Why is the Life Insurance Application Taking so Long to Process?

Why is the Life Insurance Application Taking so Long to Process?

Delays in the life insurance application and underwriting process are due to missing/incomplete answers to application questions and outstanding medical information. This missing information can make it a longer process from the get-go, causing frustration.

Here are some tips to insuring you a smoother experience through the life insurance application process:

• Answer ALL questions

• Make sure all signatures are obtained

• Complete ALL medical questions

• Include ALL doctors you have seen

• Complete the family history piece of the application

While a lot of the points above seem pretty basic, these are the items we see missed most of the time. For whatever reason, some of which can be head-scratchers at times, carriers have reasons for asking these questions. Answer them – they are not optional. Leaving questions blank or providing vague answers will only cause frustration delays and frustrations with back and forth volleys between the client, broker and carrier…obviously frustrations that can be avoided. Additionally, listing all of the doctors you have seen is vital in the process. Gathering medical records can take some time. While some doctor’s offices will turn around records in a week, some of the larger hospitals can take several weeks if not a few months. If we receive records and those records make mention of the client seeing another doctor that was not listed up front, the carrier will ask for those additional records. Having to go back out to get the records can set a case back quite some time.

About the author: Seth Gowdy is the Sales Manager for Pivot Insurance and holds multiple insurance and securities licenses. He has been part of the financial services industry for nearly 20 years. In his free time he enjoys being outdoors fishing, hiking, and geocaching with his wife and two children. Seth most enjoys helping clients with Pivot’s anonymous life insurance quote process and needs calculators. You can reach Seth at 1-800-651-1953 or SGowdy@pivot.com.