Tick tock, tick tock. How’s long it going to take? I’ve actually got places to be.
A common question I get about getting life insurance is, ‘How long does it take? I have got so many things going on with my family and my task that I wish to experience the most basic way possible to obtain life insurance coverage.’
If you are wondering how long it takes, let us have a look.
When getting life insurance coverage, first recognize that you’ve two various paths you can go. You can get a conventional term policy that’s completely underwritten, suggesting that you are getting a medical exam, or you can go the non-medical strategy. We will take a look at both of these and see how long the process really takes.
Traditional Term Life Insurance Policies
After you figure out just how much life insurance you require, you’ll get your quote online and, if it’s within your budget, you’ll do the phone interview where they’ll ask you some basic medical questions. At the end of that phone interview, they’ll set up a traveling registered nurse to come to your house at a time that’s practical for you. They’ll do a quick blood and urine sample, then forward the cause the life insurance business. If something comes up in the phone meeting or in your blood and urine tests, they’ll then request your medical records and verify that everything compares.
The procedure I simply explained for you can take anywhere from 4-6 weeks – often longer, in some cases much shorter. Everything depends on how rapidly you get your life insurance medical test and exactly what they discover on your medical records. If they need to go to various physicians, if you’ve actually had different medical procedures, often tracking that info down can take permanently.
We frequently urge our clients to call your doctor’s workplace and let them understand, ‘Hey, I am applying for life insurance protection. They are going to be requesting for my medical records. Can you make certain that you’ve those helpful for them?’ A lot of people do not recognize that physicians can’t bill for this – they can’t get paid to get your medical records to the life insurance company. But if you give them a heads up, it’ll offer them a little time to get that information prepared to make the life insurance procedure go that much smoother.
The life insurance company will review your medical records and make you an offer based upon exactly what you made an application for, and they’ll send you the shipment requirements – which is just completing an easy form acknowledging that you are getting life insurance. Then you take care of the premium, whether you are sending out a one-time check or a voided check if you are having it instantly deducted from your checking account.
While that might appear involved, after you finish the medical exam, if you do not need to call your physician’s office, you do not need to do anything else. Our back office or the life insurance business’s back workplace will look after all that stuff for you. You calling your physician’s workplace helps speed it along, but it’s not a requirement.
Non-Medical Life Insurance Policies
Now, if you are trying to find a quicker option, that’s where a non-medical life insurance plan can make good sense. One fast disclaimer relating to non-medical policies – considering that you’re staying clear of a few of the standard underwriting guidelines like you would’ve with a conventional term policy, you can anticipate to pay a little more than you’d that sort of policy. Now, when I state ‘a little bit more,’ you can figure on paying 10, 15, in some cases 20 percent more, relying on what’s going on with your health.
But if you are in need of rapid life insurance protection, a non-medical policy can make a great deal of sense. It also makes a great deal of sense for people who just cannot stand needles. If you do not like getting your blood drawn, if you get sweaty palms and begin getting lightheaded, then by staying clear of getting your blood taken, the non-medical policy can make good sense for you.
Similar to the standard term policy, you’ll carry out a phone interview. Then based upon what you responded to because meeting, they’ll compare that to exactly what they discover in your medical records. If every little thing jives, then you can anticipate to have your life insurance protection in anywhere from 7 to 10 company days. So, yes, that’s much faster than the 4 to 6 weeks that it requires to get a typical term policy. As soon as once again, if you are not in a rush and you don’t mind getting some blood taken, then the typical term policy is going to be a great deal less expensive.
In a Nutshell…
To address the question, ‘How long does it require to get life insurance coverage?’ – it can be anywhere from 7 to 10 company days with a non-medical policy or anywhere for approximately 4 to 6 weeks for a typical term policy.
If you’ve even more questions concerning buying life insurance for your household, this is Jeff Rose, your life insurance homeowner expert below at WiseBread.com. I’ll enjoy to answer any concerns you have.
Until next time, take care.
Jeff Rose is a Certified Financial Planner concentrating on life insurance. His blog site is Good Financial Cents.