Independent insurance agents are here to ensure that you secure the best value on the optimum policy for your company. Each stage in the process of applying for key person life or disability insurance is described below for your review.

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Step 1. Interview
After determining the insurance company that offers the best policy to suit your company, you will need to answer a few questions during a brief telephone interview. Responses during this interview allow the insurance company to fill in most of the formal insurance application. Your total time requirement: 10-15 minutes

Step 2. Application
Your insurance agent will then mail, email, or fax the key person insurance application for you to review and sign. Be certain to read through the application for complete accuracy, then sign where indicated and return to the insurance company. To bind coverage, if so desired, you need to enclose a check made payable to the insurance company for the first premium payment. Until remittance of the first premium payment, coverage will not be in effect. Your total time requirement: 10-15 minutes

Step 3. Exam
It is standard procedure for insurance companies to complete a condensed version of a physical exam prior to approving a key man policy. After contacting you to schedule an appointment at your convenience, a licensed examiner will complete the exam at your office or home. During this exam, your height, weight, and blood pressure will be recorded. You will also provide blood and urine samples, as well as a detailed account of your medical history. Some insurance companies also request an EKG. Your total time requirement: 20-30 minutes

Step 4. Underwriting
Once the insurance company receives both the key person life application and exam paperwork, the underwriting process begins. During the estimated four to five weeks of this stage of approval, the insurance company will have a representative review your application and examination report, request your lab results from the lab, and request medical records from your physicians. Financial information on the business and your driving record may also be requested. A brief telephone interview is typically a part of this process, so as to verify the accuracy of your information. Be assured that the underwriting process will be conducted in as efficient a manner as possible in order to expedite your application. Your total time requirement: 20 minutes

Step 5. Approval
You will be notified as soon as your key person policy has been approved. Please be aware that some policies are approved at a slightly higher rate after receipt and review of information during the underwriting process. Your policy may be approved other than applied, in which case the insurance company with which you applied will check the market to verify the accuracy of such offer. If a more favorable opportunity arises that could help your business secure a more competitive policy, you may be placed with that insurance company. At no time will you will be under obligation to accept a policy that is not competitive within the current market.

Step 6. Policy Issue
Upon approval of your key person life or disability insurance policy, your insurance company will receive the policy within seven to ten days. It will then be forwarded to you on the day of receipt. The policy requirements will be included in the information that is sent with your policy.

Step 7. Payment and Document Remittance
Take time to carefully review all documents received with your policy, contacting your agent with any questions. Take note of all instructions and requirements that are necessary to begin your coverage. Remit the initial premium due and all completed and signed forms required. Your key person insurance policy is now effective! Your total time requirement: 10 minutes

Your total time requirement for the complete process of applying for key person life or disability insurance: no more than 90 minutes

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