$2.17 for Children or Grandchildren
How Long Does It Take to Get a Life Insurance Policy?
How Long Does It Take to Get a Life Insurance Policy?
Most of us wouldn’t dare to get behind the wheel of our car without knowing that a solid insurance policy was in place. This isn’t just because it is illegal to drive a car without insurance. We also understand that our insurance is what protects us from going into debt trying to pay back medical and repair bills if we are involved in an accident.
For some reason, many of us fail to apply this same reasoning when considering life insurance. Perhaps the most important purpose of life insurance is to protect your dependents. If you have minor children, a spouse, or others who depend fully or in part on your monthly income, you need a life insurance policy to ensure that they will be cared for in the event of your untimely death.
But just how long does it take to get a life insurance policy? If you aren’t currently covered by a life insurance policy, or don’t know whether you are or not, keep reading to find out what your next steps are ...
Here is what to consider before dropping that safety net ...
Determine whether or not you already have coverage
Most employers will offer different types of insurance plans as part of their benefits package, however, just what is offered varies widely. Be sure to check your benefits information carefully to determine what coverages are offered to you through your current job. It’s not uncommon for companies to offer group term-life insurance, disability insurance, and health insurance to employees as part of their benefits packages.
That said, many positions don’t offer their employees any insurance perks at all, so it really does depend on the organization. Access to insurance benefits through an employer may also be limited by other factors such as how long you’ve held the position and whether you are considered a full or part-time employee.
Once you have determined whether or not you already have a life insurance policy through your current position, you will need to take some additional factors into consideration.
First, you will want to determine the actual length of your employer-based coverage. Term life insurance policies often have terms from 5-30 years. However, if your coverage comes as an employment benefit, it may also terminate with the end of your employment. This means you won’t be covered anymore if you get fired or leave your job.
Another factor to consider is that employer-based coverage is often limited in terms of the amount of the total death benefit. Many employer-based plans will offer death benefits in the amount of one to two years of the policyholder’s salary. However, you may be able to purchase a term life insurance policy on your own with a death benefit that is equal to your after-tax salary for five, ten, twenty years.
Purchasing a life insurance policy
If you aren’t currently covered or have decided that your current coverage isn’t adequate, then you can purchase life insurance directly through an insurance provider. For most policy purchasers, the burning question is then “how long will it take to get the policy?”
In other words, you want to know when coverage, and thus protection for your family, will officially start. This will largely be determined by whether you purchase a policy that requires a medical exam.
Medical exam or no medical exam
If you need speedy coverage or don’t want to submit a medical examination, then you could opt to purchase a life insurance policy that does not require a medical exam. You will still be asked to submit answers to questions about your health to help determine your premium and eligibility.
Also, no exam doesn’t mean that there won’t be any underwriting. Insurance companies are allowed to use information from driving records and medical records to determine your premium. This process may take anywhere from approximately 1 day to more than a week. However, choosing the no exam option is the fastest way to get a policy set up.
One word of advice: Don’t choose this option in the hopes of hiding a medical issue from the insurance company. Lying about your medical history on an application is fraud. Also, odds are that the company will find out, either through the underwriting process or after your death. If it is determined that you received the policy under false pretenses, this could nullify the policy.
To summarize, here are the steps towards getting the right amount of coverage as expediently as possible.
- Check to see if you already have coverage through an employer
- Determine whether this coverage is adequate
- Contact insurance companies to shop around for a policy
- Choose a no-exam policy if your goal is to be covered within a week or so
You might also be interested in...
- 6 Foods That Feed Your Brain
- 6 Things To Give Up This Year
- 7 Common Relationship Deal-Breakers
- 7 Facts Women Should Know About Heart Disease
- When You Already Feel Like Giving Up On Your Resolutions
- Amazing Tips To Help You Get Through Allergy Season
- Anti-Aging Tips And Tricks
- Are Protein Shakes A Healthy Choice?
- Are We More Stressed Than the Rest of the World
- Are You Ruining Your Relationship
- Are You Socially Awkward?
- Attitude Of Gratitude
- Beating Work Burnout is Easier than You Think
- Benefits Of Yoga And Meditation
- Beware Of Relationship Killers
- Big Cities Surprisingly Great for Outdoorsy People
- How To Boost Your Self Confidence
- Can Saying You’re Sorry Save Your Life?
- Can White Wines Be Healthy Too
- Changing Careers In Your 40s
- Divorced, But Are You Ready To Start Dating Again?
- Do You Fight Like Other Couples?
- When you don't have a green thumb
- 8 PreWorkout Meals To Maximize Results
- Financial Benefits Of Co-Habitation vs Marriage
- Financial Tips To Follow During And After Divorce
- Five Ways To Lead A Regret-Free Life
- Why Your Friends Should Be Jealous If You’re 30-Something And Single
- Can A Full Moon Really Affect People?
- Getting a Life Insurance Quote Without Getting a Medical Exam
- Health Benefits Of Almond Milk
- The Health Benefits Of Avocado
- Health Benefits Of Cinnamon
- How To Choose A Multivitamin?
- How To Make The New Year The Best One Yet
- How To Prepare For Your Next Interview
- Is a Co-worker Making You Hate Your Job?
- Is The Ketogenic Diet Safe?
- Is Music The Antidote For Depression
- Is Your Diet Making You Feel More Stress?
- How To Keep Your Facebook Safe From Scammers
- Life Insurance Companies Offer Protection
- Living With Fibromyalgia
- How To Look Better Than Ever At 40
- More Big Cities Surprisingly Great for Outdoorsy People
- Natural Remedies For Acid Reflux
- No Medical Exam Life Insurance—Simple Application
- 10 Olympic Sports That Didn’t Make the Cut
- Outrageous Facts about U.S. Presidents
- Ovarian Cancer--The Silent Killer
- Overcoming Frustration
- How To Get Relief From Credit Card Debt
- Is There A Risk of Heart Disease Due To Drinking?
- Shocking Food Facts that May Change the Way You Eat
- Sick Of Running? 5 Cardio Routines You Should Try Instead
- Smart Tips for Getting Paid What You Really Deserve
- Strange Laws You Don't Even Know You're Breaking
- The Singles’ Guide To Life Insurance
- Things To Remember When Buying Life Insurance
- Top 5 Things You Need To Know About Life Insurance
- Top 6 Factors That Destroy Your Credit Score
- Top Ten Health Tips For Active Women Over 50
- Treating Menopause Symptoms With Alternative Medicine
- Want To Know How Your Interview Went? Think Of It Like A First Date…
- What Every Woman Should Know About Breast Cancer
- What Is Ruining Your Workout
- What Most 30–Somethings Wish They’d Known in Their 20s
- Whats Really To Blame For Your Bad Mood
- Why You Keep Overeating and How to Stop
- Why You Need To Talk About Life Insurance
- You Can't Afford to Believe These Women's Health Myths
- 5 Plants To Keep In Your Bedroom
- Five Simple Ways To Protect Your Retirement
- The Best Ways To Cover Gray Hair
- 5 Hidden Causes Of High Blood Pressure
- 10 Steps To Get Through The Holidays Stress-Free
- 5 Ways To Break A Bad Habit
- The 5 Benefits Of A Veterans Home Loan
- Top 5 Prevention Tips For Heart Disease And Stroke
- 5 Surprising Facts About Low-Carb Diets
- 7 Ways To Live A Happier Life
- 6 Tips To Be More Productive
- 7 Steps To Help Someone Who Is Grieving
- 4 Reasons Why Your Diet Resolutions May Be Counterproductive
- Deciding On Braces After 40
- Why A Massage May Be Helpful For Back Pain
- How To Have Self-Compassion
- How To Stay Productive When You Don’t Feel Like it
- Foods To Eat When You’re Feeling Stressed
- How Helping Others Can Make You Happier
- Why You Don’t Have To Fear Fat When Dieting
- 6 Things You Should Do To Live Without Regret
- How To Create Your Own Happiness
- How To Get Immediate Stress Relief
- Why It May Be Time To Make Some Changes
- Why You May Want To Sleep On Your Left Side
- 4 Health Symptoms You Should Never Ignore
- Dos And Don’ts Of Job Interviews
- How You Can Benefit From Showing A Little Love
- Can Debt Affect Your Health?
- What Women In Their 50s Know
- Hidden Reasons For Night Sweats
- 5 Simple Lung Cancer Prevention Tips
- Why You Should Get Out Of Your Comfort Zone Now
- 7 Tips To Keep Runners Safe
- How To Stop Emotional Eating Now
- Reach Your Potential In 4 Steps
- 5 Ultimate Weight Loss Hacks
- Can Social Media Help With Weight Loss
- How A Good Impression Can Change Everything
- Must-Know Travel Tips If You Want To Stay Safe
- Three New Ways To Make Big Changes
- The Hidden Benefits Of Ginger
- 5 Tricks To Slim Down Fast
- How To Finally Wake Up Better
- 5 Chemical-Free Ways To Keep Skin Young
- The Secret Benefits Of Salt
- Why Be An Organ Donor?
- How To Relieve Stomach Ulcers Fast
- Disaster Relief Do’s And Don’ts
- How To Say Goodbye To A Loved One
- 4 Tricks To Prevent A Cybercrime Attack
- The Dos And Don’ts Of Getting A Tattoo
- What To Do When Hearing Loss Strikes
- How Auto Ship Programs Keep Scamming People
- How To Decrease Stress And Increase Productivity
- Unique Relief For Chronic Neck Pain
- Ransomware–What It Is And How To Avoid Attack
- Five Reasons To Drink More Tea
- 5 Major Life Events That May Require Life Insurance
- 6 Reasons Newlyweds Should Consider Life Insurance
- How Long Does It Take to Get a Life Insurance Policy?
- How Long Does It Take to Get Life Insurance Money?
- What You Need To Know About Mortgage Assistance Programs
- How to Build a Better Resume: 7 Helpful Tips
- 4 Things Women Should Do During Breast Cancer Awareness Month
- 10 Ways to Get More Out of Life
- Who Owns Globe Life and Accident Insurance Company?
- Can I Buy Life Insurance Online?
- Cancelling My Life Insurance. What are My Options?
- Can Life Insurance be Purchased on Anyone by Anyone?