Depending on the type of life insurance policy you are purchasing, and a number of other factors, a life insurance application can be completely filled out and approved within 24 hours or could take a few weeks or even months.

In order to be approved, most insurance policies must go through a process called underwriting, in which rates are determined based on the assessed risk of each individual.

Underwriting is the process by which insurance companies assess risk of an individual in order to determine premium rates. This is based on statistical analysis of multiple factors that are used to determine the risk of the insured.

This being said, before an underwriting decision is made, underwriters need to account for all elements that determine your overall risk. Underwriting is the longest part of the life insurance application process.There are quite a few factors that are taken into consideration:

•Health history, family health history, age, gender, height, weight

•The purpose of the insurance policy (estate planning, final expenses, business, or individual life insurance).

•The amount of the death benefit

•If the applicant has life insurance already, how much coverage or if the applicant plans on buying additional coverage.

•Occupation (more dangerous jobs are higher risk)

•Income

•Smoking habits, alcohol, hobbies, lifestyle

•International travel

Each one of these questions regarding your health history and lifestyle helps insurance underwriters to determine the overall risk profile you have to the insurance company. The higher risk you are in their eyes, the higher your premiums will likely be.

If you're familiar with the traditional "Debt Snowball" from Dave Ramsey then our process will seem familiar.

In Mr. Ramsey's version you take your debts and organize them by smallest to largest owed (some use largest to smallest Interest Rate). You continue paying all your minimums on each account, but start putting your access funds towards the smallest account until it's payed off. Then you "snowball" the amount you were paying on that account towards the next account ON TOP of the minimum payment for that account. Repeat until all your debt is payed off.

Our version utilizes the same process, but we use an SDIC (Specially Designed Insurance Contract) to accumulate Cash Value as you pay off your debts. Our approach is superior for two reasons:

1 - When your debt is all paid off, you will have a determinate amount of money in your policy account that you can use to STAY out of debt.

2 - You can access this money in your policy Tax Free for whatever you wish. This is in accordance to the United States Tax Codes 101(a), 72(e), and 7702.