THE PROCESS

The length of time it takes to locate and purchase a life insurance policy will depend primarily upon the size of the policy's Death Benefit. 

Here's how it works:

1.  The insurance agent will get some basic personal information from you, including asking questions about your health and medical condition, prescriptions you take, etc. 

(5-10 minutes)

2.  With that information, the agent will check with their insurance company. Or, if they are independent agent, they will use your information to "shop the market", checking  with multiple companies in order to find a policy that is the best fit, based upon your age, your health and your budget. (3-5 minutes).

3.  The agent will review the results they receive with you, including your exact costs. You can then decide which insurance company, policy and price will work best for you . (3-5 minutes).

4.  Together with the agent, you will complete the application for your policy. For most insurance companies today, it is just a page or two. (10 minutes).

5.  If your life insurance policy has a Death Benefit of: 

$5,000 to appx $40,000

Your agent will call the insurance company (on a 3-way call if you and they are working together over the telephone). The company will confirm your personal information with you, as well as each of the answers you gave to the health questions for the application. When all goes well, you can simply provide your “voice signature” over the phone and be APPROVED for your policy right then and there. (10-12 minutes)

Appx $40,000 and higher

For policies with a higher death benefit, you must typically go through the insurance company's "underwriting" process. This typically requires that you make yourself available for a medical evaluation, which is usually conducted in your home by a nurse hired and sent there by the insurance company. The nurse will review your medical history with you, and then typically check your vital signs such as blood pressure, and perhaps take a blood sample. Then, they will report all of their findings to the insurance company. (A few days, to a couple of weeks)

So as you can see, the entire process can take anywhere from well less than an hour, to a period of weeks. It all depends upon the amount of the benefit you purchase.