Can you delay start date of a life insurance policy?

[pistolpete]

Once I do the medical exam for a term life insurance policy, can the policy start date (and therefore date for which payments start) be delayed, say 3 months? 6 months? I.e. get my testing results "locked in" but start paying later?

I'm considering doing the life insurance physical around March/April but don't graduate from residency until end of June, and then I will have some big expenses, and was hoping to delay the start date of my life insurance, as well as date when I have to start paying for the policy, until August. Is this possible?

[pistolpete]

Don't know, but just figured I'd ask!  :lol:  Once you do the physical, typically how long do you have before the first payment is due?

[gonc]

Based on my recent experience, you could likely delay the start of the policy after your exam and labs. I purchased a policy from Prudential in early 2016 and this month decided I wanted more coverage. I did not have a future purchase rider, but the exam/labs I did were valid for 12 months and I will be purchasing an additional policy with just a paper application. You will obviously need to disclose any medical events that may have occurred between the time of applying for the policy and actual signing the contract.

[pistolpete]

That's interesting, thanks!

[AlexxT]

And what if you die during that interval?   You never know.  That's why you have the insurance .

[Scott at MD Financial Services]

You can delay it up to a certain amount of time that is carrier specific but you will not be insured and if a doctors visit occurs for anything you will need to disclose to the carrier for them to reassess the case.  My recommendation is if you don't want to buy the coverage now then don't go through the underwriting until you do.....it is just an expense for the carrier, agent and time waster for you until you are ready to move forward.

[pistolpete]

Thanks guys.

Another question: will the life insurance company ask for my new job contract with salary details? I currently make a resident's salary but I'm looking for a $3 million term policy (10x what I'll be making as an attending, roughly yearly salary of 300k). Would I be denied based on my current income as a resident?

[Scott at MD Financial Services]

You won't be denied if the rep does a good job of communicating the situation to the underwriter.  A typical rule of thumb is that life carriers will issue 20-25X earnings.