When you apply for life insurance and then get all your health exams done if the life insurance company requires a doctors exam then it should take one to two months from start to finish to get approved and issued your life insurance policy.
It also depends on how backed up the insurance company is as well.
It took me 1 month to get my life insurance approved.
Once you get the life insurance approved then as long as you continue to pay the payments on the life insurance then it should stay in effect until your death.
After the person dies then it can take 30 to 90 days to be paid out on the life insurance policy.