The basic steps to get life insurance
Getting life insurance means choosing a type of policy, getting quotes from insurers, answering health questions, and signing the paperwork. Most people complete this in two to four weeks. You do not need a broker or agent — you can buy directly from an insurer online — but many people use an agent to compare options across multiple companies at once.
The process starts with deciding how much coverage you need and what type: term life (coverage for a set number of years, usually cheaper) or permanent life (coverage for your whole life, with a cash value component). Once you know what you want, you get quotes, submit an application with health information, and the insurer either approves you, asks for medical records or a medical exam, or declines you based on health risk.
If approved, you sign the policy documents, set up payment, and your coverage begins. The insurer will send you a policy document that lists the death benefit amount, the monthly or annual premium, and the terms of coverage.
Key Takeaways
- You can buy life insurance directly from an insurer's website or through an agent who quotes multiple companies.
- Term life insurance is cheaper and covers you for a specific period (10, 20, or 30 years); permanent life insurance costs more but covers your entire life and builds cash value.
- The insurer will ask about your age, health history, medications, smoking status, and sometimes order a medical exam before approving you.
- Approval typically takes one to three weeks, though some online policies can be approved in hours if you are young and healthy with no medical history.
- Your premium is locked in when you buy the policy, so shopping around for the best rate before you apply is worth the time.
Choosing between term and permanent life insurance
Term life insurance covers you for a fixed period — usually 10, 20, or 30 years. If you die during that term, the insurer pays your beneficiary the death benefit. If the term ends and you are still alive, the coverage stops and you get nothing back. Term is the cheapest option and works well if you need to cover a specific debt (a mortgage, a business loan) or replace your income while your children are young.
Permanent life insurance — which includes whole life, universal life, and variable universal life — covers you for your entire life as long as you pay the premium. It also builds a cash value over time that you can borrow against or withdraw. Permanent insurance costs significantly more than term, sometimes five to ten times as much for the same death benefit, but it never expires and the cash value can be useful later in life.
Most people start with term insurance because it is affordable and matches their actual need: protection while they have dependents or debt. You can always buy permanent insurance later if your situation changes.
How to get quotes and compare prices
You can get quotes three ways: directly from an insurer's website, through an independent agent, or through an online broker that quotes multiple insurers at once. Direct quotes from insurers like State Farm, Prudential, or TIAA are free and take 10 to 15 minutes. Independent agents and brokers also quote for free and can show you options from several companies, which saves time if you want to compare.
When you request a quote, you will enter your age, health status, smoking status, occupation, and the death benefit amount you want. The quote is not a may provide — it is an estimate based on the information you provide. The actual premium depends on the underwriting process, which happens after you apply.
Compare quotes based on the monthly or annual premium, the death benefit amount, and the term length. A lower premium is not always the best deal if the company has a reputation for slow claims or poor customer service. Check reviews on the National Association of Insurance Commissioners (NAIC) website or your state's insurance department before you decide.
What happens during the application and underwriting process
Once you choose a policy and insurer, you complete a formal application. This asks detailed questions about your medical history, current medications, family health history, occupation, hobbies, and lifestyle. You must answer truthfully — lying on an application can give the insurer grounds to deny a claim later.
After you submit the application, the insurer's underwriting team reviews it. For term policies with lower death benefits (usually under $500,000), underwriting may take only a few days and no medical exam is required. For larger amounts or if you have health conditions, the insurer will order medical records from your doctor or ask you to take a medical exam — usually a blood test and blood pressure check, done at your home or a clinic.
The underwriter then decides to approve you at the quoted rate, approve you at a higher rate (if you are a higher health risk), or decline you. If you are approved, you receive the policy documents to sign. If you are declined or offered a much higher rate, you can ask the insurer why and sometimes provide additional medical information to appeal the decision.
Medical exams and health underwriting
Not all life insurance policies require a medical exam. No-exam policies skip the medical exam and rely only on your answers on the application and your medical records. These are faster to approve (sometimes same-day) but usually have lower maximum death benefits and higher premiums than policies with exams. They work well if you want coverage quickly and do not need a large death benefit.
Policies that require a medical exam take longer to approve but often have lower premiums for the same death benefit. The exam is usually free and happens at your home or a nearby clinic. The insurer will check your height, weight, blood pressure, and take blood and urine samples to screen for health conditions.
Your age, health history, and the death benefit amount determine whether an exam is required. A 30-year-old in good health applying for $250,000 in term coverage probably will not need an exam. A 55-year-old with diabetes applying for $1 million probably will. Ask the insurer during the quote stage whether an exam is required for the specific policy you want.
Setting up payment and activating your policy
Once you sign the policy, you set up how you will pay the premium. Most insurers offer monthly, quarterly, or annual payment options. Monthly payments are more convenient but sometimes cost slightly more than paying annually. You can pay by bank account withdrawal, credit card, or check.
Your coverage usually begins on the date you sign the policy, though some insurers have a waiting period of a few days. The insurer will send you a policy document that shows your death benefit amount, your premium, the payment schedule, and the terms of coverage. Keep this document in a safe place and share the policy number and death benefit amount with your beneficiaries or a trusted family member.
If you miss a premium payment, most insurers give you a grace period (usually 30 days) to pay before the policy lapses. If the policy lapses, you lose coverage and have to reapply to get it back, which means going through underwriting again.
What to do if you are declined or offered a higher rate
If an insurer declines you or offers a rate much higher than you expected, you have options. First, ask the insurer in writing why you were declined or rated higher. They must explain the reason, and you have the right to see the medical records or information they used to make the decision.
If the reason is a mistake in your medical records (for example, a diagnosis that was ruled out or a medication you no longer take), you can provide corrected information and ask for reconsideration. If the reason is a genuine health condition, you can apply with other insurers — different companies underwrite differently and may offer better rates. You can also choose a no-exam policy, which sometimes has looser underwriting standards, or apply for a smaller death benefit, which lowers your risk profile.
If you are declined by multiple insurers, you may be able to find coverage through a may provide issue policy, which does not require underwriting or a medical exam. These policies have much higher premiums and lower maximum death benefits, but they are available to almost anyone. They are a last resort, but they exist for people who cannot get standard coverage.
Frequently Asked Questions
How long does it take to get approved for life insurance?
No-exam policies can be approved in hours or a few days. Policies that require a medical exam usually take one to three weeks from application to approval, depending on how quickly the exam is scheduled and the lab results come back. Complex cases with health issues can take longer.
Do I need a medical exam to get life insurance?
Not always. No-exam policies skip the medical exam and rely on your application answers and medical records. They approve faster but have higher premiums and lower maximum death benefits. Policies with exams take longer but often have lower premiums. The insurer will tell you during the quote stage whether an exam is required for the specific policy you want.
What if I have a pre-existing health condition?
You can still get life insurance, but the premium may be higher than for someone in perfect health. The insurer will ask about your condition, current treatment, and how well it is controlled. Some conditions (like well-managed diabetes or high blood pressure) have less impact on your rate than others. Shop around — different insurers rate health conditions differently.
Can I change my mind after I buy a policy?
Yes. Most policies have a free-look period (usually 10 to 30 days) during which you can cancel and get your money back, no questions asked. After that period, you can still cancel anytime, but you will not get a refund of premiums you have already paid. If you have permanent life insurance with cash value, you can withdraw the cash value or borrow against it instead of canceling.
What happens if I lie on my life insurance application?
If the insurer discovers you lied about your health, smoking status, or other material facts, they can deny a claim or cancel your policy. This can happen years later when your beneficiary tries to claim the death benefit. Always answer application questions truthfully — the underwriting process is designed to find the right rate for your actual risk, not to trick you.