A life insurance policy lasts a long time – 10, 15, even 30 years or more. And with that comes decades of peace of mind and financial protection, plus sometimes benefits while still alive.
But how long does it take to get life insurance, and what does it depend on? You have questions, we have answers. This article contains these answers, including a timeline for obtaining life insurance and a description of the requirements required to obtain your insurance.
For some: Minutes
At Haven Life, some of our healthiest applicants are eligible for immediate offers immediately or shortly after submitting their application online. These offers may be available for smokers and non-smokers. The maximum coverage amount for an instant bid is $ 1
Even if you do not receive an immediate offer, you can still be offered Temporary Life Insurance (TLIC) as soon as you apply. This is optional to cover you during the insurance process, and while you schedule and get a medical examination (if needed). This is basically no risk and free coverage (your TLIC payment is rolled into your first month's premium) that will keep you going until the real thing is done. And if for any reason you are not offered coverage (or do not accept the coverage you are offered), you will not be owed a penny for the temporary coverage you received.
And to be clear: Just because you do not You do not get an immediate offer, it does not mean that you are not healthy or that you do not get the best possible interest rate when you apply for a life insurance. It just means that the insurance group needs to do a little more research to get a better understanding of your general health. You know it says about good things and waiting? It can definitely apply here.
Too many: Days
Some other customers may be fully approved within a few days of application. This is the case when the insurer has follow-up questions, but does not need a medical examination. In these cases, the speed of approval depends in part on how quickly the customer can answer the insurer's questions.
For most people: A couple of weeks
Most customers have to take a medical examination to complete the coverage with an insurance agency. This is fast, not much different from an annual physical, and can be done at home, at work or in the office of the company doing the test. It usually takes 30 minutes or less. The medical examination can usually be scheduled shortly after the application for coverage, and the results usually arrive within 7 to 10 working days.
The purpose of such an examination when buying life insurance is to better understand your overall health picture. Blood will be drawn. Liquids will be tested. Questions will be asked (and answered, truthfully, by you). This will help a life insurance company understand the risk of taking you out as a policyholder, so that they can assign you the rate that makes sense for your health. This can also benefit you if the clearer picture shows that you are healthier than what your original application shows.
This reminds us: It's worth noting that because of COVID, Haven Life has expanded its window on when applicants can schedule exams to qualify for an insurance product. This provides extra time for laboratories and phlebotomists to take appropriate precautions. In these cases, it will obviously take longer to get coverage.
In a few: More than a few weeks
If the insurer needs medical records (perhaps for example if an applicant has a chronic illness) for your life insurance application, the time it takes to get coverage depends in part on how quickly the applicant's doctor can provide the information. In such cases, it may take a few weeks or longer.
So what can you do to help your insurance company speed things up when ordering additional medical records? At first glance, this may seem simple, but if you need a special permit form (a form required by your medical facility to release records), try signing it and returning it to Haven Life ASAP. In addition, a call to your doctor's office to follow up on this request when purchasing life insurance does not hurt. Often, your doctor will respond more quickly to a patient's request than an insurance company.
In very few: months
For most people, it takes a few minutes, days or weeks to buy an insurance product from a life insurance company. most (at least with Haven Life), but there are exceptions. If an applicant has a serious, uncontrolled condition – such as a level of diabetes that often sends them to the hospital and for which they and their doctors are trying to find appropriate treatment – or a newly diagnosed illness, they may be asked to reapply later when their medical condition is controlled or more fully understood. Life insurance guarantees must provide at least six months of stability in order to offer an applicant coverage.
In short, for most people, it does not take long at all to buy a life insurance policy, which is just one more reason, it is something you should take care of as soon as you can. When you are ready, we will do the same.