|
The Life Insurance Application Process
Understanding the Steps to Getting Life Insurance
Welcome to our center for learning about the different steps in the life insurance application process. Here you can learn about what will happen when you apply, and how the life insurance application process will unfold. Follow the links below to find important information about this process.
We have also included a few pages on why the underwriting process can take so long and when your quote becomes your actual price. It’s important to understand exactly how long the process will take, and when you will receive the actual price for your life insurance.
Step 1 - Obtaining Your Life Insurance Quote
Get Quoted for your Whole Life, Universal Life,
or Term Life Insurance policy.
The first step in the life insurance application process is to receive the best information. At gcp4life.com, we allow you to do this online at your own convenience.
Our quoting process is easy and takes only a few minutes. We have a simple one pagequote request form that you’ll need to review to get the best information and be on your way to receiving the life insurance protection you desire.
To get your term life insurance quote, enter your personal information in the fields indicated on our Quoter pages. This personal information will then be used to match you to the best term life insurance quotes for your own personal profile. If you are concerned about your privacy or have questions about how gcp4life.com handles your personal information, please see our Privacy Policy.
Our system then automatically checks over one thousand life insurance plans to find the best life insurance carriers and life insurance products that you qualify for and that meet your needs. The life insurance products with the lowest premium amounts will be displayed, and you can select which product and which company look the best for you.
The last page in the quote process asks for your name, address, phone number, email, and any other additional medical information that you think is relevant to your application. You will also be asked if you are ready to schedule your life insurance medical exam or if you have any questions before proceeding. Once you are ready, you can submit your request, and the process for purchasing your life insurance will begin.
Step 2 - We Call to Verify Your Information
We Help Fill Out the Life Insurance Application
Once we have received your online request for an application, one of our customer service representatives will call you to verify the information you supplied, answer any questions you may have, and tell you about the life insurance application. We will also discuss the
FREE life insurance medical exam.
This call allows us to help make the process easier for you. By verifying the information you provided online, we can begin to fill out the life insurance application for you. Most life insurance applications are complicated and have many sections that will not need filling out.
Over the phone we will ask many of the questions required to fill out the application. Our goal is to have everything filled out so that when we send you the application, you can easily review it and sign where indicated. By doing this, we simplify the application process for you and make getting life insurance a much more pleasant experience.
Step 3 - The Life Insurance Application
Sign and Return the Life Insurance Application
Every life insurance carrier requires that an application be filled out and turned in with the request for life insurance. Our customer service representatives will fill out much of the application for you so that when you receive it you don’t have to spend hours filling out the required fields. We will also mark where you need to sign to make it easier when we send you the application.
We send your life insurance application via Priority Mail.
You will receive the life insurance application via priority mail within 2-3 business days. The life insurance application will be highlighted where there is missing information so that you can easily complete it. It will also be tabbed to clearly indicate where the life insurance application should be signed.
After filling out the missing information and signing where indicated, you will be able to return the application in a First Class Mail envelope that we include in our packet to you (no postage required).
If available, you will also have the option of binding coverage. This will allow you to have temporary coverage during the life insurance application process (which normally takes anywhere from four to eight weeks).
Step 4 - The Life Insurance Medical Exam
The medical exam is required for all of our term life,
universal life, and whole life insurance policies
Once we have received your request for an application, one of our customer service representatives will call you and order your FREE life insurance medical exam. We will also verify the life insurance application information you supplied online and answer any questions you may have.
You will normally hear from us within 24-48 hours after submitting your request online.
Step 5 - Underwriting Your Life Insurance Application
The Life Insurance Company "Underwrites" Your Application
Once your completed life insurance application is received and your medical exam is taken, they are both transmitted to the life insurance carrier. Once they receive these preliminary requirements, the underwriting process begins.
The underwriting process, on average, takes 4-6 weeks. The time it will take for your individual application depends on what is required by the life insurance underwriter. It is common for the underwriter to request your medical records after reviewing your life insurance application and exam.
The process of obtaining your medical records is usually the longest part of the entire life insurance application process. It can take up to a month or six weeks to receive these records from your physician. During this period you may also be contacted by a case manager to obtain any additional information that has been requested by the life insurance underwriter.
After all requirements are received—including your attending physician statement—it takes the life insurance underwriter approximately 10-14 business days to have a final decision on your application. We will notify you via email or phone as soon as your life insurance application is approved. If the offer (price) is different than what you applied for, we will contact you to discuss your options.
Step 6 - Issuing Your Life Insurance Policy
Receiving Your Issued Life Insurance Policy
Once the life insurance underwriter has approved your application for life insurance, the insurance company will then issue your life insurance policy. It is at this point that your final price is set.
We will send you your life insurance policy, along with any delivery requirements, via Priority Mail.
Delivery requirements are any documents, forms, or payments required by the life insurance company to put your policy in force. These forms generally declare that you are accepting the policy as it has been delivered to you. You will need to sign and return these forms, along with any premium that may be required, to put the life insurance policy in force.
Once we receive these delivery requirements, your life insurance policy is in force. As long as you continue to pay your premiums, you will have life insurance protection for the period that you selected.
If you have any questions regarding the life insurance application process, please call us at-1-877-734-GULF(4853) to speak with one of our life insurance consultants. Remember, at Gulf Coast Planning inc. we are here to help you with all of your life insurance needs!
What Affects My Quote
A List of Common Factors That can Affect the Cost of Life Insurance
While receiving your personalized quote on gcp4life.com, you may wonder why some of the questions asked are important. Below you will find links explaining the importance of each of the fields found on our term life insurance, universal life insurance, and whole life insurance quoters.
Understanding this information can help explain how rates are determined, and how or why they might be different from one place or person to another.
State of Residence
Date of Birth
Gender
Height / Weight
Health Classification
Coverage Amount
Term Period
Cigerette Use
Other Tobacco Use
If you have any other questions about the quoting process, application process, insurance definitions, or life insurance in general, please feel free to call us toll free at 1-877-734-GULF(4853) to speak with a life insurance consultant.
Who will be pleased to help you.
How State of Residence Affects My Quote
You may be wondering why your state of residence can play an important role in the types of products and companies that are available to you. You may also wonder how your state of residence can affect the cost of insurance.
In the United States of America, the life insurance industry is regulated at the state level, not at the federal level. Because each state has its own regulations, not every insurance company has the same products available in every state. Some states have extra fees, while others do not. Some states have limitations and requirements that others do not.
Also, not all life insurance companies are licensed to provide their insurance products in all states. By accurately indicating your state of residence, you can be assured that you will receive quotes for the most competitive plans of insurance available in your state.
Back to Top
Back to Home
How Date of Birth Affects My Quote
Some may wonder why your date of birth is important when applying for life insurance. To answer this, it’s important to understand what life insurance is.
Life Insurance is a way to fill a potential financial void in the case of your death. This void may be created in your home or your business, but in either case, there is a real and significant need for something that is no longer there. Life insurance companies create a way to fill that financial void.
If you die, the death benefit your family or business receives comes directly from the premiums of life insurance policy owners—the “profit” of the insurance company. Because of this, life insurance companies don’t want you to die! The more likely you are to live, the lower you’ll have to pay for life insurance. Having your date of birth helps the insurance company determine your life expectancy.
Some life insurance companies calculate their rates based on your actual age. Other life insurance companies use your closest age. Our online quoter sorts the insurance companies’ rates by your date of birth ensuring that you receive the most competitive quotes available.
Back to Top
Back to Home
How Gender Affects My Quote
In most business and social atmospheres, discriminating based on gender is very inappropriate. In the life insurance world, however, your gender can play a very large role in your cost of insurance.
Because the premiums in life insurance are based on your life expectancy, life insurance companies will always consider your gender during their underwriting process as they determine your cost of insurance.
The life expectancy for a woman is longer than that of a man. Because of this, life insurance companies will generally offer lower premiums to a woman than they will to a man for the same amount of insurance and length of coverage. Because men tend to have shorter life spans than women, they will generally pay more.
Back to Top
Back to Home
How Height / Weight Affects My Quote
Many people wonder why knowing your height or weight is so important to life insurance companies. The truth is that your height and weight ratio can play a huge part in determining the rate class you will be considered for. Because of this, your height and weight will ultimately play a large role in the cost of your life insurance.
Because your physical build directly affects your state of health, life insurance companies will always place importance on your height and weight ratio. The larger you are, the more likely you are to get diabetes, have high blood pressure, or have a heart attack. Because these outcomes are more likely, life insurance companies will consider larger people to be more of a risk. This higher risk will equate to higher premiums.
Life insurance companies can also look negatively at you if you are smaller than is normal for your height. Because having a healthy build can affect so dramatically the cost of life insurance, gcp4life.com always stresses the importance of healthy living to our clients.
Back to Top
Back to Home
How Health Classification Affects My Quote
What is a health classification? Why is it important? The answers to these questions are important in understanding the cost of life insurance. The health class you are assigned to will be the most important factor in deciding how much premium you are asked to pay.
Most life insurance companies have up to fifteen or twenty health rate classifications. The best and most commonly heard rate classes are Preferred Best, Preferred, Standard Plus, and Standard. These are the best rate classes. Below these health classes are many more classes known as table ratings.
To get the best rate on your life insurance you would need to be placed in the Preferred Best rate class. However, only about 2 percent of the population will ever be in good enough health to be considered for this health class.
The purpose of any life insurance company’s underwriting process is to determine which rate class you fall into. They look at your health history, your family health history, and any number of other factors to determine how healthy you are. The healthier you are, the better rate class you will receive, and the lower your life insurance premiums will be.
Part of what makes gcp4life.com a valuable resource to anyone purchasing life insurance is the knowledge we have about different life insurance companies’ underwriting requirements. Our expertise in this area will help you get the best policy at the best price from the life insurance company best suited to your needs.
Back to Top
Back to Home
How the Coverage Amount Affects My Quote
The coverage amount or death benefit is the amount of life insurance for which you are applying. If you are approved, this is the amount of money that your beneficiary will receive if you pass away during the period in which your life insurance is in place.
The amount of coverage for which you apply will directly affect the amount you pay for life insurance. The more coverage you have, the higher your life insurance premiums will be.
A good rule of thumb is to multiply your yearly incomeby eight to ten times.. This will give you a general idea as to how much coverage you should have. However, the amount you need may also be affected by outstanding loans, the number of children you have, and many other circumstances that could affect your family or business’s financial stability if you were to die.
For a free personalized calculation please contact ouor officec and a consultant will be happy to assist you.
Back to Top
Back to Home
How the Term Period Affects My Quote
When applying for term life insurance, the term period is the number of years you will have life insurance protection. You can purchase term life insurance protection for 5, 10, 15, 20, 25 and 30 year periods, depending on your needs. However, not every life insurance company offers plans for every one of these terms.
The most common periods of death benefit protection purchased—and therefore the most competitively priced—are the 10, 15, 20 and 30 year plans.
The term period you select will directly affect the price of the life insurance you apply for. The longer the term period desired, the higher the premiums will be. Because life insurance rates are based on your individual life expectancy, the longer the insurance company covers you, the more risk is involved for them. Because more risk is assumed by the insurance company, the rates for your term insurance will be higher, as the term you have selected is longer.
Back to Top
Back to Home
How Cigarette Use Affects My Quote
If you are a smoker, finding lower life insurance premiums can be very difficult. Smokers generally pay higher rates than non-smokers to account for the increased risk of cancer, heart disease, and cardiovascular disease.
However, finding affordable life insurance for smokers is possible!!
While some life insurance companies have very competitive non-smoker policies, there are a few that specialize in competitive policies for smokers. An occasional smoker can sometimes obtain non-smoker rates based on other health considerations. Our life insurance specialists will work with you to find the life insurance company with the most competitive rates to fit your situation.
How Do I Answer the "Tobacco Use" Questions?
Tobacco use can usually be accurately determined through an insurance exam, which includes a urine specimen. Although cigarette smokers generally pay higher rates than non-smokers, occasional smokers can sometimes obtain "non-smoker" rates. Other tobacco or nicotine users are also sometimes looked at more favorably than heavy or moderate cigarette smokers.
Life insurance companies consider pipe, cigar, chewing tobacco, dip, snuff, nicotine patches and nicotine gum as “other tobacco”. Please answer the tobacco use questions as accurately as possible. Our life insurance specialists will work with you to find the life insurance company with the most competitive rates for your situation.
Back to Top
Back to Home
How Other Tobacco Use Affects My Quote
Life Insurance companies look negatively on any type of tobacco use. If you use tobacco products, your cost of life insurance will be more expensive than if you did not use tobacco products. The higher price for life insurance comes as a result of a higher probability of cancer, heart disease, and cardiovascular disease.
However, if you only use other types of tobacco you can still get a good rate for your life insurance.
While some life insurance companies have very competitive non-smoker policies, there are a few that specialize in competitive policies for smokers. An occasional smoker can sometimes obtain non-smoker rates based on other health considerations. Our life insurance specialists will work with you to find the life insurance company with the most competitive rates to fit your situation.
How Do I Answer the "Tobacco Use" Questions?
Usually, your tobacco use can be accurately determined through the life insurance exam, which includes a urine specimen. Although cigarette smokers generally pay higher rates than non-smokers, occasional smokers can sometimes obtain "non-smoker" rates.
Other tobacco or nicotine users (pipe, cigar, chewing tobacco, dip, snuff, nicotine patches and nicotine gum) are also sometimes looked at more favorably than heavy or moderate cigarette smokers. To receive an accurate quote from our quoter, it’s important to answer the tobacco use questions as accurately as possible. If you have any other questions regarding life insurance for smokers and other tobacco users, please contact us at 1-877-734-GULF(4853).
Back to Top
Back to Home
|
