A week back I was told that our term life and DI policies are available after underwriting approval. The premiums & health class are not what we applied for & we understand the reasons for the same. The part that I am not comfortable with is that I am being asked to sign up within a small time window (about 10-12 days), after which I am told the coverage will be cancelled. Considering that the underwriting process took about 3 months in my case, a 10-12 day delivery window seems too rushed to me. And I want to be able to study my options under no rush. I am told that I can cancel my policy within 10 days after signing up, but I ideally do not want to get into that.
Are such tight delivery windows typical of term life and DI? If not, what are the typical time frames? Or is this specific to North Western Mutual? (One other agent tells me that medical test results are valid for an year and so there should be no reason for the NWM agent to rush me)
Thank you dhodson. I called NWM and it was easy to extend the delivery date by a month.
Still interetsed to know what is the maximum delivery time window people have been provided or have been able to obtain.
Another question: My NWM agent says he is not able to provide me with the soft version of the underwritten policy document until I come over at his office (to sign or not accept). Ideally I wanted to persue over the document in detail in advance of my meeting with the agent. Is this again typical of how things are done? I would guess that a transparent process would require that the customer be given full opportunity to study the fine print in advance.
Many years ago, I bought a term policy from Northwestern Mutual. Although I would have preferred having the policy mailed to me, the agent wanted to drop it off at my office. Although I should have known better, the agent was referred to me by someone at my employer and it was possible that he had other meetings in my office. Since it takes at most a few minutes to greet someone and receive an envelope, I hadn't planned on an spending much time with him. The agent was extremely annoyed that I wasn't paying attention to his extended sales pitch for whole life and/or a policy for my young child. As unpleasant as that was, going to a NW agent's office would almost certainly be worse.
If you wouldn't go to a time share presentation for no compensation, don't go to the agent's office to receive information that could be sent to you.
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