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When Does My Life Insurance Coverage Begin?

It varies based upon the insurance company. Generally speaking coverage begins when the insurance company has received and approved the application for coverage, a policy has been issued and 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.
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. In the event you are considering replacing an existing policy, you must continue coverage until a new policy is approved at a satisfactory premium 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. Be prepared to answer specific questions about your existing policy such as policy number, insurance company, etc. The main reason for the additional screening is for your protection to ensure that you are not being taken advantage of by an insurance agent who is trying to secure a new commission.

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