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 Processquestionnaire on a clipboard with pens next to it

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.

What Is Simplified Issue Life Insurance?

As we age, we can all develop health problems, which can make finding affordable life insurance an issue. If you have pre-existing conditions, life insurance companies could either deny you coverage or raise the price of your premiums. The greater the risk it is to cover you, the higher the price for whole life insurance or traditional term life insurance policies. But there is still hope even if you do have pre-existing conditions! There is a way to be approved for life insurance with minimal health questions and without medical exams: look into a simplified issue life insurance policy.

What Is Simplified Issue Life Insurance?

clipboard with a questionnaire on it and pens next to it
You will need to answer a couple of questions about your health, and will get immediate coverage after applying.

Simplified issue life insurance is a type of whole life insurance, meaning your policy will remain in effect for your entire life. Unlike most whole life insurance policies, simplified issue life insurance is meant for people who need or want life insurance right away and do not want to go through a medical exam. To obtain one of these policies, you simply need to answer a few questions about your health, and will get coverage almost immediately after you apply. 

So what’s the catch? Well, with simplified issue life insurance, you can expect higher premiums for less coverage. You will pay more because your insurance company will not get a full view of your health status and will be unable to fully determine how much of a risk you are. With these policies, you will get a death benefit payout anywhere from $5,000 to more than $100,000. However, it is important to note that some health conditions can actually prevent you from getting coverage. 

How It Works

In order to get a simplified issue policy, you will have to fill out a short health questionnaire so that your insurance company can complete a modified risk assessment and set a premium and death benefit. Unlike traditional whole life insurance, most simplified issue life insurance policies do not have a cash value that builds over time. To qualify, you must be between 45 and 85 years old. You could be denied coverage if you:

  • Are bed-ridden, or in a long-term care facility or nursing home
  • Require a wheelchair or oxygen equipment
  • Have been diagnosed with Alzheimer’s, dementia, or congestive heart failure
  • Are being treated for an organ or bone marrow transplant
  • Have been diagnosed with any form of cancer in the past 2 years
  • Have a terminal condition
  • Have been diagnosed with heart disease in the past year (12 months)
  • Have had heart surgery in the past year (12 months)

If you are denied coverage because of any of the above mentioned issues, you still have options. For example, you can look into a guaranteed issue whole life insurance policy. The best way to find the coverage that is right for you is to compare plans from multiple insurance companies. 

blood pressure cuff on the wall in doctor's office
One of the perks is that you will not need a medical exam when applying for a simplified issue life insurance plan.

Advantages of Simplified Issue Life Insurance

  • No medical exam or lab tests are required.
  • Once your application is filled out, you will get an instant decision. If approved, you will not have to wait weeks or months for coverage to begin, as with other life insurance policies. Instead, your coverage will begin as soon as you pay your first premium. 
  • These policies are cheaper than guaranteed issue whole life insurance, and offer higher death benefits than guaranteed issue policies. 

Is It Right For You?

Simplified issue life insurance might be a good fit for you if:

  • You have a pre-existing medical condition (that isn’t disqualifying).
  • You do not want to undergo a medical exam, which could delay coverage and raise the price of your premiums. 
  • You want life insurance but aren’t sure you will qualify for traditional life insurance policies.
  • Your term life insurance policy has expired.
  • You don’t want your family to worry about final expenses or debts when you are gone.

Pre-existing conditions are extremely common; in fact, according to Health and Human Services, 61 to 133 million Americans have some kind of pre-existing condition. Having one of these conditions does not necessarily mean you are disqualified from getting life insurance, which is a necessary financial asset for your family. There are many different life insurance plans to choose from, and even with health conditions, you can find an affordable plan with great coverage. Consider using online tools, or speaking with an agent. We have provided the top insurance companies that offer simplified issue life insurance policies below; 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 simplified issue life insurance rates today.