That's it!
Apart from the application, there will be a short medical exam given in your home or office (at no cost to you).
Then it is up to the insurer to approve your application. This typically takes 4 to 6 weeks, though that time can double if you have health issues.
Once approved, you pay the initial premium you decided upon - monthly or annual cost - and your policy is in force.
No regrets or your money-back. For a period of time after you receive your policy you can decide to cancel it and get your initial premium back. This time period is known as the "free-look period." It lasts anywhere from 10 - 30 days (depending on your state).