Most people are comfortable obtaining group life insurance through their employer. Since the insurance is offered to the employees as a group there are generally less requirements to approve your coverage. In many cases the coverage is issued without having to go through a questionnaire or medical exam. Many times you will need to get insurance coverage in higher amounts than those offered through your employer. So how do you get life insurance individually and what is the process?
Obtaining an individual life insurance policy is fairly easy to do and a good agent will walk you through the entire process. The process can take anywhere from a week to several months. Here is an overview of the steps in the life insurance application process to give you an idea of what to expect.
- Get A Life Insurance Quote. Use any popular online site or email us for a recommendation.
- Talk With Your Agent. Contact an insurance agent to go over your options and get your questions answered. Your agent will collect basic information from you at this point.
- Complete An Application. After your agent collects basic information the insurance company will contact you to complete your application. The insurance company will ask more detailed information about your financial situation and health status. No need to worry about this step, just answer honestly and succinctly.
- Have A Medical Exam. Within 24-48 hours of completing an application you will be contacted by a Paramedical company. They will schedule an appointment with you to do a medical exam. The exam will involve basic tests like blood pressure, height, weight and questions about your medical history. They will also take blood and urine samples. Be sure to speak with your agent to get a better idea of how to prepare for this test. Often times you will be required to fast before your test.
- Wait For Insurance Underwriting. This can be the longest part of the process. During underwriting the insurance company will evaluate your insurance application. They may require additional documentation like medical records or statements from your doctors.
- Finalize The Issuance Of Your Policy. After the insurance company completes the underwriting process they will set the final price of your coverage. Your agent will present the policy for final signatures and collect your initial premium payment. Once the insurance company receives your documents and payment your policy is in force. Congratulations your protected.
There you have the general process for obtaining an individual insurance policy. Individual policies take more time and effort to complete than you may be used to when getting group coverage through your employer. Work with your agent to get your questions answered and make the process as painless as possible.