The first step in buying life insurance, after assessing your current financial needs and learning about life insurance basics, is to get an online quote or meet with a qualified financial representative. The life insurance application process involves multiple steps and requires you to complete a lifestyle, medical history and health questionnaire. You also may be asked to complete an in-person medical exam (paid for by the insurance company) to access your overall health, either at your home or office. After submitting your first premium with your application, the insurance company will take time to verify your information and assess your coverage, which may be approved as applied for, approved with a different premium or denied.