Why do I need to apply for life insurance?
I know how much I want, can I purchase it now?
Unfortunately, most life insurance companies want to review your medical records and understand your life expectancy before they will offer you a term life insurance policy with any guarantees. Whether or not you qualify for coverage, and what health class you qualify for, will be determined during the life insurance company's underwriting process.
However, in many cases, you can have temporary coverage as soon as the life insurance application is received by the life insurance company. This ability is called "Binding Coverage." This option allows you to purchase temporary life insurance coverage during the underwriting process. In other words, while it normally takes 4-8 weeks for the life insurance policy to be put in force, by binding coverage you can have insurance during that time.
If the life insurance company later determines that they will not cover you, the money that you sent in with the application will all be returned. Life insurance companies offer this because they know that having life insurance is important, and they want you to be able to have that coverage as soon as possible.
Not everyone qualifies for binding coverage. Most companies have specific requirements for binding coverage. To know if you qualify, please call us at 1-800-823-4852.
