Understanding the Life Insurance Application Process
How Our Standard Application Process Works
STEP 1: Complete the Application (approximately 20 minutes)
If you are first applying for insurance or increasing your coverage, your health will be reviewed. This process, called medical underwriting, is so a life insurance carrier can get to know you. The average time from completing your application to receiving your insurance certificate depends on how quickly the underwriter can obtain important information. This includes necessary medical information and financial documents as needed.
STEP 2: Potential Lab Work
A representative will arrange for a convenient time and location for lab work. Prepare for the visit by having your government-issued photo identification available. For the 12 hours prior, avoid strenuous exercise, limit salt and high-cholesterol food, refrain from alcohol intake, limit caffeine and nicotine consumption. Finally, drink a glass of water just before the appointment
STEP 3: Attending Physician’s Statement
Further medical information about your health history may be requested from your physician, in order to complete your medical underwriting. In some cases, a specialist report may also be needed. This will be arranged with your convenience in mind, and at no cost to you.
STEP 4: Other Requirements
You will be notified with any additional information is needed to assess your application. This could be based on your medical history or the amount of coverage for which you’ve applied. Arrange for the completion of any additional requirements as soon as possible.
STEP 5: NYL Underwriter Decision
Once you’ve provided the necessary details, New York Life will make the determination if you can be approved.
STEP 6: WAEPA Approval/Notification to Member
You should have your social security number, medical history, physician information, payment information (banking or credit card), current contact info (mailing, email address, and phone), and the name of the Federal agency you are currently or previously employed with (or are retired from).
Life Insurance Application and Underwriting Videos
Online Application Tutorial
After Applying
Medical Underwriting
Ready to Apply?
Take the first step towards helping to secure your family’s future.
QUESTIONS?
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If you’re unsure of your life insurance options or coverage needs, or need help with the application process, our dedicated team of specialists is available to help you.
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Our team is available at (800) 368-3484, Monday through Thursday 8:30 a.m. – 6:30 p.m. or Friday 8:30 a.m. – 5 p.m. ET.
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Fill out our contact us form with your request and we’ll get back to you.
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Have More Questions?
How long does the application / purchase process take start to finish?
The average time from the receipt of your application to receipt of your insurance certificate is 6 to 8 weeks.
How long does the application take to complete?
The application may be completed in as little as 20 minutes. The time to complete the application is based largely on your personal medical history.
What information do I need to have available?
You should have your social security number, medical history, physician information, payment information (banking or credit card), current contact info (mailing, email address & phone), and the name of the Federal agency you are currently employed with (or are retired from).
Can I save my application and come back to it?
You can save an incomplete application for up to 10 days if you create a login, but the application will close after 10 days. However, once you are at the DocuSign signature portion of the application, you cannot go back to the beginning. Please note that the password you set cannot be retrieved or reset.
What happens when I finish my application?
You will receive an email including a confirmation number once the application is complete. If additional information is required, you will be contacted by a WAEPA team member or New York Life partner organization.
How can I check on the status of my application?
Please contact WAEPA’s Member Services team directly at (800) 368-3484. Our hours of operation are Monday through Thursday from 8:30 a.m. – 6:30 p.m. or Friday from 8:30 a.m. – 5:00 p.m. ET.
What is medical underwriting?
After you submit an application, underwriting begins. Underwriting is the process life insurance companies use to determine whether they’re able to offer life insurance coverage to applicants, and the premiums they charge. Note that WAEPA’s premium rates are set for our entire membership group, based on five-year age bands.
What factors are considered by underwriters?
There are a variety of factors (which can vary by state) underwriters consider when determining your level of risk, including your:
- Age
- Gender
- Tobacco and alcohol use
- Personal health situation and medical history
- Family health history
- Driving record
- Criminal record
- Previous and concurrent applications for life insurance
- Foreign travel
- Occupation
- Hobbies
How will I be notified when the underwriter makes their decision?
How you are notified depends on whether your application is approved or declined.
What happens if I am approved?
If you are approved, a representative from WAEPA’s Member Services team will contact you via email. If we’ve already received your banking or credit card information, your initial payment will be processed within five business days. If we don’t have your payment information, you will receive a request during your initial monthly premium.
What happens if I am declined?
If you are declined, WAEPA will notify you via email. New York Life will follow-up with a letter including the reason your application was declined.
What happens if my application is approved as is?
If your application is approved as is, then no further action is required.
What happens if my application is approved, but with changes?
If your application is approved with changes, you will be contact by a WAEPA Member Services representative.
When do I receive a Certificate of Insurance?
You will be mailed a Certificate of Insurance if your application is approved, after the initial premium payment is received and coverage is issued.