Many people who buy Life Insurance for the first time are surprised at the length of time it takes to get a policy. It is important to understand that, in most cases, the steps are:
- Get Quotes. Make sure you talk with a sales agent or company that is independent and represents several highly rated companies. Time required: with Term Life Insurance you can probably do this over the phone in 15 or 20 minutes.
- Select a Life Insurance company and apply. Some Life Insurance companies have more lengthy processes than others. Be sure to ask your agent, for an estimate of how long this will take by the Life Insurance companies you are interested in.
- Paramedical exam. This should take place in your home or office and is free. An appointment is required. The exam itself takes about 20 to 30 minutes.
- Underwriting. The Life Insurance company you choose reviews your application and medical exam results. If additional information, like a copy of your medical records is required, this could take a few weeks.
- Policy delivery. Once you receive the policy contract, review it to see that you agree on all details. Then sign and return it to the Insurance company with any final forms and payment needed. A full refund of any prepayment is available within 20 days if your policy is not satisfactory for any reason.