How Life Insurance Applications Work

Applying for life insurance is a simple process for most. Let’s take a look:

1: Submit the paperwork

The company you are dealing with will need to get some preliminary information about you to start the underwriting process. The paperwork require that you supply your personal identification information, current job status, income information, and health background.

Some insurance carriers will require a proof of income as well, so be prepared to supply a most recent paystub or tax return.

Additionally, you will sign a few forms that will allow your medical records to be released to the insurance company for review.

2: Complete a phone interview

Once you have supplied the life insurance company with your application, they will want to schedule a phone interview with you to discuss your decision with you and to gather some additional information needed for underwriting. It is extremely important that you are open and honest with the interviewer. All of these calls are recorded and will be reviewed if you die within a certain window of time. If it is proven that you lied in the application or the phone interview, the insurance company may deny the claim.

3: A medical exam, performed by a company hired by the insurance carrier.

A paramedic will call you to set up an appointment to do a basic health screening. They are typically available 7 days a week and they will come to your house and your place of work. Be prepared for them to take your blood pressure readings, resting heart rate, draw a blood sample, and have you pee in a cup.

4: Wait

For the next few weeks an underwriter will review the application, medical records, and the results from the health exam. During this process they may reach out to you for additional clarification on certain items, but many times you won’t hear anything at all. It’s during this process that you rates will be factored.

5: Application Approval or Decline

The underwriter will make a decision on if they believe you are insurable. Some people do get declined, and if you do, don’t worry. The insurance company will release your medical records that you can take to your doctor to get whatever health issue you have checkout out. If you are approved, you will receive an approval letter with an offer of insurance along with the rates you will need to pay to keep the policy inforce.

6: The policy goes into effect

Once you sign your acceptance of the policy, you will need to immediately make a payment to satisfy the inforce requirements.

You will receive an official policy by mail. Be sure to store it in a protected place and let the beneficiaries know where to find it should something happen to you.


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Aaron Peacock

Aaron Peacock

Hi, I'm Aaron and I'm a marketing representative for Federated Mutual Insurance Company - a Ward's Top 50 and an A.M. BEST A+ Superior rated insurance carrier. After my wife was severely injured in an accident involving a distracted driver, I've found one of my passions in life is to help educate people about the Danger of Distracted Driving and have started speaking to businesses in Western North Carolina on implementing the Federated Insurance DriveS.A.F.E. program. Click here to read more...