Key takeaways
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- You can buy life insurance online or over the phone, with same-day coverage in many cases from Fidelity Life.
- The life insurance coverage process includes choosing a plan and coverage amount, applying for a policy, and taking a medical exam, in some cases.
- Be prepared to answer questions about yourself, your lifestyle, and medical history to save time and avoid complications during the application process.
Wondering about the steps involved in buying a life insurance policy? Purchasing life insurance these days is easy and convenient, especially with Fidelity Life. Here’s what you need to know about the process.
How long does it take to get a life insurance policy?
Historically, applying for life insurance and securing coverage was a complicated process. You often needed to visit an agent in person, fill out paper forms, and wait weeks – or even months – for approval for your life insurance policy. The delay and hassle of traditional life insurance applications left families not knowing whether they were covered for long periods of time.
These days, it’s a lot quicker than it used to be to get covered – and Fidelity Life makes the life insurance process as easy as possible by:
- Offering multiple ways to buy You can buy online, and shop from the convenience and safety of your own home. Or you can work with an experienced agent over the phone to find a policy that makes sense for you and your family.
- Providing same-day approval capabilities. We use patented technology to speed up the application and approval processes, and to give you the best rates possible. In many cases, your coverage starts the same day.
- Scheduling medical exams on your terms – or waiving them altogether. Stressed about taking a medical exam? You can choose to delay your exam for up to six months when you buy a policy with Fidelity Life, and you may be able to skip it completely. We also offer no medical exam options if you’re worried a medical exam might prevent you from getting traditional coverage.
How to obtain life insurance
Before shopping for life insurance, it helps to start by determining whether you need coverage. Life insurance is designed to protect the ones you love, should the worst happen. Upon your death, your beneficiaries will get a cash payout, called a death benefit, from your policy. The payout from a life insurance policy can be used to cover anything, from everyday living expenses to mortgage payments, tuition, or student debt.
Once you’ve determined if life insurance is a good fit, you’ll want to choose what kind of policy is right for you and how much coverage you want to buy. Fidelity Life offers many kinds of life insurance :
- Term: Term life insurance allows you to purchase coverage for a select length of time, or term, typically between 10 and 30 years. Term life insurance policies range from $50,000 up to $2 million in coverage, and the premiums are typically the most affordable for everyday families.
- Permanent: Permanent life insurance gives you coverage for your entire life, no matter what happens with your health. While permanent life insurance tends to have higher monthly premiums, it also accrues cash value as time goes on, making it a perfect fit for those who are looking to leave a guaranteed financial legacy for their family.
- Final expense: This is insurance that is designed to help older adults cover end-of-life costs, such as funeral expenses or medical debt. Final expense is a type of permanent insurance, so your family will receive a guaranteed payout when you die.
When shopping for a policy, compare life insurance quotes to see how your life insurance rates will stack up. You can get a quote online with Fidelity Life or talk to one of our agents by phone to compare costs.
Once you decide which plan to buy, you can start your application. Different life insurance companies may offer applications online, by phone, or in person. There are two ways to apply with Fidelity Life:
- Buy our RAPID ecision® Life term coverage online in about 10 minutes.
- Apply for any of our plans by phone, which takes about 20 to 30 minutes.
What information is needed for a life insurance policy?
Life insurance is protecting something precious – your life – so your life insurance company will want to know any relevant information that could affect your lifespan. They’ll use these details to not only approve you for coverage, but also to help you lock in the best rates possible.
As far as the procedure of a life insurance policy application, be sure to have the following information on hand:
- Basic information: This includes your full name, mailing address, and Social Security number.
- Medical history and information: Be prepared to discuss any medical conditions you have, prescription drugs you take, and recreational drug use or tobacco use.
- Your family’s medical history: A history of diseases like stroke or diabetes in your family can affect your own life expectancy, which is why insurers want to know about any family history of chronic conditions .
- Your career: Life insurance companies look at your job status, such as your current employer and your salary, to determine how much coverage you can buy. If you’re unemployed , you can still qualify for coverage: Your life insurance company will likely base their decision on your salary history.
- Lifestyle: Your life insurance company will want to know about any of your risky hobbies or activities, such as rock climbing, piloting a plane, or car racing.
- Your beneficiary: It’s also helpful to know who you want to name as your beneficiary for your life insurance policy when you go to apply. Learn more about choosing a beneficiary here .
If you’re purchasing online, make sure to have your preferred credit or debit card ready to make the process more convenient for you.
Will I need to take a medical exam?
When you apply for life insurance, some kinds of policies, like term life or permanent life, require a medical exam. With Fidelity Life’s RAPID ecision® Life term plans, however, you can get approved the same day and choose when to schedule your medical exam.
Other kinds of life insurance products, like final expense insurance, only rely on a health questionnaire – or have no medical requirements at all.
If you need an exam for coverage, you can schedule it at a time and location of your choice. Especially during the COVID-19 pandemic, being able to choose when to take your medical exam gives you more control over the application process and can help you safely schedule an exam when it makes the most sense for your schedule. Learn more about medical exams.
What if I leave something out of my application?
Just like car insurance or health insurance, it’s important to be truthful during the life insurance application process. Be honest about your entire medical history, lifestyle choices and personal information.
Not only will this help your insurance company find the right plan for you, but also help your loved ones avoid issues and complications later on. If it comes out later that you didn’t disclose something accurately on your initial application, your insurance company can deny your application – or deny your family a payout.
When do I find out if I’m approved?
Once your application is complete, your policy goes through the underwriting process to determine if you’re approved and your final rate.
The time from application to approval varies by company, with some insurers providing answers right away and others taking days or weeks. At Fidelity Life, we use a patented process to provide same-day decisions on life insurance in most cases.
If your application is approved, you’ll get a final price for your coverage, or your monthly premium. You’ll pay these premiums to keep your policy active. As soon as your coverage is locked in, you can check life insurance off your to-do list – and get back to living life.
