4 Ways to Speed up your Life Insurance Approval Process

Life Insurance

There are many steps in the process of completing a life insurance application. First, one of our PivotCare Team members, like me, will call you to complete your application over the telephone. This process takes about 20 minutes. Your entire application will be completed over the telephone so it can be mailed out to you for you to review, sign, date and return to us in a postage-paid envelope. After completing the application, we would schedule a convenient time to have your life insurance medical exam completed. (See blog: Life Insurance Medical Exam- What you need to know, published on March 14, 2014 by Kyle McDonald)

Once you have mailed the signed completed life insurance application back and it has been sent to the carrier, this is when the approval process starts. However, this process can be delayed for a number of reasons. Below are a few suggestions on how you can help with this process.

Be certain to have your medical exam completed in a timely manner. Your new policy will not be issued until the carrier receives the results back from your medical exam. If the exam date has been changed from the original time scheduled, it is very important to reschedule this exam as soon as possible. The carrier will not be able to move forward in the approval process of your new life insurance policy until they receive these results from the examiner.

Get your signed and dated application back to us quickly to allow the process to get started quicker. The carrier is unable to proceed with the approval process even the exam has been done, until they receive the signed application back from you.

The next potential delay in the process could be receipt of the medical records, if required. Not all new life insurance policies require doctor’s records but if it is necessary, this does not always go smoothly. Some doctor’s offices release this information quicker than others. Your case manager will request your medical records but if it seems to be taking a long time, we sometimes will need a little assistance from you. We would contact you to see if you could help expedite getting your records from your doctor. Sometimes it can help when the patient themselves call the doctor’s office to speed up the processing of the request.

Another possible delay could be that sometimes once the carrier reviews the application, exam results and even sometimes the doctors’ records, they may request some additional information. At times there could be conflicting information given between the questions that were asked on the application and the doctor’s records. The carrier would contact Pivot to let us know what additional information they are looking for and at that time, your PivotCare Team member would contact you to ask you for this additional information.

About the author: Pam Fortier has been in the life insurance business for over 30 years. She also holds both a LUTCF designation and a CISR designation. Pam is adept at helping clients select the coverage they want at the price they can afford. You can contact Pam at 1-800-651-1953 or PFortier@Pivot.com.