What Is The Life Insurance Application Process?

Acquiring the quality life insurance protection you need involves three steps: the first is preparing and submitting the application; the second is the underwriting review and approval; and the third is the policy issue and delivery.

Step 1: Applying For Life Insurance

For your convenience, you can provide the information needed to prepare your application via telephone or email. The confidential information you provide will be held in strict confidence and will be used to prepare the company-specific application forms for your signature.

Within the next few days, you can expect to be contacted by the local Portamedic office to schedule the brief no-cost-to-you paramedical exam, which is necessary to enable you to qualify for the lowest possible premiums. Be sure to schedule the exam as soon as possible, so we can begin processing your application. For your convenience, the examiner will have the Application Forms for your signature at the time of the exam.

If you would like to "bind" the company during the underwriting process (which typically takes about four to six weeks), you can pay the initial premium with the application. Payment of the initial premium "up-front" costs you nothing since the next scheduled premium will not be due until a full month, year, etc. from the policy issue date. Of course, if your application is not approved, the premium will be fully refunded. If you prefer not to do this, the initial premium payment can be done when the policy is delivered to you.

Step 2: Underwriting

The collection and analysis of your personal information is called "underwriting." Before a life insurance company can decide if you qualify for its insurance at all - much less which specific premium class - it has to collect information such as:

  • Personal medical history

  • Family medical history

  • Tobacco, Drug or Alcohol use

  • Driving record

  • Criminal history

  • Occupation, Avocations, Hobbies & Activities

Underwriting is by its very nature a highly discriminatory process. Some applicants will meet more selective requirements and will therefore be offered lowerpremiums.

Be advised: It is absolutely necessary that quality objective underwriting be a highly discriminatory process! Many life insurance agents do not fully understand or appreciate the importance of the underwriting process! Most respondents who indicate dissatisfaction with their life insurance application process were unrealistically led to believe that they could receive a better premium (underwriting classification) than for which they could actually qualify. This is where an ethical agent with demonstrable field underwriting experience is invaluable. At Criterion Financial Insurance Services, we value our well-deserved working relationship with the underwriting departments of many major life insurers. We will work with you to secure the very best available underwriting approval and premium offer.

In response to an ever-increasing marketplace, most life insurance companies offer several underwriting classifications and corresponding premium schedules ranging from "Super Preferred" to "Standard." Applicants who cannot meet "Standard" underwriting requirements can typically receive "Rated" offers. The bottom-line is that not all life insurance companies will consider any particular applicant in exactly the same way. This is yet another reason why you need to work with an experienced independent agent who can identify and submit your application with only those companies whose underwriting requirements fit your personal profile.

While there are some "non-medical" policy options (talk to us for specific details) most applicants are required to undergo a paramedical examination conducted by an independent Portamedic professional and medical lab analysis of blood and urine samples at no cost-to-you. SEE LIFE INSURANCE EXAM PREPARATION TIPS for more details.

Step 3: Policy Issue & Delivery

Our office will notify you as soon as your application is approved. At this time you may want to have your policy issued in some other way than applied-for. For example, you may want to increase the policy face amount or the level premium guarantee period; or perhaps you applied for term life insurance and decide that a permanent policy will better meet your needs.

Your policy is printed and sent to our office where it is reviewed and then delivered directly to you.

There is no easier or convenient way to obtain the quality affordable life insurance you need.