Life insurance policy -how long does it take to get a life policy?

March 29, 2012 - PRLog -- Why does it take so long to get a life insurance policy?
I wrote a life insurance policy for a new client about a one and half weeks ago.  The wife emailed me last night to find out why they haven't deducted any money from their checking account yet and when was the life insurance policy going to be ready.  I explained that it's a process that has many steps - starting with the application, medical exam (height, weight, blood, urine are all checked), motor vehicle report, doctors reports, etc., etc...
What's the typical timeframe for a fully underwritten life insurance policy to have issued?
Most people assume once they pay for a life insurance policy take the exam it's a done deal and the policy should be coming in the mail.  Unfortunately, most people need to remember, the life insurance company needs to thoroughly check you out from head to toe.  Image if you were collecting $30, $40 or more per month on a 30 year old male for a $500,000 policy.  At some point in time that insurance carrier might be responsible to hand the beneficiaries a very large check and in return received only a small fraction of the total amount paid out to the beneficiaries.  Let's do the quick math: 30 year old paying $40 per month x 30 years or 360 month = $14,400 in premium paid.  Wow - you could double, triple quadruple the amount of premium and never get near the benefit amount of $500,000.  So, going back to our original discussion about why it take so long to get a life insurance policy issued, I can give you 500,000 reasons.  You can typically expect a wait of 2-10 weeks for fully underwritten life insurance policy to be issued.
Playing the lotto vs. playing the life insurance policy
Well, by now most people know the likely hood of winning the lotto is one in millions, but the likely hood of dying are even money.  If you read and understood the math from the above paragraph you should by now start thinking or realizing the big payoff for my family is probably going to be the life insurance policy.
How can I get a life insurance policy quicker?
There are a few things I would recommend; take your required exams as soon as possible, contact your doctor’s office and let them know you're applying for a life insurance policy and ask they return requested files as soon as possible, tell your agent or broker of any and all health issue you may have had or currently dealing with.  The more you disclose upfront the better the agent/broker will be able to help place the business with the right company.  So insurance carriers are more flexible with motor vehicle report, others blood pressure medication or family health history.  You may be thinking you’re getting the lowest priced life insurance policy when you apply with a particular carrier but since your round peg health history doesn't fit their square hole requirements you find yourself paying a higher premium in the end.
The other option you should consider is a no medical exam life insurance policy
No exam life insurance is now available and fits the needs of 70% of the population.  The requirement is generally very good for most people in good health and even on reasonable amounts of medication for things like cholesterol and blood pressure.  The premiums are now also very affordable and comparable to any life insurance policy on the market.  As a matter of fact, our general agency who writes 150+ policies a day issues mostly no medical life insurance.
For more information on obtaining a life insurance policy visit: http://www.CaliforniaLife.com or http://www.insurancebrokersgroup.com

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