The ease of the application process will be determined by the type of policy were able to locate for you, whether it’s a simplified issue life insurance policy for seniors or a guaranteed acceptance life insurance policy. Generally speaking, if you’re looking for a smaller policy ranging from $5,000 to $25,000, then yes, the application process can be very simple. Oftentimes, the entire process can be done over the phone. First, the applicant will answer a series of about 25 health questions. Then a phone interview confirmation call will most likely follow. This is simply a three-way call to the desired insurance company in order to verify your information. Based on the results of the health questions and phone interview, the application can be approved right on the spot.
If we need to choose a guaranteed acceptance policy due to an applicant’s significant health issues, the application process is still very quick and easy. Actually, these types of policies ask no health questions. There is no medical exam, nor is a phone interview required. This application is still completed over the phone, but it typically has to be sent to the insurance company for processing. This can take one to two weeks providing the application is in good order. Regardless to whether you need a simplified issue policy or guaranteed acceptance life insurance policy due to preexisting conditions, you can see the application process is generally very simple.
Now, if you’re looking for more coverage, we’ll say $50,000 and above, the steps can be a bit different. We would most likely need to consider a larger whole life insurance policy or even a term life insurance policy for seniors. The process is much longer because it will most likely require a medical exam and a full underwriting process. This is to ensure that the life insurance company fully understands your health risk assessment as they are offering a much higher face amount. If the company is going to insure you for a larger amount, they must be sure your health is what you’re stating it to be and that you’re truly eligible for the desired policy.
It is a good idea to seek out the help of an agent that can guide you thru the process. If you would like to speak to one of our agents to determine which policy might be right for you. We are licensed in most states and would be glad to answer any of your questions or concerns.