Nov 24
How long does the life insurance underwriting process take?
After applying for term life insurance, there is a waiting period before you’re approved or denied coverage called underwriting. What is it? During underwriting, the health and lifestyle information you provide on your application is evaluated. Based on this information, underwriters can determine an appropriate term rate.
So how long does underwriting take? It depends. The process can take anywhere from 24 hours for a quick-issue policy (no medical exam) to a few months for a larger policy with an exam (these exams are paid for by the life insurance company and typically only last 10-15 minutes). Keep in mind that the larger the policy applied for, the closer underwriters will evaluate your health and lifestyle information.
The most important thing to know when it comes to underwriting is that if you don’t send all of the required information to the life insurance carrier within a certain time period (typically 60 days), your case will be closed – meaning you’ll have to reapply for coverage and in some cases, retake the medical exam.
To save time and frustration, be sure to act quickly when applying for coverage. If you’re approved, your new life insurance policy will be put in force and delivered to you shortly after.
For more information about the life insurance underwriting process and to apply for coverage today, contact one of AccuQuote’s experienced life insurance professionals. In five minutes an agent can evaluate your individual needs and provide a free term life insurance quote based on your health and lifestyle.
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