The process of purchasing life insurance
A typical life insurance application process takes anywhere from 3-4 weeks. This can vary due to those with complex health issues.
Filling out an application for a life insurance policy usually includes providing basic information about you; provide income documentation, and signing authorization forms allowing the release of health information to your insurer.
Next step, Medical Exam:
A paramedical technician will come to your home or workplace, as scheduled.
The technician will measure your height, weight, blood pressure and pulse.
The technician will also take a blood sample and urine sample. (Some insurers might not require this step if the benefit amount requested is below a certain amount.)
Usually, an insurer representative will contact you to discuss your lifestyle and health history.
Your broker will provide a list of questions so you can be prepared before the interview.
Underwriting and approval:
If your health is in good condition and your phone interview went well, your case will then go to the underwriting process.
The insurer may contact your if they have any further questions about your health history or ask for access to some medical records.
Once the policy is approved, your broker will then deliver it to you.
Cosmo Insurance Agency is knowledgeable in various options including but not limited to – term, ROP, permanent and whole - from over two dozen A rated carriers. We are familiar with the rate classifications that particular carriers use to determine the health class of enrollees – and there are significant differences between them. No matter what the results of your medical examination are, we will find the insurer that will provide you will the best rating class and thus the lowest premiums.
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