The information provided by the applicant helps the insurance company to determine whether the applicant is a good risk for life insurance, and what the life expectancy of the applicant may be, as well as, the health and lifestyle of the applicant.
The life insurance company uses the information provided by the applicant in order to decide whether or not to insure the person for life insurance, and if they do insure, what amount of life insurance they will offer, and what rate they will charge for the coverage.
In addition to a completed application, the insurance company may require the applicant to take a paramed exam or full physical examination, and provide blood, urine or saliva which will be tested.
The insurance company may test your blood, saliva or urine to check for health problems, STD's, diabetes, high cholesterol, high protein, prescription drugs, illegal drugs, nicotine, etc.
Once the life insurance company has all of the necessary information, including Medical Information Bureau info about your health history, your driving record, your credit history, etc., they will make a determination about insuring you for life insurance.
You pay a premium with your application to begin your life insurance coverage.
Once you are approved, you will receive your life insurance policy, usually in about 6-8 weeks of your initial application for coverage.
Although, there is another option. You can apply for life insurance online and find out today of you qualify for coverage. If approved, you may be able to start your life insurance policy today. There's no medical examination required, just some health questions to answer. Up to $350,000 of life insurance is available without any health exam.