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Best advice on How long does life insurance underwriting take

how long is the life insurance approval process

How long the life insurance approval process takes depends on several factors. At TermLife2Go, we work with the Top Life Insurance Companies and the Top No Medical Exam Companies. Your life insurance approval time is directly correlated to the company and policy you choose. Therefore, knowing which company is best suited for your needs is key to a fast approval.

How long is the life insurance underwriting process?

So, you need life insurance and you prefer to have it today. Maybe you already have a life insurance policy, but it is expiring soon. Or perhaps you don’t have a life insurance policy at all. Either way, you need to go through the life insurance application process, and you want to know how long it is going to take.

What to expect when applying for life insurance

Different people need life insurance for different reasons. For the majority, protecting a loved one or providing for a lost income is the primary motivation. However, for others, the primary concern has to do with concern over getting life insurance to cover an SBA loan, Key Man Life Insurance, or funding a buy sell agreement with life insurance. Depending on your reason or need will determine:

  1. What type of life insurance policy you need, such as term life versus permanent life insurance, and
  2. Whether you need life insurance with an exam or with no medical exam.

Get a Life Insurance Policy within Minutes

If you just want to activate a life insurance policy as quickly as possible consider instant issue life insurance policies that do not require medical exams and ask very few questions. These policies are automatically underwritten, so can take as little as 10-30 minutes for your life insurance approval.

Life Insurance Coverage in 24 Hours

Sometimes after all the paperwork is done, your policy can be active within 24 hours. Within one day, you can fill out your paperwork and be covered with quality life insurance. However, with a medical exam policy this is typically the exception and not the rule.

Life Insurance Coverage in a Week

At times, no exam life insurance will take around a week to get activated. Though you won’t have to take a medical examination, you may be asked to set up a phone interview, during which the life insurance agent will ask you questions similar to those on your application. After that, they will process your life insurance policy. This will take a few days, to a week to complete.

How long will it take to get approved for life insurance with a medical exam?

Life insurance policies that require a medical exam are typically the preferred choice for many people. Primarily, this is due to fully underwritten coverage being less expensive than no exam coverage. However, due to advances in technology and new innovation in underwriting, many companies offer competitive policies in terms of price for clients seeking fast and easy life insurance policies.

There are factors that will prolong the life insurance approval process.

Three primary factors affecting the underwriting life insurance process are:

  1. face amount,
  2. type of policy, and
  3. your age.

One of the main factors that can stretch out an approval will be due to the face amount applied for. The requirements for approval become more stringent the more life insurance you apply for. As a result, typically  someone applying for a million dollar life insurance policy will be approved faster than someone applying for ten million dollar life insurance policy.

Another factor that can prolong the process is the type of policy you choose. Fully underwritten term life is usually the easiest to get, with guaranteed universal life following close behind. For other policies, such as cash value life insurance or indexed universal life, the approval process can take longer.

Finally, your age has a lot to do with how long the life insurance application process can take. The older you are the closer you are to that inevitable day. As a result, companies will have higher standards and will be more cautious approving you for life insurance. But don’t fret, we can help place you with the most senior friendly life insurance companies in the marketplace.

Typical scenario for fully underwritten term life insurance approvals

If you apply for a traditional life insurance policy today, then you could possibly be issued the policy within 10-14 days. In that scenario, you will have to set up your medical exam almost immediately, as it will take 3-5 days more to get approved, and then 5 more days to be issued the policy.

What happened during those 3-5 approval days?

An underwriter is the person who gets to decide if a life insurance company will issue you a policy or not. After you fill out your application and get a medical exam, the underwriter will review everything and assess your risk level. If you seem to be relatively low risk, then the life insurance underwriter should have no problem underwriting the policy. If, however, you have any red flags, he/she may think twice before underwriting your policy, or they may charge you a premium.

Providing Medical Records

If you have a complicated medical history, then you may be asked to provide your medical records. This happens when the underwriter needs more information before he can make a decision about your life insurance approval.

It takes time for your doctor to send physician statements. If you’re lucky, and your doctor can send the records right away, then the time it takes for the underwriter to review and get back to you with a decision will be much less. However, if it takes your doctor a few weeks to send your medical records, then it’s going to take a while for you to get life insurance coverage.

In this scenario, you can count on it taking between one to three months to get an active life insurance policy.

Get Started on the Life Insurance Approval Process

The best way to get your life insurance coverage as quickly as possible is to have an expert guide you through the process. TermLife2Go will help you do everything smoothly and effectively. We start by helping you to pick the best possible policy for your life situation. You won’t have to spend days on the internet trying to figure out the difference between various life insurance companies and the policies they offer; instead, we will help you shortlist some of the best according to your medical history, age, lifestyle, and current health.

TermLife2Go then guides you through the entire life insurance underwriting approval process. We do things in a straight-forward manner that will reduce the amount of time it takes to get your life insurance policy approved and activated.

If you are interested in knowing how TermLife2Go can help you to get the best life insurance policy possible in the shortest amount of time, then contact us today for a free consultation.

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