The time required to go through the process of obtaining life insurance can be quite short. This may seem too simple to you, but trust us it is not complicated. Today, at least, it is much easier than ever to get to this, all you need to do is sign up and wait for approval.
Improvement of technology has made its contribution in this area as well, so that this industry has the possibility of issuing an insurance offer even in a few minutes. Of course, the entire time of the procedure depends on a number of factors, such as the type of policy you are taking and much more.
Depending on the conditions, you can get it in a few hours or a few weeks. You can read more about the whole process that this procedure involves below. You can also find out how long it actually takes you to get your application approved and become a life insurance policyholder.
Page Contents
Process of obtaining life insurance
Once you have applied for insurance, you need to be granted it in order for the whole process to be successful. Approval also goes through a certain procedure. It is then estimated exactly how much your risk is and based on that the rate will be determined.
In this way, you will have a clear picture of your abilities, which will also depend on your age. However, this is not the only factor. The biggest factor is actually the company you choose. Visit lifecoverquotes.org.uk to read reviews for various insurance companies. Depending on your choice, you will also have the option to apply online, although many of them will require you to do it in person.
So there is another condition in front of you on which the waiting period for approval will depend.
However, once you have passed the application phase, you must make sure that it reaches the company in order to pass the examination. Of course, how you filled out the application is also important here. If you did it online, you will get a response much faster than if you expect a response by mail. After that, you will go for a medical examination. It will take you a maximum of two weeks. During the examination, you will perform some regular analyzes, which will take a maximum of an hour or two.
Medical examination as an important factor
After you have successfully completed the previous steps, then medical examination follows. The time required for this procedure depends on several things. It depends on how fast you get your medical report, but also on the content of the report. If there are certain problems the process will take longer. However, sometimes companies decide to perform a detailed medical examination and thus receive a report on your complete health status. Of course, this requires a little more time than the usual procedure.
The examination alone can take up to several weeks. You can get the report in a day if you request it immediately or in a few weeks if they need more time. It will depend on the time it takes to get to your company. The deciding factor in this case is the speed of the doctor.
How long does it take to get the policy?
Only after the previous report is the main procedure initiated. In the process, your abilities are questioned in relation to several things such as age, professional orientation and health.
If you have chronic health problems, you will have to answer some general questions, and that sometimes slows down the process. After approval, the company dedicates itself to drafting the policy. When that is done, expect their call in a short time, and you will probably be able to pick up your papers immediately. However, the work is not over here.
It will take you some time to review the paperwork and establish a payment agreement. It will usually cost you a few business days. The number of days will depend on the payment method you choose. After payment and signature, you accept the terms of the policy.
How long does it take for life insurance as a whole?
When you add up the entire time you spend waiting for the policy, you can spend an average of up to 2 months on medical examination and paperwork, but sometimes even longer. As we mentioned earlier, this will depend on several factors. However, sometimes people do not have time to wait this long and that is a problem.
There is a solution to this problem, but it will cost you more money. If you are interested in going this route, it will mean that you can go through the whole process without a doctor’s examination. A medical examination is usually the biggest culprit if the process is prolonged. Either way, this is quite possible if you are willing to pay more.
This procedure involves applying online. It also contains a medical questionnaire that you would need to fill out, so companies will use this instead of a medical examination to perform the assessment. All in all, it will take up to two days. After that, you can already get to your policy.
Comparison no exam and traditional policies
As you can see for yourself, there is a big difference between these two processes. Depending on your focus, you can choose between saving time or money. Both choices have their advantages and disadvantages as you may have noticed. The most important thing is to look at your needs objectively and make a decision accordingly.
It is important to mention one big thing. If you opt for the traditional way of taking out a life insurance policy and going for a health checkup, know something. This review will definitely cost you and it will be included in other policy costs. So keep in mind that you will essentially pay a little more for the policy than you would without a medical examination. On the other hand, you have the option of paying much higher costs, but that also means enjoying the privileges that this process brings.
Conclusion:
It is important to note that it is best to be patient throughout this process. Of course, this is addressed to everyone who is not in a hurry to get it. If you are able to wait, let the procedure take place at the scheduled time.
It may seem like too much time, but know that huge progress has been made in the process in the last few years. Also know that the company’s job is to provide you with the best chance you can get, give them enough time to provide it for you.
