1. Preliminary questions: Your agent will ask you some basic health questions to determine the best carrier for you. Carriers underwrite medical conditions differently, and an agent with access to multiple carriers should know which will be most favorable for you. You should also select a carrier with strong financial health.
2. Formal application: You will complete an application for the insurance carrier, with questions like your date of birth, health history, family history, and personal risk factors such as foreign travel and dangerous hobbies.
3. List of doctors: Your agent will ask for the names and addresses of all doctors you have visited within the past several years.
4. Medical exam: Your agent will order a medical exam from a paramed service. The paramed will come to your home or office at your convenience to perform the exam. The exam includes blood and urine tests, and sometimes an EKG, depending on your age.
5. Time to wait: The underwriting process can take several weeks, depending on your medical history and the speed of your doctor’s office in providing records. You may be asked additional questions to clarify information. Once you are underwritten, your agent can provide you with the exact premium for the policy.
6. Policy delivery: You are not obligated to take the policy, but if you are satisfied with the underwriting and the premium, your agent will send you the policy to formally accept and put in force. If you did not remit a check to bind the policy with the application, you will need to do so now. Once the carrier has received all of the delivery requirements, your policy is in force.