Understanding Term Life Insurance Application Process

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Term Life

Understanding the Process of a Term Life Insurance Application

Applying for life insurance can be intimidating, especially if you’ve never done it before. You know you will be answering a lot of questions (probably more than once), but what else will be needed? How long does it take? At what point is payment required? Don’t worry, Zander is here to answer all of your questions and make the application process as simple and informative as possible. Take a look at the outline below to learn what you can expect when applying for term life insurance.

  1. Comparing Quotes. One of the benefits of working with Zander is that we do all of the shopping for you. By comparing rates from over a dozen top insurance carriers, our team will find the best fit for your individual situation. You can get instant term life quotes and request an application right here on our website, or by calling and speaking to one of our Zander Guides at 800-356-4282.
  2. The Application. Once you have decided on the right plan to fit your needs, it’s time to apply. Depending on the insurance company you selected, your application will be submitted one of two ways – either via telephone interview or a paper application. If the company you selected performs an interview, you will receive a call to answer the application questions over the phone, usually within 24-48 hours of your request being submitted. This call typically takes 15-20 minutes. If the company you selected uses a paper application, a packet will be mailed to you and a postage-paid envelope will be included for its return. No payment is needed at this time.
  3. The Exam. If the insurance company you selected requires a medical exam, it will be scheduled within a few days of submitting your application request. A nurse will come to the location of your choice, at no cost to you, and will check your blood pressure and weight, take a blood and urine sample, and ask you some basic medical questions. This shouldn’t take more than a half an hour. Since the results of the exam help determine the underwriting classification and the cost of your policy, we have listed below several tips to ensure favorable results:
    • Do not eat 8 hours prior to exam
    • Avoid foods that are high in salt or fat
    • Limit coffee, tea, or any caffeine for 2 hours prior to exam
    • Refrain from alcoholic beverages for 24 hours prior to exam
    • Be well rested and avoid strenuous exercise for 24 hours prior to the exam
    • Avoid nasal decongestants and OTC pain medications (aspirin, acetaminophen, and ibuprofen) for up to 8 hours prior to the exam
  4. Underwriting. Once your exam and application are completed and returned, the insurance company will review your responses, as well as your medical and personal history, to assess your risk and determine your rate class. This is based on a variety of attributes including age, family history, current and past health history, driving record, height, weight, lifestyle, avocation and tobacco usage. This stage of the application process typically takes 4-6 weeks to complete. A Zander case manager will be assigned to your file to facilitate underwriting, ensuring things are moving forward and keeping you informed of updates or requests for more information.
  5. The Decision. Once underwriting is complete, the insurance company will provide their decision and, if approved, they will issue a policy that will be sent to you. Once you have the policy, you will set up the payment, then sign and return the required documents. A Zander Guide will contact you to confirm that the policy is active.

This overview is designed to give you a general idea of how the application process works. For more information, give us a call at 800-356-4282 and we will be happy to answer any other questions you might have.


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