How long does it take to get life insurance cover?
How long does it take to get life insurance cover?
My husband & I are in the process of taking out life insurance cover for our mortgage, which is being changed from half repayment/half interest to full repayment. We have filled in the application form & got to the stage of me needing a medical report from our GP.The GP has had the request a week. How long will the whole process take once the insurance company get the GP report back? Is it fairly quick?does anyone know?
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3 Responses
1.31.2010
It really depends on the insurance company and the AGENT you allowed to work on your behalf. Personally, I follow up with the medical records department at the physicians office to inquire whether they have received the request along with the payment from the requesting insurance company and then I politely ask if the information has been mailed back or if not, then could they fax it in ASAP so a determination can be made quickly. Not all agents are as prompt or follow up in the same manner. Once the company's underwriter receives the records it could take another 2-3 days to a week to review the documents, like I said depending on the company. You did not mention the company that you applied for, I can only suggest that you phone the agent to inquire whether the records have been received and if not if he or she could step in on your behalf and nudge your physicians office. You can always do this yourself; however, that is what your agent is for. Hope this helped you, best wishes to you and yours. Source(s): independent life & health broker
1.31.2010
It depends on the company, the amount you are taking out and your health. Hopefully you are taking out a 20 or 30 year term policy. If anyone talked you into anything else, you will certainly regret it in the future. Feel free to let me know if you have any other questions. Source(s): I provide life insurance advice and sales
1.31.2010
You might want to investigate level term policies on yourselves instead. Could be cheaper and will have wider coverage than mortgage-protection life ins.