What Is the Life Insurance Application Process?

By Jeff Rose on 14 August 2013 (Updated 8 July 2014) 0 comments

There's nothing more reassuring than entering all your personal information to a life insurance quoter and just waiting to see what happens. Does your information get sold? Are you going to get phone calls from ten different people all at once?

The Internet Makes It Easy 

Gone are the days of the life insurance agent coming to your kitchen table after dinner trying to sell you the benefits of life insurance and which company to choose. Nowadays, you can head online and literally have a quote in less than a minute, with the application process beginning maybe 10 or 15 minutes after that. At Wise Bread, you'll see that we have a life insurance quoter that will give you an instant quote from over 60 different carriers in literally less than a minute. All you have to do is enter your age, your weight, your date of birth, the state that you reside — and after that you'll have a quote. As long as you don't have any pre-existing health conditions, that should be rate that you'll get. You then can finish the application process by entering your address, phone number, your best email address, and how we're going to contact you.

One Call Instead of Ten

After you hit the submit button, let me reassure you that we do not sell your information. You're not going to get calls from ten different life insurance agents in your area all trying to sell you the same thing. Trust me, I've been through that process before and it's not fun. They just keep calling you and calling you and calling you. It's very, very annoying and that is not what happens with us.

Once you hit submit you'll get a call from one of our life insurance experts just making sure that you have the right quote. We've had several people that apply for life insurance and who didn't realize that their previous medical history may impact how much the cost is going to be. We just want to make sure that you have a realistic expectation of how much life insurance is going to cost. So, after you hit the submit button. you're going to get a phone call from one of our life insurance specialists.

Matching Your Needs to the Right Carrier

This specialist will be able to assess your situation, especially if you have any pre-existing conditions. We work with some of the top carriers, so we know that if you have diabetes, high blood pressure, or any other medical condition, we know which carriers will be able to work with that condition and get you the best rate. After they match you with the best carrier with the best rate, they'll then verify the personal information that you submitted. We're going to get your Social Security Number, your driver's license, your home address, your beneficiary information, and other data just like that.

Verification and a Nurse Visit

After that we'll to transfer you to our back office to verify some of the medical information and the personal information that you give to us. They're basically just there to double check us to make sure we've asked you all the right questions. At the end of that phone interview, they're going to schedule a traveling nurse to come to your home or to your place of employment (whatever is most convenient for you) to do the blood and urine test. That can be done within a week or so of conducting the phone interview — it's that quick. After you've finished the medical exam, that's turned over to the life insurance underwriters, and they'll assess the medical exam based on the phone interview and then give you an offer based on their findings.

All in, this process takes 20 to 30 minutes; that way, you don't have someone coming to your house interfering with your nightly TV shows. This can all be done with the convenience of a laptop and a cell phone, and you can have the process of purchasing life insurance begin. It's that simple.

Click here to get a free, no-obligation life insurance quote from Wise Bread.

Jeff Rose is a Certified Financial Planner and author of Soldier of Finance. His blog is Good Financial Cents.

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