Life Insurance Blog

The life insurance process
June 1st, 2009
in Life Insurance

Do you feel it is going to be a drag applying for life insurance?  Do you dread the process?

It is not nearly as bad as you might think.   Here are the basics of getting the  life insurance process going.

1.  How much life insurance should I buy?

2.  What type of life insurance should I buy? Term, whole Life, or universal life?

3.  What plans are available?  Best rates and best companies.

4.  Apply for the selected plan.

5.  Take the paramedical exam

Once you have done these five things it is just a matter of waiting for the insurance company to come back with your insurance rating and approval.  Obviously, not everyone is going to be thrilled about their underwriting rating and it is important to have a good agent who can shop it for you if necessary.   On top of that, not everyone is going to get approved.  If you have serious health problems, you could be declined for coverage.  Your options at the point are reduced and your options are applying with another company that might be more aggressive or use a guaranteed issue company like  Guarantee issue policies allow just about anyone to get life insurance, but the premium is much higher than a non-guarantee issue product.

In terms of determining the amount you should buy, type of life insurance, and the best plan it is important to have a good agent.  We work with our clients to help them determine those answers.  They are not intuitive things and it helps to have someone who is plugged in and knowledgeable to help you make such an important purchase.

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