As part of the coverage couple’s FAQ series, in this video we’ll be answering the question “What’s the approval process and timeframe to get a life insurance policy”?
Approval process and timeframe to get a life insurance policy:
This is a great question, and has a few answers since “life insurance” is a general term describing the general assortment of several protective products. In line with our consulting philosophy at thecovercouple.com, we have access to and detailed knowledge of ALL varieties of life insurance and investments. We’ll go into more detail below, but life insurance on average takes anywhere from 72 hours to 4 weeks to receive final approval and placement of your contract “in force.”
Naturally, the question then arises, “Why such a difference in timeframes?” That’s because many policies are designed to be express-issued, which can also be called ‘simplified.’ Many of our top carriers have simplified options, which rely on automated digital health history checks. You can think of this like a credit score report, but for things like your physicals and medications.
NOTE: All that junk mail and spam email you endlessly receive from your credit union and see on TV for “instant approval with no health check”…run away! The fact that can even legally be called life insurance is shocking. Guaranteed issue insurance comes with a hefty price gouge because for every healthy person they insure they’ll cover 20 unhealthy applicants. The insurer’s death benefit payouts go through the roof because of the target demographic they insure, so naturally they have to recoup those losses by penalizing their living customers with ever-increasing premium rates. In fact, many of those policies are variable and short-term, which means in the FINE PRINT they’ll explain how every few years they’ll inflate your costs, until you reach a certain age, and then you can’t even continue coverage IF you could somehow afford it!
By the time you realize you’ve been conned into a terrible ponzi-policy, you’re either so old or unhealthy, your options have been taken away from them. It’s a sad fact that a lot of people are forced to make the choice to overpay for something now, or force their family to overpay for a funeral later. UNINFORMED DECISIONS LEAD TO EVEN WORSE CHOICES.
On the other end of the life Insurance policy approval timescale, is traditional life insurance. “Traditional” doesn’t mean outdated or lacking in features. At The Coverage Couple we ONLY partner with the best carriers. Traditional simply means the process is the tried and true approval method that locks in your best possible rates. This process involves a nurse stopping by your home or workplace to collect some fluid and ask you a couple questions. Again, I really want to stress that if you’re considering (or have already purchased) a life insurance policy where you were approved without answering even a basic health history questionnaire, you’ve SURELY overpaid and should seek a replacement as soon as possible!
A lot of what we do at TCC is fix problems with clients’ pre-existing policies. In fact, it would be great if we got paid on how much we SAVE each family on their monthly contributions…we’d probably be retired hiking around an island somewhere. We’d be more than happy to accept a gratuity though, but so far that’s never happened. No one’s even given us a trophy. What we’re saying is we’re basically heroes.
We definitely have an undefeated track-record of saving clients huge amounts of money, while actually improving their coverage. Anyone can help the bottom line by going with an inferior product, but that’s never an option at TCC. Our ultimate goal is to help you get to a better place financially, so you can be in a better place mentally with peace of mind. We’ve worked hard to make everything fun, informative, and quick.
We commit to conducting deep investigative research for you, and would like for you to reserve time with us, without any cost or obligation. We’ll carefully listen, and then follow up with a proven, practical, custom proposal for your review. HERE is our official invitation to take part in The Coverage Couple Challenge, where EVERYONE WINS. Visit the Scheduling Page at thecoveragecouple.com to see how much we can save you on your existing coverage, or provide a financial risk assessment and needs analysis for your review if you’re unprotected and univested. We hope to hear from you soon, because your life is worth the investment! -Aaron & Sarah, The Coverage Couple