What is the approval process?

 

It takes about four weeks.

 

1.  Talk with Policy Concierge on the phone to complete a life insurance application.

 

2.  Complete a personal history interview via online or phone, depending on the company.  The personal history interview consists of your family and health backgrounds.

 

3.  If required, complete an exam by either having a medical professional visit your residence or workplace or visiting an exam center.  Blood and urine samples will be required.  Fasting for 12 hours is recommended.

 

4.  If necessary, complete and return any other required documents to Policy Concierge for the final review of your application.

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What are the differences among life insurance companies?

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Financial Ratings

AM Best, Fitch, Moody's, and Poor's are credit rating agencies that measure the financial strengths of life insurance companies based on their abilities to pay claims.  In particular, AM Best focuses on the insurance industry.  A+ and A++ are the best ratings life insurance companies can receive.

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Underwriting

All life insurance companies have different guidelines for each underwriting category/class.  Depending on the criteria, some life insurance companies are more lenient than others.

 

Accelerated Death Benefits

Included accelerated death benefits differ among life insurance companies.  A physician must provide written certification that you are chronically, critically, or terminally ill.

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Chronic Illness:  Within the last 12 months, you are considered chronically ill if you are unable to perform, for at least 90 days without substantial assistance from another person, at least two activities of daily living or require substantial supervision by another person to protect yourself from threats to health and safety due to sever cognitive impairment.  These requirements may differ among states.

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Critical Illness:  If you have one of the following conditions, you may qualify:  cancer, heart attack, kidney failure, major organ transplant, or stroke.  You are allowed an election for each occurrence of a specified medical condition.

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Terminal Illness:  If you have been diagnosed with a medical condition that results in a lifespan of 24 months or less, you are considered terminally ill.  However, some life insurance companies' requirements are 12 or 6 months or less.  These requirements may differ among states.

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Convertibility

Depending on the life insurance company, the number of choices you have will differ.  Some companies allow you to choose from any of their permanent products.  Others will restrict your choices.  Based on the company, the maximum age to convert varies from 65 to 75 years old.

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Can I receive my life insurance policy online?

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Yes.  All life insurance companies provide policies electronically.

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Can agents or brokers offer different premiums?

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No.  Life insurance companies dictate their premiums.  It is illegal for agents or brokers to alter premiums.