Purchasing a life insurance never takes too short to get approval. There are many things processed dealing with consideration of both the insurance company and the clients. In fact, getting approved for a life insurance policy is even complicated. In short, it’s not a quick process.
However, you don’t have to worry about it. On this article, we would like to share how long to get life insurance quickly online. Specifically, we are going to share you how long to take for getting an approval as well as how long insurance coverage that you are recommended to take.
So let’s head to the following review section to get a clear understanding.
- 1 How Long It Takes To Get Life Insurance
- 2 Requirements of Life Insurance Process
- 3 How Long Underwriting Takes
- 4 How Long To Get Life Insurance Approval From Start To Finish
- 5 How Long of Insurance Coverage You Are Recommended To Take
- 6 Understanding Life Insurance and Decreasing Life Insurance
- 7 How Long You Should Protect Your Mortgage For
- 8 How Long You Need To Give Financial Support For Family
- 9 Conclusion
How Long It Takes To Get Life Insurance
Typically, it takes about 3 to 6 weeks to get an approval of life insurance. But if you opt for a life insurance policy without medical exam, you’ll be able to have it approved only in 24 hours. This way, you can even get your life insurance directly if you use accelerated underwriting.
Basically, how long you will take to get life insurance approved depends on the policy type you purchase and the company you purchase it from.
Requirements of Life Insurance Process
There are absolutely several things required in the process of approving a life insurance. If you want to get it smoothly and quickly, you need to follow the requirements below:
- Get a rate quote. It usually takes only a few minutes to get a rate quote online. Once you’ve got the quote, you will be required to move on to the more efficient way on how to fill out the application quickly. If there is any data needed dealing with the cost, you can surely access the life insurance rate by age page.
- Apply for a life insurance policy online though it also depends on which insurance company you will go through. In this case, some insurers will asked you to fill the form simply by hand. Other case, an application form can be taken anywhere else to fill out and you’ll need time from a few minutes to a couple of hours. This usually depends much on how detailed the application is and how busy you are.
- If you have finished filling out the application, send it back to the life insurance company to get a review. If you do it online or by fax, you’ll get it faster than mail it. This way, the life insurance company typically takes 24 to 72 hours to receive your application. Later, you will receive a
schedule of a medical exam.
It usually takes a week or two to process the medical exam at which you will be questioned about your health. You will also be required to measure your height, weight and blood pressure. In some cases, you will also asked to provide a blood sample along with a urine sample, too. This is conducted usually in a doctor’s room and is usually taking less than an hour.
How Long Underwriting Takes
In relation to how long to get life insurance, you’ll need to check out how long an underwriting takes, too. Well, if you have completed the application and done with the medical exam, the life insurance company will usually process an underwriting. How long does the company take for underwriting? It depends on how fast the lab is able to process the medical exam result. They should determine whether you have serious pre-existing health conditions and whether the life insurance company will pull your record of medical exam.
In this regards, it takes up to four weeks to get the result of underwriting. If the company asks your medical records, they have one day to six weeks to get contacted with your insurance company. However, it also depends on how fast the doctor responds.
This underwriting process usually becomes the primary factor to how long to get life insurance.
Once the company completed the underwriting process, your application will be approved and the insurance company will write up the policy you are applying for. Later, you will be called for the final paperwork. So, you have to review the terms of the policy and arrange your premiums payment. This will take around five to seven weekdays for the coordination. However, this also depends on the payment technique you use, whether you use check or credit card. You will be covered by the policy when you have signed on the dotted line and paid up.
How Long To Get Life Insurance Approval From Start To Finish
Getting an approval of life insurance policies usually takes as long as two months to complete. However, you expect to get the coverage sooner by taking no medical exam option. Unfortunately, these policies are typically limited to $1,000,000 of coverage. These kinds of policies takes 24 to 48 hours to get an approval without a medical exam.
On the other hand, if you purchase traditional term life or whole life coverage, one key to notice is the cost of the premiums. As you would go with the medical exam, the insurance company will charge you a little for the policy you choose.
In this regards, policies with no medical exam may be more convenient option if you want to save time. However, keeping the balance against the long-term cost is also important.
To sum up the things, the length of time needed to get a life insurance approval varies. They are based on some factors such as the client’s age, the policy taken by the clients, the type of underwriting, the existing health conditions, the insurance company chosen by the clients and other uncontrollable factors. Thus, you can assume that it takes from 24 hours to a few months or even more.
If a person is in a rush and poor conditions, needing such a quick coverage, guaranteed issue life insurance can be probably the best option. However, it is much expensive due to the higher risk taken on by the company that gives insurance. In this regards, waiting for the process is all the things that everyone should do to get an insurance approval.
While the process seems taking too long, major strides are available in the last 20 years to improve the process of life insurance application and approval. Besides, you need also to remember that underwriting also takes time.
How Long of Insurance Coverage You Are Recommended To Take
As you have known how long to get life insurance, now it’s good to consider how long of insurance coverage you are recommended to take. Note, life insurance is created to provide you a degree of financial strength for your families after you pass away. So you’ll need to ask yourself a number of questions before choosing the insurance coverage. The questions are probably how much you will need to afford the premiums, what premium you will take, how long the policy will cover and who will be the beneficiaries.
Typically, the policy coverage will be determined by what things you want to cover. For most of people, there are two main reasons you need to consider when taking a policy coverage. The first reason is your intention to help protect a mortgage and the second one is to providing financial protection for your loved ones when you pass away.
Age is another factor to consider. Generally, if you are young enough when taking out a policy, the premiums will be much lower. Thus, if you have a sudden need for life insurance, don’t delay to apply for insurance policy as the premiums will be more expensive as you grow older.
There are other limitations on taking a life insurance coverage that will affect the minimum and maximum length of policy. For instance, the minimum age to take a policy coverage is 18 years old and the policy must end before you are 29 years old.
Understanding Life Insurance and Decreasing Life Insurance
Life insurance and decreasing life insurance is different one to another. You’ll need to understand these both term to avoid the wrong choice when making a decision. Understanding life and decreasing life insurance will also help know insurance better.
In life insurance, you will be paid the cash sum if you pass away during the length of the policy. It can be used to provide your families with the financial strength to protect their daily expenses and lifestyle. Further, you can also use this insurance to help pay the mortgage.
On the other hand, decreasing life insurance is offered to help protect a repayment mortgage. Thus, the amount of how much to cover will reduce in line with the way a repayment mortgage decreases. This means that your beloved families could continue to live at home without feeling worry about the mortgage.
If there is any critical illness coverage, you can add it along with the additional cost when purchasing a life insurance policy. In this case, critical illness coverage will help minimize the financial risk on you and your family if you are critically ill someday.
One thing to remember is the fact that life insurance is neither as savings nor an investment product. It won’t offer cash value unless you make a valid claim.
How Long You Should Protect Your Mortgage For
If you are purchasing a life insurance which is specifically to cover your mortgage, taking it over the same period of time just makes sense. For instance, if you are willing to pay your mortgage off for more than 25 years, our life insurance should fit it. However, you need to review your policy every time you make any changes to your mortgage.
How Long You Need To Give Financial Support For Family
To ensure that your family are in a good financial condition after you pass away, you may consider aligning the term with the point at which you can trust that your loved ones are able to handle the household budget without you. For instance, you may want to completely cover a full time education of your children.
However, if you want your partner to remain dependent with the finance for longer than the coverage you purchase, you may need to build it into your calculations.
Overall, we can determine the exact time on how long to get life insurance since there are some factors that influence the way to get life insurance including with or without medical exam, the underwriting process and the way of submitting the application, whether you do it online, by fax or by mail. If you apply for a life insurance policy online or by fax, it takes approximately 24 hours to get an approval. However, it takes longer when you do it by mail.