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    How long should this take?

    How long does the life insurance purchase process take? Specifically from the day application is received to the day you pay the first bill?

    Our application was received on October 13 and we still are not covered. We were approved and agreed on the price and coverage two weeks ago. One small hiccup that was cleared around January where they said I was a smoker and I am not.

    I don't get what we are waiting on and when I ask my rep I am told this is a very long process and moves very slowly. I don't get why I know what I am buying, and I know what it costs , but I still can't pay for it. Frustrating.

    #2
    It depends...

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      #3
      I’ve sold life policies for 38 years. That time frame is not normal. I won’t say impossible, but definitely not normal. Did you pay anything at the time of the application, or was this a COD upon delivery policy? Did they change the rating of the policy from the rate it was applied for?

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        #4
        We both have policies through work But carry a couple of quarter million dollar policy’s through Farm Bureau, all done in six weeks or so.

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          #5
          Originally posted by bugleboy View Post
          I’ve sold life policies for 38 years. That time frame is not normal. I won’t say impossible, but definitely not normal. Did you pay anything at the time of the application, or was this a COD upon delivery policy? Did they change the rating of the policy from the rate it was applied for?
          Nothing paid at the time of the application. I don't believe the rates were changed...although I suppose it's possible. I am overweight and she had 2 melanomas and a history of polyps. Her dad died of colon cancer.

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            #6
            Sounds like your agent might not have been too sure if his company would be able to write a policy for you, and sent application in COD. As skinsfan mentioned, six weeks is a much more normal timeframe. Coincidentally, I am a Farm Bureau agent. Kids may be issued in a week. But having pre-existing conditions, like you described for your wife, would definitely prolong the issuance. The underwriters want to hear from every doctor she has seen it seems like. Often waiting two weeks to a month to get a reply from a doctors office. If they find out from the first doctor that another doctor was involved, the process starts again. So it can drag out! You said though that you have been approved. Once that’s the case, It should just be a matter of your agent receiving the policy from their home office and delivering it to you for your approval and payment.

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              #7
              I bought a $3M 20yr and a $1M 30yr term policy thru Farmers 2 years ago and it took about 2 weeks. No medical conditions though.


              Sent from my iPhone using Tapatalk

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                #8
                If I canceled this right now and went with someone else would that be a "ding," or any other red flag to an insurance company? Got the paperwork to sign and the price has gone up between receiving the approval and quotes after the bloodwork was done now. I am not sure how that happens. Then on the paperwork it says by signing you are agreeing you have not consulted with a physician. Well how in the hell do you expect this process to take six months and neither one of sees a doctor? Wife had her once every 5 years colonoscopy and has consulted with them regarding labs during g this time.

                Needless to say I have about had it and if there are any dings I would rather not do business with her.

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                  #9
                  Originally posted by ctom87 View Post
                  If I canceled this right now and went with someone else would that be a "ding," or any other red flag to an insurance company? Got the paperwork to sign and the price has gone up between receiving the approval and quotes after the bloodwork was done now. I am not sure how that happens. Then on the paperwork it says by signing you are agreeing you have not consulted with a physician. Well how in the hell do you expect this process to take six months and neither one of sees a doctor? Wife had her once every 5 years colonoscopy and has consulted with them regarding labs during g this time.

                  Needless to say I have about had it and if there are any dings I would rather not do business with her.
                  Price is always an estimate until everything is done. If I was you I would accept the coverage and start the policy. Then you can look into other options and still have coverage in place while you do so. Not everyone can get approved for life insurance so that is a good thing. That time line was crazy long. I have one working right now on a 52 year old man that has survived cancer 2x. It has been 10 years since his 2nd cancer. I will have his policy in place by Friday. Just about a month start to finish.

                  Did you go with a broker or a captive agent?

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                    #10
                    Originally posted by ctom87 View Post
                    If I canceled this right now and went with someone else would that be a "ding," or any other red flag to an insurance company? Got the paperwork to sign and the price has gone up between receiving the approval and quotes after the bloodwork was done now. I am not sure how that happens. Then on the paperwork it says by signing you are agreeing you have not consulted with a physician. Well how in the hell do you expect this process to take six months and neither one of sees a doctor? Wife had her once every 5 years colonoscopy and has consulted with them regarding labs during g this time.

                    Needless to say I have about had it and if there are any dings I would rather not do business with her.
                    Probably wouldn't be a ding but you should have a "30 day free look option" or something similar built into the policy. There are several insurance agents on this forum (myself included) that are always willing to help. Keep the questions coming or feel free to PM one of us.

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                      #11
                      Depends A Lot... make sure to get underwritten before the policy is issued. Some places are going off just the questions then denying coverage if they find 1 thing wrong. Good of you to be purchasing it!

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                        #12
                        I was told by the agent that all that lacked was signing paperwork and providing checking information so funds could be withdrawn.

                        I sent this information on April 9th so she could scan it and send it to the insurance company the same day or over the weekend. On the April 16, we received a letter dated the 12th of April that our file would be closed because they did not receive the signatures and checking information. Remember, this was provided on the 9th. I called the insurance company directly to find out what happened and was told that even today 10 days after I gave our agent the paperwork, she had not submitted it to the insurance company.

                        I asked the representative if it were possible to move forward without the insurance agent and she said yes. I have had it with my current one! Moving on.

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