re requesting, pending completion of the underwriting process.
Source: moneyunder30
Drive your Life.
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