Life insurance: How long does it take to buy a policy?

We live in a world of one-click purchasing - buying most things over the internet in just a few minutes, if not seconds. And while on-demand culture is becoming the norm, there are certain products that will always be bought differently - products that are more complex, products that require thorough research and products that can potentially be life changing. Financial products like mortgages, pensions and protection insurance such as life insurance, critical illness insurance or income protection insurance all fit into this category.

So, how long does it take to buy life insurance? There’s no single answer to this question, because the length of time can vary greatly from person to person. Things like your health, the amount of cover you’re looking for, and the type of insurance policy you buy, can all impact the overall time it takes to buy protection cover. 

There are a few steps involved when it comes to buying protection and we wanted to explain the process that you’d go through with us if you did decide to buy a policy. And why should you think about speaking to the team at LifeSearch for your insurance needs? Well, we’re the UK’s biggest protection insurance broker. We’ve helped protect over 600,000 families financially and we work with all of the biggest insurers to find you the best deal on your cover. 

Buying protection insurance is a pretty big decision - you’re buying products that will look after you and your loved ones for the years to come, so it’s important to get it right. That’s where LifeSearch can help! Let’s go through the three steps to get you protected.

Step 1 : Getting to know each other
Step 2: We’ll recommend the best cover and insurer for you
Step 3: The application
I want to know more

Step 1 : Getting to know each other

We love getting to know new people here at LifeSearch, and we probably wouldn’t be doing our jobs properly if we didn’t! Protection insurance is all about people - these are products that protect the most important thing in your life - you! That’s why, before we even look at products and insurers, we take the time to get to know you over a friendly chat on the phone. For us, it’s so important to understand your family situation and financial goals, because then we can work out what protection insurance product is best for you, whether that’s life insurance, critical illness insurance or income protection insurance, and how long you need to be covered for. And of course, this call is also an opportunity for you to get to know us and make sure you’re comfortable with everything. 

Usually, this initial phone call will last around 20 minutes, but it could be longer if your financial situation is a little more complex. And just so you know, we will also ask you about your health during this call. Any pre-existing conditions or family medical history can impact the types of product and insurer we recommend, so it’s important for us to get a clear picture. Some people may feel a bit uncomfortable talking about their health conditions, but rest assured, we only ever ask these questions to help you get the best deal on your insurance.
 
To start your protection journey with LifeSearch, why not request a callback from one of our friendly protection advisers?

Step 2: We’ll recommend the best cover and insurer for you

Based on everything you’ve told them, your LifeSearch protection adviser will then go and research a wide range of the  protection market for the type of insurance cover you need. Here they’re checking which insurers offer what, and at what price, and also any differences between the products. For example, some protection products have more bells and whistles than others. 

Your adviser will have an understanding of your budget and also your desire for specific product features, and based on this, will be able to recommend an insurer and product that they feel best meets your specific needs. We’re all different, the world would be a pretty boring place if we weren’t, and the same holds true for protection insurance. Every policy is tailored and personalised to each person’s individual circumstances. 

Step 3: The application

If you’re happy with your LifeSearch adviser’s insurance recommendation, you might decide to go ahead and apply for the policy. At this stage you may need to go through a few extra health and wellbeing questions. The insurer simply needs to get an idea of your overall health - the healthier you are, generally the cheaper insurance will be for you. It’s the same approach taken with say your car insurance - the insurer asks how many miles you drive each year because the more you drive, the more likely you are to get into an accident. Insurers are simply trying to assess your overall risk to decide what cover they can offer you and at what price.

At LifeSearch, our protection advisers will either personally take you through the health questionnaire over the phone or they may pass you across to our specialist interview team who are solely focussed on helping people through their insurance applications, so you’re definitely in safe hands!

Once all of the health questions are answered, your LifeSearch adviser will send the application to the insurer, who will then review everything and make a decision on what cover to offer and at what price. The great news is that around 70% of our customers get accepted straight away by the insurer and activate their policies. For the 30% who don’t receive an immediate decision, which is usually the case if they have existing health conditions, they’re referred to the insurer’s underwriting team for further review. Depending on the type of health condition or family medical history, the insurer could take between 48 hours and eight weeks, if the insurer needs to access medical notes from the GP, to make a final decision. This process can actually be as long as six months in the most complex cases, but this is rare.

One of the jobs of the LifeSearch Support Team is to work with you and keep you updated on the progress of your policy at all times. They will help organise any medical screenings where required and work with your GP to make sure any requested medical information is returned as quickly as possible. 

I want to know more…

We’re here to protect the life you love! Call us on 0800 316 7253 or request a callback from one of our expert protection advisers who will happily answer any questions you have. We look forward to chatting with you soon.