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How Long Does It Take To Get Approved For Life Insurance?

Purchasing a life insurance policy is a process. You’ll need to research and compare policies to find the right one for your needs, and once you narrow down your choices, you’ll need to consider how long it will take you to get approved for the policy. Depending on which type of life insurance policy you get, you can get approved in anywhere from a couple of days to a few weeks, or even months!

The Underwriting Process

After you choose an insurance company to work with, you will have to fill out an application to be approved for your policy (unless you have chosen a life insurance policy that guarantees approval). Expect to answer questions about your lifestyle, where you work, and the activities you regularly engage in. Once your application is complete, the insurance company will review it and decide if they will move forward with the application. Next, you will have an interview during which a representative will ask you some medical questions, then schedule a medical exam if all goes well with the questionnaire. After you’ve gone through the exam, it can take up to 4 weeks for the underwriter to get the results; once that happens, the insurance company will begin the final review process.

Varying Approval Times

Depending on the type of insurance policy you’re applying for, you can expect to get approval in anywhere from a couple of days to a couple of months. If you want to get covered quickly, a no medical exam life insurance policy is a good option, but these policies are usually limited to $1,000,000 or less in coverage. If you want a policy with more coverage, choosing a life insurance policy with a medical exam is the way to go, but you will need to wait longer for your policy to go into effect. Here is a break down of the different policies, and what you can expect as far as approval times go:

Guaranteed Issue– You can get approved for one of these policies regardless of your health status, so they are perfect for people with health conditions. You will not be required to undergo a medical exam for a guaranteed issue life insurance policy, which means it can take as little as a few minutes to a few weeks to get approved.
Simplified Issue– This is another type of no medical exam life insurance policy, but you will have to answer some medical questions. The approval process usually takes less than a week.
Term & Whole Life Insurance– These two types of policies have a more detailed underwriting process that considers your health history, as well as requires a medical exam and other background checks, so approval takes longer than for no medical exam policies. The approval process can take a week, 2-4 weeks, or sometimes as long as 6-8 weeks. If you have specific health conditions, the underwriters might have to go back and forth with your doctor until they receive all your information and assess your risk.

What Can Slow Down The Process?

stacks of hundred dollar bills — *The larger amount of coverage you want, the longer it might take to get approved.*

There are some factors that can slow down the underwriting process, which in turn will slow down approval times. These factors are:

The company you choose

Additional health conditions

Coverage amount– The more coverage you apply for, the longer it can take to get approved.
Your age– The older you are, the more health issues you could potentially have, and the more of a risk you are to insure, so the underwriter might take extra time to review your health records.

Deciding on which kind of life insurance policy you should purchase depends on how much coverage you are looking for and how quickly you would like your policy to go into effect, as well as other factors. Not sure where to begin? Consider using online tools, or speaking with an agent. Looking for a quick and easy policy? Some insurance companies will take longer than others to approve your application, but we have provided below top insurance companies, who will all make the process go smoothly and quickly; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Life Insurance & Pre-existing Conditions

Having a pre-existing condition is very common; in fact, according to the Centers for Medicare and Medicaid Services (CMS), half of Americans under the age of 65 have at least one pre-existing condition. Unfortunately, when it comes to life insurance, pre-existing conditions can affect your coverage options. It’s no secret that the healthier you are, the less expensive a policy will be. But the good news is that having a pre-existing condition will not disqualify you from getting a plan. With a little bit of knowledge about how getting life insurance with a pre-existing condition works, and some help from a qualified agent, you can find a plan that will work for you.

What Is A Pre-Existing Condition?

A pre-existing condition is a health issue that you were diagnosed with or treated for before applying for insurance. Each insurance company has its own set of rules when it comes to these conditions. Some of the most common pre-existing conditions in the U.S. include:

a light blue colored inhaler — *Asthma is one of the common pre-existing conditions that can affect life insurance costs.*

Diabetes
Asthma
Heart disease
High cholesterol
High blood pressure
Cancer
Lower respiratory disease
Stroke
Obesity

Generally, if you have one or more of the conditions mentioned above, you will raise a red flag with life insurance companies. Don’t lose hope though – having one of these conditions does not mean you can’t find a great affordable plan.

How Pre-Existing Conditions Affect Life Insurance Costs

When you apply for life insurance, the insurance company’s underwriters will collect your medical history, and some will require you to undergo a medical exam. They do this to get a good idea of your lifestyle (such as if you’re a smoker or drinker) and current health before they agree to take you on as a risk. Depending on any pre-existing conditions that you have, they might raise your premiums. Your rates will be based on the following scale:

Super Preferred, or Preferred Plus- These are the lowest rates
Preferred
Standard, or Regular
Substandard- These are the highest rates

Many people will qualify for super preferred, but if you have a serious health condition that could be considered life threatening, you will most likely qualify for substandard rates. The higher a risk you are considered by your insurance company, the more you will have to pay, since your life expectancy would be presumed to be shorter than that of a healthy individual. For example, health issues including Type 1 and Type 2 diabetics can lead to substandard rates. Other conditions that can trigger a substandard rate are Multiple Sclerosis, Crohn’s Disease, history of cancer or stroke, or Hepatitis C.

It is important to note that not all insurance companies rate conditions the same; for example, one company might see asthma as a serious condition, while another company might not increase your rates if you have it. If you have any preexisting conditions, working with a licensed agent who knows which insurance companies will cover you at an affordable rate is definitely the way to go.

How To Lower Your Rate

a woman and 2 men running on a treadmill next to each other — *Exercising and losing weight can help lower your life insurance rates.*

Even if you have a pre-existing condition, there are things you can do to increase your chances of getting life insurance, and to lower your rates. The best things you can do are making lifestyle changes and trying to manage your condition. Consider doing the following:

Improve your health by following the treatment plan issued by your doctor for any medical conditions.
Exercise, which can help lower high cholesterol and high blood pressure, among other benefits.
Lose weight, especially if you are obese, which can affect your health and life expectancy.

The Best Life Insurance For Pre-Existing Conditions

Don’t assume you will be turned down for life insurance just because you have pre-existing conditions. Some insurance companies offer policies that cater to individuals with specific health conditions. In addition, there are many different kinds of life insurance policies that you can qualify for. For example, if you cannot get a permanent life insurance policy (which builds cash value over time), you can opt for a guaranteed issue life insurance policy, which was designed for people with severe or multiple health conditions. Unlike whole life, guaranteed issue life insurance does not build cash value over time, you simply make monthly payments in exchange for a fixed amount to be paid out upon your passing.

You can also choose to purchase a term life insurance policy for anywhere from 10 to 30 years and lock in the rates for that term. These policies are a more affordable option that you can get even with pre-existing conditions, as long as you are receiving treatment for your conditions and have them under control.

When looking for a life insurance policy, it’s best to work with an agent who is familiar with the underwriting process and standards for each medical condition that you might have. They will advocate on your behalf and will find you the best plan for you and your budget.

Remember, life insurance is an important financial security blanket for your family. And just because you have a pre-existing condition does not mean you can’t find a great plan that will help secure their future. We have listed some of the top-rated insurance companies below, so check your rates today and find out what you can do to get approved or lower your current rates!

Final Expense Life Insurance

Final expenses are not easy to talk about, but it is necessary to do so. Funerals can cost $10,000 or more, and this does not include other end-of-life expenses such as medical, legal or credit card bills. Without final expense insurance, these final expenses will fall on your family’s shoulders and strain their finances. But your family doesn’t need to be left with this financial burden: you can provide them with the cost of your funeral arrangements and more with an affordable final expense life insurance policy.

Final Expense Life Insurance Explained

Final expense life insurance is a type of permanent life insurance that covers the costs of your funeral and burial, as well as any outstanding bills. As long as you pay your premiums, your policy will never expire. There are two types of final expense life insurance policies to choose from:

Guaranteed Issue Life Insurance– You are almost certain to get approved for this type of policy because it provides coverage regardless of health status. These plans are more expensive than other policies, and offer amounts anywhere from $5,000 to $25,000.
Simplified Issue Life Insurance- You can get this type of policy if you are considered a moderate risk. You will have to provide answers to a medical questionnaire, but there will be no medical exam required for this policy. You can get coverage up to $50,000.

Check Out These Discount Life Insurance Options Below! Make Sure You Compare More Than One For The Best Rates!

Advantages Of Final Expense Life Insurance

Putting aside $10,000 dollars or more for funeral expenses is hard for many people to do, especially in today’s economy. Buying an affordable final expense life insurance policy will provide your family with this money. These policies offer peace of mind, and they are easy to get and maintain. The advantages of these plans include: :

No medical exam– You are not required to undergo a medical exam in order to purchase a final expense life insurance policy, which is beneficial if you have any serious health conditions that would hike up the cost of other life insurance policies.
The application is easy and coverage starts immediately after you are approved.
Quick approvals– The application process is quick and easy, and coverage begins immediately after you are approved, which can be the same day you apply.
Lower premiums– Final expense rates can start as low as $20 a month.
Payment flexibility– You have the option to pay monthly or annually.
Tax benefits – The cash value of the policy accumulates tax-deferred.

It is not easy to accept the fact that one day you will no longer be with your family, but it is a grim reality. Your family will go through a difficult time, and the last thing they should worry about while grieving is how they will pay for your funeral and end-of-life expenses. You can give them at least financial peace of mind with a final expense insurance policy. There are multiple affordable policies to choose from that you can budget into your monthly expenses, and you do not have to worry about passing a medical exam.

If you are interested in providing your family the financial stability to pay for your funeral arrangements and more, then a final expense life insurance policy is perfect. For low monthly payments now you can make sure your loved ones are taken care of later. Picking a Final Expense Life Insurance policy is an important decision. You want to make sure your family is taken care of when you’re gone without getting tied to a policy that is going to be a financial burden. There are multiple coverage options, some with added benefits. To make the process easier consider using online tools, or speaking with an agent. We have provided the top Final Expense Life Insurance companies in the nation that offer hassle free assistance and the most competitive rates below. Always check multiple sites to make sure you have bargaining power and know the different advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check Final Expense insurance rates today.

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