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You’ve Applied for Life Insurance. What Happens Next?

August 18, 2023 3 minutes

You’re applying for life insurance. Here’s what to expect and how to help your application along.

Deciding to purchase physician life insurance is an important step. If you’re like most people, you want your policy to protect you as quickly as possible.

Inevitably, however, the underwriting process takes some time — an average of six to eight weeks once our underwriter, New York Life Insurance Company, receives your completed application.

You can be sure your Insurance Specialist at AMA Insurance will help you keep your application moving smoothly. Familiarizing yourself with the process can help you be prepared to respond to requests from the underwriter.

Let’s take the process step by step.

1. Completing the Application

      • When you receive the application, read through it carefully to see what information is required.
      • If you have any questions, ask your Insurance Specialist for clarification.
To Avoid Delays
      • Answer all questions fully.
      • Provide details where requested.
      • Sign and date your application.

2. Telephone Interview – 3-5 days after receipt of application

      • If needed, you will be contacted by ExamOne, our paramedical service provider, to complete a telephone interview. Most applications require this interview.
      • Be prepared to provide a personal and medical history, including relevant information on your parents and siblings.
      • You may be asked financial questions, depending on the coverage you are applying for.
      • Expect the interview to take 20–30 minutes.
      • Set up an appointment for blood tests, urinalysis, and recording of your vitals.
To Avoid Delays
      • Have all pertinent information ready, including …
        • Your medical conditions, date of diagnosis, treatment and prognosis and the treating physician.
        • Medications used, including dosage and how long used. Include both prescribed and OTC drugs.
        • Your primary care physician’s full contact information.
        • Other physicians and clinics or hospitals where you were treated in the last five years.
        • Have dates and reasons for treatment at hand.
        • Health information on parents and siblings

3. Blood chemistry and urinalysis

      • An ExamOne representative will visit to collect samples, check vitals and note your height and weight. This visit can take place in your home or office, wherever is most convenient for you.
      • You can view the results on the ExamOne website.
      • Plan for the visit to take 10 – 15 minutes. If you need to reschedule, please contact the ExamOne representative as soon as possible.
To Avoid Delays
        • Present a government-issued photo ID.
        • If you have problems presenting a specimen, please disclose.
        • If possible, do the following for the 12 hours preceding your appointment:
          • Avoid strenuous exercise.
          • No alcoholic beverages.
          • Limit salt and high-cholesterol food intake.
          • Limit caffeine and nicotine for one hour prior to appointment.
          • Drink a glass of water immediately prior to appointment.

4. Attending Physician’s Statement

        • The underwriter may request information from your attending physician.
        • Additionally, statements from specialists may be required.
        • These typically take around 21 days.
To Avoid Delays
        • Advise your doctor of the request if the underwriter informs you that a request has been submitted.

5. Other Requirements

        • Depending on the information received and the amount of insurance you are applying for, the underwriter may require further tests and information. You will be notified by the underwriter if any of the following are needed:
        • ECG/EKG
        • Medical exam
        •  Supplementary questionnaire
        • Financial information
To Avoid Delays
        • Schedule any required appointments and provide requested paperwork ASAP.
        • Return all paperwork without delay.

6. Underwriter Decision

        • This decision is typically made five business days following receipt of test results and completed paperwork.

7. Your Documents Arrive

        • When your application is approved, you will be mailed a Certificate of Insurance. Be sure to read your Certificate and Schedule Page carefully.
        • If the application is approved with changes, you will receive an amendment form.
        • You will receive a confidential letter of explanation if your application is not approved.
To Avoid Delays
        • To activate your new insurance coverage, be sure to pay your premium promptly.
        • If you receive an amendment, review and return it promptly. Coverage and premium payments will begin when you have approved the amendments and return the signed documents in the provided envelope.
        • If you have questions, please contact your Insurance Specialist.

8. Now, file your insurance papers with your will and other important papers.

Your Physician Insurance Specialist Is Ready to Help.

Our goal is to work with physicians throughout the application process to ensure a seamless process. Whether you are just considering your insurance options, waiting for a decision on an application, or updating the coverages you already have, you can depend on your Insurance Specialist to help.

Questions?

888.627.5902

Talk to an Insurance Specialist
8am – 5pm (M-F, CT)
or Contact Us online.

wecare@amainsure.com

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Why AMA Insurance?

Your work is unique; our insurance plans should reflect that. With the only plans sponsored by the American Medical Association (AMA), we tap into the power of over one million physicians to offer you competitive rates and benefits from top insurance companies.
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