For doctors and their spouses, the life insurance application process can feel daunting and invasive as you may endure answering very personal questions and often undergoing a medical examination.
Perhaps the most important thing that physicians and dentists should know is that as our client, Spaugh Dameron Tenny works for you — not the insurance company. We advocate for you to get the best health rating possible with each insurance carrier.
For us to present your story in the best possible light, it is essential that you are thorough and transparent with us when reviewing your health history and completing your exam.
There are several critical details about the life insurance process that are not common knowledge for the general public, but knowing these facts may help you navigate the process more seamlessly.
The overall process, from the moment you sign your application to the point you receive an offer, can vary. It could be as short as one week or extended up to 16 weeks. This timeline is influenced by several factors, from the size of your medical digital footprint to the number of records that need to be ordered from various doctors.
At Spaugh Dameron Tenny, our team takes care of all communication with the insurance companies on your behalf. Apart from completing an online or phone questionnaire with the insurance company, you won't need to have any direct contact with them as we will handle everything.
Reminders: As mentioned earlier, sometimes there is an online questionnaire or phone interview that must be completed after you sign your application. This step can be required for several reasons, but it is usually because the insurance company needs to clarify something noted in your medical history or application.
You may find that the e-interview or phone interview feels redundant to the pre-questionnaire you completed for us. However, we want to provide your medical background to the insurance company in the most favorable light so having all clarifying details is very important in the insurance process. For this reason, we ask that you be very thorough when completing your pre-questionnaire.
Your application will be in underwriting for one to 16 weeks. We will communicate with you, provide status updates, and let you know if the underwriter needs any additional medical or financial information from you.
Once the underwriter makes a decision and provides us with an offer, we will meet with you to discuss how this fits into your overall financial plan and finalize the insurance with one final e-signature from you.
If you require a medical exam, a third-party company will contact you to schedule it at your convenience. The exam can be completed at your home or office. If you have any trouble booking your exam, please let your advisor or the SDT insurance team know so that we can intervene.
We always recommend not booking an exam for a Monday or after a holiday or celebration because you often will not be rested and will have consumed alcohol and fatty foods which can affect the exam labs.
Instead, we recommend:
If possible, it is always best to follow the directions about fasting leading up to the exam.
There are many misconceptions surrounding life insurance, and the industry can be confusing. We have included two of the most common questions we receive when deciding whether to apply for life insurance.
It is a commonly held misconception that you cannot apply for life insurance while pregnant. You can!
If you are in the middle of quitting smoking, we may recommend that you hold off on applying for insurance until you have successfully quit, as tobacco use does heavily impact your premiums.
Applying for life insurance does not have to be a bothersome task, especially when you have a dedicated team in your corner. It is a very unique process tailored to each individual, so be aware that your personal experience will be different from that of your spouse, coworker, or neighbor.
If you have questions about the life insurance process, please don’t hesitate to reach out to an advisor or any member of the SDT team with questions.
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Christina Acker Washington, FPQP™, is the insurance coordinator at Spaugh Dameron Tenny, where she assists clients in navigating the complexities of insurance planning with clarity and care. With over a decade of industry experience, she holds Series 6, 7, and 63 registrations, the FPQP™ designation, as well as life and health insurance licenses. Known for her cheerful, client-focused approach, Christina ensures that each step of the insurance process aligns with the broader financial goals of the physicians, dentists, and professionals she serves.
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