Life Insurance Application Process: What to Expect

Traditional life insurance underwriting requires a comprehensive medical exam. A paramedical professional (a trained healthcare worker, not necessarily a doctor) collects blood and urine samples and records vital signs. This process is standard for larger coverage amounts and provides the most accurate risk assessment.

Accelerated underwriting uses electronic health records and predictive analytics instead of medical exams. Healthy applicants often receive approval within days. Many insurers now offer this option for eligible applicants.

Simplified issue life insurance requires no medical exam but asks detailed health questions. These policies offer moderate coverage amounts with higher premiums than medically underwritten policies. Approval typically takes 1-2 weeks.

Insurers check your identity using government records. Give your full legal name, current address and addresses from the past five years. Applications require your Social Security number, driver's license number and state, date of birth, citizenship status and marital status.

Your occupation affects rates because some jobs carry higher risks. Give your employer's name, job title and duty description. Insurers request your annual income, net worth and outstanding debts. Business owners provide financial statements and ownership percentages.

List all current health conditions with diagnosis dates and treatment details. Include past illnesses, surgeries and hospitalizations from the past 5-10 years. Give a complete list of prescription medications with dosages and prescribing doctors.

Report your current height and weight, plus any significant weight changes in the past year. Tobacco use is a major rating factor. Disclose alcohol consumption and any drug use history. Mental health history, including depression and anxiety, must be disclosed.

Share information about your biological parents and siblings, including serious health conditions and diagnosis ages. If family members are deceased, report ages at death and causes. Insurers typically focus on conditions that appear at younger ages.

Disclose dangerous hobbies like skydiving, rock climbing and scuba diving. Report travel plans to high-risk regions. Your driving record matters because violations and DUIs indicate a higher risk. Disclose criminal history.

Give details about existing life insurance policies and pending applications with other companies. Report previous applications that were declined or approved with higher premiums.

Request your medical records and check for errors. Order your Medical Information Bureau report at mib.com to see what insurers will see. You can get one free report per year.

Complete every question on your life insurance application. Double-check dates, medication names and contact information. Misrepresentations can result in claim denials even after your policy is issued.

Contact your agent or insurer's customer service if anything is unclear. Better to clarify upfront than provide incorrect information.

Different insurers assess risk differently. Request quotes from at least three insurers to find the best combination of coverage and price.