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Life insurance blog
Life Insurance
Applications-
Why is it taking so long?
Term Life
Insurance and
Term Life America
with
its 30 years of life insurance underwriting experience has found that
once an insurance company receives an application, it will usually take
10 days to 2 weeks before the application is logged onto their system,
reviewed by a pre-underwriter and your lab results received. Then it
can go to the underwriter for an initial review.
Then,
other than a perfect application, (only 3% to 5%), anytime the insurance
company receives an outstanding requirement,
it will be 7-10 days before the underwriter reviews it.
Waiting For Medical
Records
So,
Why does it take so long for medical records to be received by the
insurance company
for a life insurance application?
Usual- 30 to 60 days! Unusual-
4months, complicated medical conditions!
The usual process consists of this scenario: The
insurance company contacts a medical records service, which then
contacts the doctor’s office. This usually takes about a week. Then
the doctor’s office may have the request sitting at their office for two
weeks before they inform the medical records service company that
prepayment will be needed. The medical records service relays this
information to the insurance company. The applicant’s file then goes
back to the underwriter for approval of the prepayment, which could take
many additional days. Then the check is cut, forwarded to the medical
records service and finally, to the doctor’s office. Many times it will
take several weeks after payment is received by the doctor’s office
before the records are provided. It’s not unusual for doctors’ offices
to have an employee in only once or twice a month to make copies of
patients’ records.
The records are then forwarded back through the medical records service
and to the insurance company.
Waiting For Motor Vehicle Reports
Usual- 7
to 14 days! Unusual Complications or conditions- 2months
Motor vehicle reports
sometimes have to be ordered multiple times. The report may come back
from the Department of Motor Vehicles as the applicant not being
identified, probably due to human error either on the insurance company
or department’s end. When all else fails, the insurance company will
require a copy of the applicant’s driver’s license.
TermLifeAmerica.com-
Lewis Fink is licensed as an insurance agent
offering Life Insurance in the following states:
Alabama - AL,
Arkansas - AR,
California - CA,
Colorado - CO,
Connecticut - CT,
Delaware - DE, District of Columbia - DC,
Florida - FL,
Georgia - GA,
Idaho - ID,
Illinois - IL,
Indiana - IN,
Iowa - IA,
Kansas - KS,
Kentucky - KY,
Louisiana - LA,
Maine - ME,
Maryland - MD,
Massachusetts - MA,
Michigan - MI,
Mississippi - MS,
Missouri - MO,
Montana - MT,
Nebraska - NE,
New Mexico - NM,
New Jersey - NJ,
New York - NY,
North Carolina - NC,
North Dakota - ND,
Ohio - OH,
Oklahoma - OK,
Pennsylvania - PA,
Rhode Island - RI,
South Carolina - SC,
South Dakota - SD,
Tennessee - TN,
Texas - TX,
Utah - UT,
Vermont - VT,
Virginia - VA, and
Wisconsin - WI.
Not all insurance products from all insurance companies are available in
all states.
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