After you submit the pre-application on the Quotacy website, we work together with you to turn that into a formal application. We first take a look at it to make sure your insurance needs match the product you are applying for. We do not upsell. We just want to be sure if you have a medical condition, such as diabetes, that you are applying to the carrier that best treats that condition. If there is no further information we need from you, we will email you a fillable application to complete that can be easily signed electronically and securely emailed back.
If we do need further information from you, we will email you fillable documents to complete. For example, if you have diabetes we will send you a fillable questionnaire so we have the right information to get you the best policy for your situation. After receiving your completed documents, we then conduct an underwriting study. This is when we go to all the different insurance carriers and shop for the best pricing and product for you. Some insurance carriers are more favorable to certain impairments than others. When the right carrier is determined, we send you the fillable application to electronically complete, sign, and email back to us.
Once everything is ready to go, we send the formal application to the insurance company. If the insurance company has an electronic process, within 24-48 hours of the carrier receiving the application, a representative of that company will contact you for a confidential phone interview. The phone interview will last approximately 30 minutes. To ensure the interview goes smoothly and as quickly as possible, please have the following information prepared:
- Social Security Number
- Driver’s License Number
- The information of any existing or pending life insurance policies, if applicable
- Type of visa, visa number, and expiration date, if you are not a U.S. citizen
- Payment information you will use to pay for your life insurance premiums (checking, savings, or credit card account information.)
- Names, addresses, and phone numbers of doctors, hospitals, or clinics you’ve visited
- Names of any conditions and dates of diagnosis
- The names, dosages, and frequencies of any prescription medicines you are taking
- Family medical history
- Any additional tests you have been advised to take and/or elective exams or procedures that have been scheduled.
After this information has been collected, the representative will then offer the option of scheduling your paramedical exam. There is no cost to you for this exam and the certified professional examiner will come to where it is convenient for you, like your home or workplace.
The exam will consist of:
- Providing your medical history and that of your family’s
- Recording your height and weight, blood pressure and pulse
- Obtaining a blood sample
- Submitting a urine sample
For high policy value or older applicants, electrocardiogram tests (EKGs), treadmill tests, or other assessments may be required.
The results of your exam will be forwarded to the insurance carrier and the underwriting process will begin. Based on your medical history and the amount of life insurance coverage you apply for, we may need to obtain additional information from your doctor, a detailed background check, or from motor vehicle reports. The underwriting findings determine the pricing. You do not have to be the perfect human specimen to qualify for affordable life insurance, but if you are judged to be chronically or seriously ill you may be declined or offered an increased premium.
If you are approved by the insurance company for the product and pricing you applied for, we will collect some signatures and a premium payment from you at the time of policy delivery. Your policy will be delivered to you via email, unless the insurance carrier does not offer e-delivery; in this case the policy would be mailed. If the insurance company does not approve as applied, we will work with you to let you know your options and determine what product would be best.
No one ever anticipates needing to use life insurance, but the unexpected happens. Be prepared and get a free and anonymous term life insurance quote today.