We know you have a lot of choices when buying term life insurance, and we are proud that you have chosen Phillips Financial & Estate Planning Specialists. With more than 20 years experience processing Term Life Insurance, we have developed processes to streamline your application, making applying for insurance simple and painless.
Steps to Completing Term:
Here are the Five main steps to completing your application and receive a Term Life Insurance Policy.
1. Provide the information to begin the application process.
2. We will confirm the information received from you.
3. The application is submitted to the insurance company along with a medical exam.
4. The insurance company will review and underwrite the application.
5. We will receive the term life insurance policy from the company and mail your policy to you.
1. PROVIDE THE INFORMATION NEEDED TO BEGIN THE APPLICATION PROCESS:
- Complete and submit the online risk questionnaire to find a plan suitable for you.
- Select the insurance company that best suits your needs.
- Complete the Application Request Form and submit. This lets us know which term life insurance that you want.
2. WE WILL CONFIRM THE INFORMATION RECEIVED FROM YOU:
- We call you before the close of the next business day to verify the information received and that the product selected suits your needs.
- We will send you the application by Priority Mail or by email within two business days.
- Some states require a signed insurance illustration. If so, it will be included in your package. Please sign it and return it with your application.
- If you want coverage during the underwriting process you can conditionally bind your coverage. To do so, you will need to include a check for the premium amount you have selected made payable to the company you have chosen. If you have questions about the benefit of binding the policy, please call us at 1-888-892-1102.
3. A MEDICAL EXAMINATION IS SCHEDULED AND COMPLETED:
- We will contact a mobile medical representative in your area who will contact you to schedule a time for your physical examination.
- The exam can be conducted at your chosen time and location and at no expense from you.
- We typically need to allow the examiners 7 days advanced noticed before your exam.
4. THE INSURANCE COMPANY UNDERWRITES THE TERM LIFE INSURANCE APPLICATION:
- The insurance company may contact your physician for an Attending Physician’s Statement (APS). You can help expedite this step by calling your doctor and ask that they reply promptly to any request for information from the life insurance company.
- The underwriting process generally takes the insurance company about six weeks after the exam is completed and your application is submitted. The most common delays are due to incomplete answers on your application and the time needed for the company to obtain medical information from your physician.
- We will update you during the processing, but if you have any questions about the status of your term life insurance application, please contact us at 1-888-892-1102.
5. WE WILL OBTAIN AND MAIL YOUR TERM LIFE INSURANCE POLICY TO YOU:
- When the review is completed, the insurance company will contact us concerning how they have rated and priced your policy. We will work hard for you to get the term life insurance rates originally quoted and we will contact you immediately if there is a difference in rates.
- We will forward your policy to you as soon as we receive it in our office.
- Your initial premium payment (unless you included it with your application) and any other final delivery requirements will be requested when we send your policy.
- Your future premium payments will be sent directly to the life insurance company.
At this point you're free to hold up your 3 iron in a lightening storm...your coverage is in-force!