The Process of Applying
for Key Man Life
or Disability Insurance
At MEG Financial,
our objective is to help you secure the optimum policy at the
absolute best value. Part of our commitment includes providing
the critical information needed to obtain the best results.
Each stage in the process of applying for key person life or
disability insurance is described below. Please review each
step carefully and call us at (877) 583-3955 with questions.
1.
Brief Interview
Once the insurance company that will offer the top
key man policy is identified, a brief telephone
interview
is required. During this interview, we will obtain
your answers to the questions on the formal insurance
application. (Your Total
Time: 10-15 minutes)
2.
The Application
Once completed, we will email, fax or mail you the key
man insurance application for your review and signatures.
Carefully review the entire application for accuracy,
sign it and return to MEG Financial. If you would like
to bind coverage, you must include a check payable
to the insurance company for the first premium payment.
Coverage will not be effective until a premium payment
is remitted. (Your Total Time: 10 minutes)
3.
The Exam
All insurance companies require a “mini physical” exam
to obtain a key man policy. The insurance exam is completed
by a licensed examiner who will contact you to setup
an appointment at your convenience. The exam can be completed
at your home or office. The exam consists of a blood
and urine sample, height, weight, blood pressure check,
and a detailed review of your medical history. On some
occasions, an EKG may be required depending on the insurance
company. For best results see “Exam Tips” in
your application packet. (Your Total Time: 20-30 minutes)
4.
Underwriting
The underwriting process begins when your key person
life application and exam have been received by the
insurance company. During this process, a representative
at the insurance company will review your application
and exam paperwork, order your lab results from the
lab and request any medical records from your attending
physicians. They may also request financial information
on the business as well as your driving record and
a brief telephone interview to verify the accuracy
of your information. The underwriting process should
be expected to take 4-5 weeks depending on the specific
requirements needed. Our office will work diligently
to expedite the approval of your policy and we will
keep you informed with a weekly status. See, "Keyman
Insurance Underwriting Guide". (Your
Total Time: 20 minutes
5.
Approval
When your key man policy is approved we will notify you
immediately. In some cases, information obtained during
underwriting may result in an approval at a slightly
higher rate. If your policy is approved other than
applied, our office will immediately shop the marketplace
to verify the accuracy of that offer. If there are
more favorable opportunities to secure a more competitive
policy, we may transition to that insurance company.
In any case, you are under no obligation to accept
a policy that is not competitive. At MEG Financial,
we leave no stone unturned in securing the best results
for our clients. (Your Total Time: 5 minutes)
6.
Policy Issue
Once your key man life or disability insurance policy
is approved we will receive the policy within 7-10
days and will forward it to you the same day. Instructions
for the policy requirements are included on a cover
page sent with your policy. (Your Total Time: 5 minutes)
7.
Delivery Requirements
When you receive your actual policy, carefully review
all documents and call MEG Financial with questions.
If you have no questions, review the cover page for
the instructions and requirements needed to make your
coverage effective. Simply return the initial premium
due and any completed and signed forms required in
the postage paid envelope. Your key man policy becomes
effective when you complete the requirements needed
and submit your initial check made payable to the insurance
company. Congratulations! (Your
Total Time: 10 minutes)
(Your Total Time Investment: 90 minutes)
If you have any questions about applying for key man insurance
or anything mentioned above, please call our office at (877)
583-3955.
