When Does My Life Insurance Coverage Begin?

It varies based upon the insurance company so it’s very important to specifically ask your life insurance agent, when your specific life insurance coverage begins. Generally speaking, coverage begins when the insurance company has received and approved the application for coverage, a policy has been issued, all additional documents have been signed and the first premium payment has been paid to the insurance company. However, most companies provide temporary and conditional coverage at the completion of the medical exam, provided an insurance premium payment is made when the application is returned. This coverage is subject to the conditions outlined in the conditional receipt.

How Long Does It Take To Get Insurance?

After asking, "When does my life insurance coverage begin?" The next important question to ask is, "How long does it take to get insurance?"

To understand how long it takes to get life insurance, it’s important to understand the life insurance application process. When you submit a quote request online, you’ll receive instant quotes for multiple life insurance options. Once you’ve chosen a plan, an agent will walk you through the application process.

Most plans will require you to undertake a medical exam but no medical exam offerings are becoming more available. The medical exam is a simple process that takes less than 30 minutes to complete. You’ll be able to schedule your exam very quickly once you submit your application. Coverage begins when your medical exam is completed successfullyalong with the required paperwork signed, and your first payment processed. The entire process should be very quick and straightforward. However, in some cases gathering information from doctors may take longer for those with health issues.

Waiting Period For Insurance Coverage?

When shopping for life insurance policies, one of the key things to inquire about is if there is a waiting period for insurance coverage. If there is one, how long does the waiting period last.

Waiting period for life insurance coverage are the period of time you’ll need to be enrolled in a policy for before it will pay out the full death benefit. If the policyholder passes away during the waiting period, the policy will only pay out the amount paid to the insurer for the premium payments since the policy began. The waiting period is usually associated with guaranteed issue a final expense or burial insurance policy.

Replacing an Existing Policy

We do recommend that you complete a regular review of your policy to ensure that you have adequate coverage in an ever-changing environment. There are many reasons to re-evaluate your existing life insurance coverage as life brings change. You may have experienced a significant life event like getting married, having a baby, buying a new home or becoming the primary wage earner. These types of life events can drastically increase your coverage needs, making re-evaluating your coverage an important financial planning step to ensure that your loved ones will be protected from financial worry after you pass away.

In the event you are considering replacing an existing policy, you should always continue coverage until a new policy is approved and placed in force with the insurance company. Important note about replacing an existing policy: the steps you will be required to go through are typically different than other forms of insurance. Additional screening is required to ensure that you are not being taken advantage of by an insurance agent who is trying to secure a new commission. Be prepared to answer specific questions about your existing policy such as policy number, insurance company, etc.

Finding Additional Coverage

If you’d like to discuss your coverage needs, our licensed agents are here to answer any questions you may have. We offer guidance on choosing a new plan. You can use our online quoting system to get instant quotes for new whole or term life coverage options.

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