How to get life insurance
Getting life insurance means finding a company, answering health questions, getting underwritten, and signing the policy — a process that usually takes one to four weeks. You start by deciding how much coverage you need and what type (term or permanent), then get quotes from multiple insurers, submit an application with medical history, and wait for underwriting. The insurer may order a medical exam or ask for more information. Once approved, you pay your first premium and the policy becomes active.
The speed depends on the amount you're seeking and your health. A $250,000 term policy for a healthy 35-year-old can be approved in days. A $2 million permanent policy or one where the underwriter has questions can take weeks. Some companies offer accelerated underwriting — approval without a medical exam — if you meet their criteria.
Key Takeaways
- Decide your coverage amount and policy type before you start shopping, because quotes depend on both.
- Get quotes from at least three insurers, because premiums for the same coverage vary significantly by company and your health profile.
- The application asks detailed health and lifestyle questions; answer honestly, because misstatements can void your policy later.
- Underwriting is the insurer's investigation of your health and risk; some policies skip the medical exam if you meet the company's criteria.
- Once approved and your first premium is paid, your coverage is active and your beneficiary can file a claim if you die.
Determine how much coverage you need
Before you get a quote, decide the death benefit amount — the sum your beneficiary receives. Most people use a multiple of their income (8 to 10 times annual salary is common) or calculate specific needs: mortgage payoff, college funding, income replacement for dependents, and funeral costs. A $500,000 policy costs far less than a $2 million one, so knowing your target narrows your search.
Your age, health, and income all affect what insurers will offer. Most companies won't issue a policy larger than 10 to 12 times your annual income, and some require a medical exam if the benefit exceeds a threshold (often $500,000 to $1 million). Knowing your target amount helps you avoid wasting time on quotes you can't actually get.
Choose between term and permanent life insurance
Term life insurance covers you for a set period — usually 10, 20, or 30 years — and costs less per month. If you die during the term, your beneficiary gets the death benefit. If the term ends and you're still alive, coverage stops and you get nothing back. Term is straightforward and affordable, which is why most people choose it.
Permanent life insurance (whole life, universal life, or variable universal life) covers you for life as long as you pay premiums, and builds cash value you can borrow against or withdraw. It costs significantly more per month than term. Permanent policies make sense if you have lifelong dependents, want to leave an inheritance, or need coverage for estate taxes, but most people find term meets their needs at a fraction of the cost.
Your choice affects every quote you get. A 35-year-old getting a $500,000 term quote for 20 years will see a monthly premium around $20 to $40 (depending on health). The same person with a $500,000 whole life policy might pay $300 to $500 per month. Decide which type fits your budget and goals before you start shopping.
Get quotes from multiple insurers
Contact at least three insurers directly or use a broker who represents multiple companies. You'll answer basic questions: age, health history, occupation, smoking status, and the coverage amount you want. Most companies offer online quotes in minutes without requiring personal information, though some ask for your Social Security number to pull a credit report.
Quotes are not binding and don't lock in a rate. They're estimates based on the information you provide. The actual premium depends on underwriting — the insurer's deeper investigation of your health. Comparing quotes from different companies is important because premiums vary widely for identical coverage. One insurer might charge $30 per month and another $50 for the same policy, depending on how they price risk.
When you get quotes, note the company name, coverage amount, term length (if term), monthly premium, and any special features (like a waiver of premium if you become disabled). This makes it easy to compare later.
Complete the application and medical underwriting
Once you choose an insurer, you'll fill out a formal application. This asks detailed questions about your health history, current medications, family medical history, occupation, income, lifestyle (including alcohol and drug use), and sometimes hobbies or travel plans. Answer every question truthfully and completely. Misstatements — even unintentional ones — can give the insurer grounds to deny a claim years later.
After you submit the application, the underwriting process begins. The insurer reviews your answers, may order your medical records from your doctor, and might request a medical exam. For smaller policies or if you meet the company's health criteria, many insurers now skip the exam and approve based on your application and a phone interview. For larger policies or if you have health conditions, expect a nurse to visit your home or office to take blood pressure, blood samples, and urine samples.
Underwriting typically takes one to three weeks, though it can be faster if the insurer has all the information it needs. If the underwriter has questions, they'll contact you or your doctor. Be responsive — delays usually come from missing information, not from the insurer's workload.
Receive approval and activate your policy
Once underwriting is complete, the insurer issues an approval letter stating the death benefit, monthly premium, and policy terms. At this point, your coverage is not yet active. You must pay your first premium — usually due within 30 days of approval — to activate the policy. Some insurers allow you to pay online; others mail an invoice or set up automatic payments from your bank account.
The moment your first payment clears, your policy is in force. Your beneficiary is now protected. If you die the next day, they can file a claim and receive the death benefit (minus any loans you took against the policy, if it's permanent insurance). Keep your policy documents and premium payment records in a safe place, and make sure your beneficiary knows the policy exists and where to find the policy number.
What happens if you're denied or offered a higher rate
If the underwriter finds health issues or other risk factors, they may offer you a policy at a higher premium (called a rated policy) or deny coverage altogether. A rated policy means you pay more than the standard rate because the insurer sees you as higher risk. You can accept the higher rate, shop with other insurers to see if they offer better terms, or ask the underwriter to reconsider if you believe the information is wrong.
If you're denied, ask the insurer why. Some denials are based on medical conditions that other insurers might view differently. Getting denied by one company doesn't mean you can't get coverage elsewhere. You can also reapply after your health improves or after a certain period has passed (often one to two years). Some people with serious health conditions find coverage through may provide-issue policies, which don't require underwriting but have much higher premiums and lower death benefits.
Frequently Asked Questions
How long does it take to get approved for life insurance?
Most policies are approved within one to three weeks. Policies under $250,000 with no health issues can be approved in days, especially with accelerated underwriting. Larger policies or those requiring a medical exam take longer. The fastest approvals happen when you respond quickly to any underwriter requests.
Do I need a medical exam to get life insurance?
Not always. Many insurers now offer policies up to $500,000 or $1 million without a medical exam, using your application and medical records instead. Larger policies, certain health conditions, or occupations with higher risk usually require an exam. Ask the insurer whether your specific quote includes an exam.
What if I have a pre-existing health condition?
You can still get life insurance, but you'll likely pay a higher premium. Disclose the condition honestly on your application — hiding it won't help you. Some insurers specialize in coverage for people with diabetes, heart disease, or cancer. Getting quotes from multiple companies is especially important if you have a health condition, because pricing varies widely.
Can I change my mind after I'm approved?
Yes. Most policies have a free-look period (usually 10 to 30 days) after you receive the policy in the mail. During this time, you can cancel and get a full refund of your premium. After the free-look period ends, you can still cancel anytime, but you won't get your money back.
What if my health changes after I apply but before approval?
Tell the underwriter immediately. Changes like a new diagnosis or hospitalization can affect your approval or premium. Hiding a change discovered later can give the insurer grounds to deny a claim. Honesty during underwriting protects you and your beneficiary.