The Process of Applying for Key Man Insurance

Written by KPI

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.

The Complete Process of Applying For Key Man Insurance Policies

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, need additional resources, please call our office at (877) 583-3955.


We work with individuals across the nation to secure the best life insurance rates.

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