Purchasing a life insurance policy for the first time can seem daunting. For many, the process may seem so overwhelming that they put off the task. If you are considering buying a life insurance policy but don’t know how to start the process, here’s our step-by-step breakdown of the application process:

1. Compare premium quotes: Once you’ve decided what type of life insurance policy to purchase and the coverage amount to opt for, you’ll need to get a quote. Life insurance premiums can vary substantially from provider to provider. Due to this, it is recommended that you compare premiums quoted by multiple insurance providers before zeroing in on one policy. You can do this by either visiting an independent insurance agent or using a third-party aggregator website that will allow you to compare quotes from different carriers. Keep in mind that the price should not be the only thing you look at. Ensure that you don’t compromise on the coverage to save a few extra dollars.
2. Submit your application: Once you find a policy that is a good fit for you in terms of coverage offered and premium quoted, you’ll need to fill out an application form. It’s likely that you may have to key in your height, weight, date of birth, financial information, lifestyle habits, and information about any ailments you may have been diagnosed with. Ensure that you disclose all the information in this step since the insurer could reject your application if any discrepancy is found. 
3. Health assessment: Some insurance providers will accept the health-related answers you provide in the application form and issue your policy. However, most insurers will require you to undergo a medical examination. The insurance provider/agent will have a licensed healthcare professional meet you at your home, clinic, or office, based on your convenience, for your health assessment. 
4. Underwriting: After your health assessment, your insurance application along with your medical examination results will be assessed by an underwriter from the insurance firm. The underwriter is likely to look into your medical records, lifestyle habits, and driving history to evaluate the risk that the insurer will be undertaking by selling you a policy. Based on the underwriter’s assessment, the insurance company will decide whether you are eligible to take the policy. The underwriting process usually takes the longest and can stretch from a few days to a few weeks.
5. Policy approval: If you are approved for coverage, the insurance provider will send you the policy document. Most insurance providers will require customers to sign the document, set up the payment mode, and send the document back. Once you’ve purchased your policy, you will have a free-look period to review your policy. If you are unhappy with your policy, you can return it during this time and receive a full refund of the premium paid. 

These are the steps that are involved in the life insurance application process. Keep in mind that the process may vary a little based on the type of life insurance policy you purchase and the company you buy the policy from.