How Do You Apply for Life Insurance or Mortgage Protection or Even Income Protection?

online life insurance is a piece of cake text on image of piece of cake

Remember how nervous you were at your first job interview?

Sitting in the waiting area, sweaty palmed, trying your best to keep your breath under control.

Waiting for the “so, where can you see yourself in 5 years?” question, wishing you had the balls to answer “a mirror” but knowing right well you’ll verbal diarrhoea some shite about learning and goals and career path.

That application process was pretty stressful, thankfully applying for life insurance is a breeze.

Here’s what it looks like:

Life Insurance, Mortgage Protection and Income Protection Application Process

How do I get life insurance?

Applying for life insurance online is a simple 3 step process.

Start here 

Step 1) Get a quote

Bang in your details (date of birth, smoker / non smoker) and the amount of cover you need and hey presto, we’ll magically compare the market and offer you the best quotes from all 6 life insurers:

life insurance quotes results page

Step 2) Choose the insurer that suits you best

Which life insurance provider is best for me?

Click on the “why insurer x” and the “Key Features” links to learn more about each insurer. Scroll to the bottom of the quotes page and you’ll find links to tables comparing the benefits of each insurer.

If you still can’t decide, no worries, give me a call on 05793 20836 and we can go through your options in detail.

Happy to proceed? Go ahead and click that beautiful blue-y “Apply Online” button

Step 3) Complete your application form online

Because everything is so much easier online, you can complete your full application form online – no need for awkward telephone conversations with complete strangers about your various lumps and bumps. Who needs that?

Online applications are perfect if you’re like me and are allergic to answering calls from unknown numbers – don’t you just know it’s someone you don’t want to talk to especially if you get a call from the unknown…on a Monday…after a heavy weekend 😬

Online applications are also handy if you don’t have time to find paper for the printer, wait for it to chug-chug print a tedious 20 page document (think of the trees maaaaan), realise you’re out of ink half way through, replace the ink, find an envelope, find a stamp, go out in the rain, find a letter box and post it back. What a palaver.

Once you hit the submit button, we take over.

We’ll review your application form to make sure it’s 100% before we send it on to the underwriters. If you have told us about health issues, we’ll get back to you over email to get more information so we can present your application in the best light so you get the best price with the least amount of hassle.

At this stage I may stick my nose in and tell you to apply to another insurer because

  1. I know which insurers is best for your health.
  2. Applying to the most sympathetic insurer from the get-go saves a lot of time

Once we’re both happy with your choice of insurer, we’ll send you declarations to sign digitally. This gives the insurer permission to contact your GP if required.

Finally we submit your application to your chosen insurer and the dudes in the dungeon AKA “the underwriters” take over.

And that is that as the fella says.

Now let’s roll back a little and talk about the actual application form in more detail:

Applying for life insurance

What questions are asked on a life insurance application form?

The application has 4 main sections:

What information do you need when applying for life insurance?

To complete your application quickly and accurately, have the following information handy:

If you can’t complete any part of the application don′t worry – you can save it and return later (we’ll email you a link back to the partially completed form)

How long does it take to complete an application form?

15 minutes (maybe longer for a joint application). It depends on your health,  if you have to disclose health issues, it’ll take longer. But you’re looking at maximum 30 minutes. MAX

How do we keep you updated?

Once we receive your application,  we’ll keep you bang up-to-date on its progress. You’ll get email updates every step of the way – from the time we receive your signed documents to when your application has been accepted. And if your insurer requests further information we’ll let you know immediately l so you can chase your GP and keep things moving along nicely.

Some GPs are on the ball and send back the necessaries quick as a wink, others need a nudge, while unfortunately some need a right good kick up the arse / poke with a cattle prod before they react.

Will you need to do medical tests when applying for life insurance?

 

How is your information kept confidential?

All of your personal details are confidential and are only shared between us and the insurer that you have chosen. For more please see our privacy policy. Our online forms are secure and your data encrypted by the latest technology.

When I discuss your case with my underwriters before you apply, I do so strictly on a no-name basis.

When does your cover start?

You don’t start paying for your policy until you have given us the go ahead to issue your policy.

Once your life insurance application has passed the underwriting stage, the insurer will offer you acceptance terms i.e a letter detailing how much you will pay for your cover. If you’re happy to proceed on those terms, the insurer will issue your policy. You’re covered from the date your policy issues until the expiry date of your policy.

Some of our insurers offer accidental death benefit giving you free cover from the date the insurer receives your fully completed application form.

One month’s free cover is also available with some of our insurers so you are covered from the date your policy issues but you don’t pay a red cent for 30 days. Not too shabby.

For mortgage protection, we will issue your documents well in advance of your mortgage start date so your lender will have plenty of time to assign your policy – ignore what they say about the life insurance assignment process taking ages if you use a broker, it’s doesn’t – click that link to find out more.

Can you cancel your life insurance policy?

Don’t worry, if you’re not happy with your cover, you can cancel at any time without penalty. In fact if you cancel within the first days cooling off period, you get your money back.

Can you switch your mortgage protection policy to a new insurer?

Hell yeah, and you should if you can get a better deal. If you were sold a policy by your bank, you’re more than likely paying through the nose. Don’t be a mug. SWITCH.

Can you have several life insurance policies?

A-haw, you can buy as many life insurance policies as you like assuming you have the income to support the cover, like you can’t buy €10m cover if you earn €20k but you can buy €10m cover if you earn €1m.

Here’s a blog I wrote on the pros and cons of taking out multiple life insurance policies.

How long does it take to apply for life insurance?

Over to you…

Right, that’s enough, it’s a fairly detailed post. I could go on and on and on

but I think that’s enough to get started.

If you have any questions about applying for life insurance that I haven’t answered, please let me know. It’s as easy as forgetting your interviewers name to get in touch.

  1. I’m free for a chat on 05793 20836 (or schedule a callback here)
  2. email nick@lion.ie
  3. talk to me using the chat box down there somewhere 🙂

Hope you found this helpful.

Nick McGowan
lion.ie | making life insurance easier

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057 93 20836

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