Applying for life insurance can feel daunting, but understanding the process and preparing properly can help you get approved faster and secure better rates. Here are expert tips to navigate the application process successfully.
Before You Apply: Preparation Tips
1. Apply When You Are Healthy
The best time to apply for life insurance is when you are in good health. Waiting until you have health problems can result in:
- Higher premiums (rated policies)
- Coverage limitations or exclusions
- Possible denial of coverage
Even minor health improvements can make a difference. If you are working on losing weight, getting blood pressure under control, or managing a health condition, you might benefit from waiting a few months.
2. Shop Around and Compare
Different insurance companies specialize in different risk profiles. One company might offer great rates for diabetics, while another excels with high blood pressure cases. Work with an independent agent who can shop your application to multiple insurers to find the best rates for your situation.
3. Determine the Right Coverage Amount
Calculate your coverage needs before applying. Consider:
- Income replacement (10-15x annual income)
- Outstanding debts (mortgage, loans)
- College funding for children
- Final expenses
It is easier to apply for the right amount initially than to increase coverage later.
4. Choose the Right Term Length
Match your term to your longest financial obligation:
- 20-year term for most families
- 30-year term if you have young children or a new mortgage
- 10-year term for supplemental coverage or temporary needs
During the Application: What to Expect
The Application Form
You will need to provide:
- Personal information (name, address, date of birth, SSN)
- Medical history (conditions, surgeries, medications)
- Family medical history
- Lifestyle information (tobacco use, alcohol, hobbies)
- Financial information (income, net worth)
- Beneficiary information
Be Completely Honest
This is the most important tip: Never lie or omit information on your application. Insurance companies verify everything through:
- Medical Information Bureau (MIB) records
- Prescription drug databases
- Driving records
- Medical records from your doctors
Misrepresentation can result in denied claims, even years later. If you are unsure whether to disclose something, disclose it. Let the underwriters make the decision.
The Medical Exam
Most policies require a paramedical exam:
- Done at your home or office
- Takes 20-30 minutes
- Free of charge
- Includes blood pressure, height/weight, blood and urine samples
Tips for the Best Medical Exam Results
Before the Exam:
- Fast for 8-12 hours (water is okay)
- Avoid alcohol for 24-48 hours
- Avoid caffeine day of exam
- Avoid strenuous exercise 24 hours before
- Get good sleep the night before
- Stay well hydrated
- Schedule for morning if possible
During the Exam:
- Relax and breathe normally for blood pressure
- Bring a list of current medications
- Be honest with the examiner
- Ask questions if you are unsure about anything
The No-Medical-Exam Alternative: Mortgage Protection Insurance
If the medical exam process feels daunting AND your primary concern is protecting your mortgage, there is an alternative: Mortgage Protection Insurance. MoProInsure.com specializes exclusively in MPI (not term life or whole life) and can get you covered with no physical exam required. No physical exam required ever. Simple health questions only. No blood tests or urine samples. Faster approval often in one phone call. More forgiving underwriting.
Common Application Mistakes to Avoid
1. Applying to Too Many Companies at Once
Multiple applications create a paper trail in the MIB. If one company declines you, others will see it. Work with one agent to determine the best company for your situation before applying.
2. Not Disclosing All Medications
Insurance companies check prescription databases. Disclose all medications, including supplements if asked. Some medications signal conditions you might have forgotten to mention.
3. Underestimating Weight or Height
The medical exam will reveal your actual measurements. Be accurate on your application.
4. Forgetting to Mention Past Tobacco Use
You must disclose tobacco use within the last 12 months (sometimes 24-36 months depending on company). Cotinine tests in your blood will reveal recent tobacco use.
5. Omitting Risky Hobbies
Skydiving, scuba diving, racing, and other risky activities must be disclosed. Companies may add exclusions or charge extra, but it is better than a denied claim.
Underwriting Process
After you apply, the underwriting process typically takes 2-8 weeks:
- Application review: Initial assessment of your application
- Medical exam: Paramedical visit scheduled
- Medical records: Company requests records from your doctors
- Underwriting decision: Risk assessment and rate determination
- Offer: Approval at a specific rate class
Understanding Rate Classes
You will be placed in a health category:
- Preferred Plus: Best health, lowest rates
- Preferred: Very good health
- Standard Plus: Good health
- Standard: Average health
- Rated/Table Rated: Health issues, higher premiums
If you receive a rating you disagree with, you can:
- Provide additional medical information
- Request reconsideration
- Apply with a different company
If You Are Declined
A decline is not the end. Options include:
- Apply with a different company (they all have different underwriting guidelines)
- Consider guaranteed issue policies
- Look into group coverage through associations
- Improve your health and reapply in 6-12 months
After Approval
Review Your Policy
When your policy arrives, you have a free look period (usually 10-30 days) to review it and cancel for a full refund if it is not right.
Check for Accuracy
Verify:
- Coverage amount is correct
- Beneficiaries are listed properly
- Term length is what you chose
- Premium amount matches your quote
Keep Your Policy Safe
- Store in a safe place
- Tell your beneficiaries where to find it
- Keep a copy of important documents
Compare More Insurance Options
Explore specialized insurance comparison resources:
- Senior Life Insurance Guide – Tailored coverage for seniors
- Home Secure Quote – Home and mortgage protection
- Mortgage Shield Center – Dedicated mortgage insurance
Related Resources
Final Thoughts
The life insurance application process might seem complex, but millions of people successfully obtain coverage every year. With proper preparation, complete honesty, and the right guidance, you can secure the protection your family needs.
Special Note on Mortgage Protection: If protecting your home is your primary concern and you want to avoid the medical exam process entirely, consider Mortgage Protection Insurance from MoProInsure.com. They specialize exclusively in mortgage protection coverage with simplified approval and no medical exams required.