Term Life Insurance Application Process
- You will work with your insurance agent to determine the type, amount, and term of the life insurance. Your agent will make sure you fully understand how the insurance works and answer any questions you have.
- Your agent will ask questions about your age, sex, weight, height, date of birth, and smoking status. He will issue written proposals.
- You will complete a phone interview application and medical history questionnaire. You and your agent will each sign the application. The application and rates are contingent on the review of your application and medical exam.
- Depending upon how you would like to pay, your agent will collect payment information for the insurance. Options are typically monthly via electronic recurring bank withdrawals, quarterly, or annually.
- Your agent will order a medical exam that will include blood, urine, and a on-site medical exam. This is paid for by the insurance company.
- The application and exam results are submitted to an underwriter for review.
- The underwriter reviews the application and exams and makes the decision to approve, deny, or counteroffer the insurance. He may also ask for additional clarifying information during the review.
- If approved, you receive your policy in the mail and it is active for the term.