Buying life insurance today is not what it was 20 years ago! In the world of fast paced, “I want it now” culture, people don’t want to fill out a paper application and go through an entire long drawn out process to buy life insurance. If you can go to your local fast food place and use a touch screen to order your food, why can’t you do that with life insurance? That is were using an E-app for life insurance purchasing come into play.

Insurance companies are now making it easier to apply for life insurance. Most carriers are using an e-app to get an underwriting decision in less time than using the traditional paper application. What use to take up to a month or longer to underwrite, can now be done in less than two weeks or sooner. This allows for faster processing times and quicker approvals. One of the most significant advantages of the app is that you can get life insurance quotes online from many life insurance companies, have a look today, all in one place.

Besides the time it takes to underwrite, additional reasons to use an electronic application are, they’re faster to fill out and they don’t allow you to make a mistake. Generally, an e-app takes about 30 minutes or less to fill out and if you miss something, it won’t allow you to move on to the next page. By using an e-app, you can also pre-qualify clients and sell remotely.

As more and more companies are switching over to using electronic applications, you need to keep up with these changing times. If you aren’t on board with using an e-app, some companies are using a simplified form called a Drop Ticket. This form is essentially a combination of a paper app and e-app. It allows you to get enough information on the client and have the company get the rest of it through the use of script checks and an MIB check along with medical records from the client’s doctor.

If you’re looking to write a life insurance policy and want to use an electronic application but don’t know how, give the experts at Pinnacle Financial Services a call and we can walk you through the process.