This depends on what kind of policy you apply for.

Typically a No Medical Exam policy can be applied for, approved, and put in force within approximately two business days. No Medical Exam policies are available to clients up to age 60 or so, depending on the insurance company. The coverage amount you can apply for is limited, due to the greater risk the insurance company is taking. (When there’s no physical exam involved, the insurance company has less health information about the applicant.) For healthy applicants, these policies can cost up to twice the rate of a medically underwritten policy. However, there are people who don’t like needles, and the No Medical Exam option is a great one for that reason!

A medically underwritten, or traditional, term policy will typically take about 3 weeks from start to finish. This process can take longer when applicants have health issues and the underwriter orders medical records from their doctor. If this occurs, we let our clients know that they can call and ask their doctor to expedite the submission of the medical records to the underwriter in an effort to speed up the application process.

Most carriers have the same rules when it comes to paying premiums on life insurance policies. The only way to make monthly payments these days is to authorize a monthly automatic draft from your checking or savings account. If you prefer not to make automatic payments, there are some other options. You can receive a bill by mail if you elect to pay quarterly, semi-annually, or annually. Most people choose to make automatic payments for their life insurance for the same reason they do for other bills, such as car insurance: they don’t want their policy to be canceled because of non-payment.

You do not have to send a payment with your application, unless you want to be covered during the underwriting process (which typically takes about 3 weeks). Most people choose to wait until their application has been approved to make a payment and begin coverage. Once an approval is made, you can make changes to the policy to fit your budget if the rate that comes back is different from the one you applied for. Also, most people want to know the exact cost before making a payment to begin coverage. You do not have to provide billing information on the application, either. That information can be collected after an approval has been made and you’ve decided that you want to begin the coverage afforded by the policy.

If you want to secure temporary insurance and be covered during the underwriting period, simply include a payment for two months’ premium. It’s refundable if you decide not to take out a policy based on the final approved rate.

It depends on the pre-existing condition. For example, it’s difficult to obtain life insurance when you’ve had cancer (skin cancer is the one exception) or within 5 years after having a heart attack. On the other hand, it’s fairly easy for people who have high blood pressure, high cholesterol, and/or high blood sugar, such as those with type 2 diabetes, to obtain coverage as long as they are under a doctor’s care and the condition is under control.

There are graded benefit and/or final expense policies available for people with greater health risks. The corresponding premiums will be higher, depending on the severity of the pre-existing condition. It’s often beneficial for an applicant with pre-existing conditions to discuss them with an agent before applying for coverage, to increase the chances of a more favorable approval.

hat depends on your needs. A person’s needs change over time. Most term life insurance policies have a premium that increases each year after the initial guaranteed level term period. If you are nearing the end of your initial term period and want to lock in a rate that won’t change for another predetermined number of years, it might benefit you to apply for a new policy and replace, or surrender, the old one.