How Long Does It Take To Get A Policy After Submitting an Ap

Jan 23, 2007

  1. Guest
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    Guest Guest

    Hello,

    Is there an average period of time one should expect to elapse from application of a life insurance policy to receiving it?

    I submitted applications. The insurance company cashed the check on January 5. Therefore, they have had the applications since at least January 4. Here we are on the 23rd, 19 days later, and have not received a policy.

    The children are in perfect health. The underwriting review should probably have taken 15 minutes (if the person was doing it at a leisurely pace and talking on the phone to her mother). The company is the same company that we got our WL 10 pay from. Since we just finished paying the 10 pay off, we got them VUL's.

    The reasons I am getting so anxious, well, upon application one is excited to get the policy (imagine yourself mail ordering something) and constantly looking forward to the mail. I guess I cannot explain it, best I can say, is that it is turning into aggravation/frustration/annoyance. When I finally get it, it will not be like a cherished item just received, but an attitude of "it is about time;" the luster will have worn off.

    There is one other thing. The only reason we went with this company is out of loyalty to our insurance agent. He is our PC agent. We bought our WL 10 pay from him. When the 10 pay was paid off, he called to "congratulate" us. Naturally, I asked him about other policies to include UL's and VUL's. I probably spent 45 minutes talking to him on the phone (he called me at work so I was watching my time, I know for a fact I did not spend more than an hour). He e-mailed illustrations. Fine. He spent time with me, he cannnot inventory his time or ever recoup it. I figured I owed it to him, plus I lead him on that we were interested (which we were). So I figured I owed him out of decency.

    So, I do not know if this is an unreasonable amount of time. I know I am fast losing interest (especially after reading this board and realizing that there are far superior products. James always talks about LTC and CI riders, Stibroker about his indexed UL). Airborne1 has made some claims about knowing some great companies where one can reduce the insurance to $1,000 and getting interest free loans after a certain amount of time AND no cancellation penalties after a year. When I say I am losing interest, not in getting it, but in getting this particular product when I am sure there are better out there.


    And yes, I did call my agent (captive) up, and he did not in any way think the amount of time unreasonable - - in fact he acted like it was quite normal.

    Thanks.
     
    Guest, Jan 23, 2007
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    Guest Guest

    Call the agent again and tell him in no uncertain terms that yu want to know the status of your application by the close of business tomorrow. If he won't do it, tell him you will not accept the policy (you have a ten day free-look... well in CA you do... and you can cancel and get a full refund.)

    It might help if you told us what company you went with.

    Al
    http://www.insurancesolutions123.com
     
    Guest, Jan 23, 2007
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    al3,

    Thanks for the response. I went with State Farm. I know, they really are a PC company. But, My father has been with this agent, when I got my drivers license, I naturally went to him, when I got married and bought a home, I went to him. So I owe him because he has been very good to us.

    It is just that daggone it...there is a fine line between being loyal to someone and being dumb.

    The other side of the coin, he may have acted nonchillant with me (or however you spell it) and gotten on the phone right away with underwriting after hanging up on me and started ratling some cages - - who knows.


    Yes, we get a 10 day no penalty cancellation here too with VUL's.

    Thanks for your reply.
     
    Guest, Jan 23, 2007
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  4. James
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    James Guru

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    I agree with your agent, 4-6 weeks for delivery of policies is pretty much norm with most insurance carriers, that is for UL and WL now with a VUL I would expect additional time on average. I would expect the hold up is on the amount and the fact that it is children involved. I wouldn't get upset at all, it the nature of the beast. In no way am I meaning to put down VUL's, they can and do pay off, just stay active on its performance and the adjustable factors and I'm sure it will be a cherish contract in years to come!
     
    James, Jan 23, 2007
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    I believe that State Farm writes all their health with Assurant... so if that is true, you will get a good policy (well... depending on which flavor you chose.)

    And if IT is Assurant... they have super-fast underwriting... and on children it should be 24 hours... maybe even online in real time!

    Here is my guess. The agent go busy with something else and never submitted the application ... but that's just a guess.

    Loyalty is fine, but it MUST be balanced with service. Otherwise you are acting in his best interest and not your own... and that is simply bad "insurance thinking." The agent and policy and carrier must serve YOUR needs, not the other way around (which is why I like Blue Shield in CA because they ANSWER THE DAMN PHONE when it rings!)

    Al
    http://www.insurancesolutions123.com
     
    Guest, Jan 23, 2007
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    James:

    Thanks alot.

    al3:

    [/quote]I believe that State Farm writes all their health with Assurant... so if that is true, you will get a good policy (well... depending on which flavor you chose.)

    And if IT is Assurant... they have super-fast underwriting... and on children it should be 24 hours... maybe even online in real time!
     
    Guest, Jan 23, 2007
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  7. NHB_MMA
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    Most agents where I'm at will say somewhere between 1 and 4 weeks. I'm sure every now and then a case takes longer.

    I've heard stories of 3 months or so from some companies and that is inexcusable. State Farm shouldn't be bad in that regard. I would give it a little more time, as anything within a month should be reasonable.
     
    NHB_MMA, Jan 24, 2007
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    On a clean case it should be closer to 1 week and not 4 with most carriers.

    I just wrote myself (age 59) with an HSA with Blue Shield of CA, did it online at 10 pm on a Monday night. I got an email of approval on Thursday morning. They don't know I'm an agent (their applications does not even ask occupation if I remember correctly.) I got no special treatment TTBOMK.

    I think John P. has had cases with Assurant approved in hours.

    Why you have not heard in 3 weeks is a mystery to me.... unless they are getting med. records from your doctor... and I'm told that usually they inform you of that.... they will if your agent calls in for a status report on your app.

    Al
    http://www.insurancesolutions123.com
     
    Guest, Jan 24, 2007
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  9. James
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    You do understand that we are talking a life contract not a health contract?
     
    James, Jan 24, 2007
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    NO I DID NOT! I must be the dumbest guy here.

    All this time I thought you were talking health care.

    Maybe I need new glasses!

    Man, do I feel stupid.

    Well that's it for me. I can't do any more cold calling today. I'm going to play golf... where you can feel stupid and not care because EVERYONE hits a few into the woods each round.

    Al
     
    Guest, Jan 24, 2007
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