Typically, life insurance underwriters gather information regarding the risk of insuring a person's life through more than just the application for coverage. They will check your medical information available on the MIB (Medical Information Bureau), the lab results and often your personal medical records.
The medical records often take the longest time for the underwriter to obtain. Many doctors utilize services to copy the records and send them to the requesting party, while others do this "in house".
Sometimes the person applying for life insurance may need to call their doctor's office to get them to release their medical records for review by the insurance company. Also, obtaining medical records may take 30 to 60 days, resulting in longer underwriting times.
However, there are some life insurance companies that offer same day coverage and allow you to apply online for instant approval life insurance policies. These plans require you to answer some health questions that help the insurance company in determining if you qualify for life insurance.
Learn how you may qualify to purchase instance coverage life insurance online starting today.