To Purchase Life Insurance Online does not need to be a complicated process. The life insurance application can appear daunting. It involves many pages of questions involving your medical history. It also can involve a paramedical exam, release of medical files from your doctors, and the insurance company may still come back to you with more questions or concerns before they issue you a policy. You need a professional who has been in the business for many years to help guide you. That is where we come in (Insurance Diaries).
What Kind Of Life Insurance Should I Buy?
Term life insurance is the only kind you should consider.
Term life insurance is cheaper and – for 99% of people – term life is the best financial decision when buying life insurance.
The insurance industry earns big profits – and their agents big commissions – from products known as whole life insurance, universal life insurance, or cash-value life insurance. But for most people, anything other than term life insurance is a bad deal.
Term life insurance is easy to understand because it works just like your car or homeowner’s insurance. For every year you pay your term life premium, you’re covered. If you die within the covered period, the policy pays a death benefit. When the policy expires or you stop paying your premium, the coverage ends.
Term life insurance is also relatively cheap. For example, a healthy 20-something might be able to buy a $1 million 20-year term life insurance policy for $500 a year. A smaller policy – say $250,000 – might cost just $15 or $20 a month.
What information will you need to have on hand for your life insurance interview?
- Your salary and outstanding debts
- Any current or past medical diagnoses and prescriptions
- Information about your beneficiaries
- Contact information for your primary care physician
How To Apply For Life Insurance Online
Life Insurance Application Process
Life life insurance application process is easy to follow and will help ensure that you are getting the very best life insurance policy for your needs. Here’s a breakdown of what you can expect:
- Get a quote. You can request a life insurance quote online or over the phone simply by telling the company a little bit about yourself.
- Speak with an agent. You’ll need to answer questions about your medical history and other factors that may affect your life insurance quote. The call regularly won’t last more than 10 minutes, and when it’s over, we’ll recommend a life insurance policy that fits your needs.
- Complete an application. After you choose a life insurance policy, you’ll complete a full application that will provide us with needed information to approve your coverage.
- Take a medical exam. The life insurance medical exam is used to determine your eligibility and finalize your rate. You can choose the time and place for this exam, and a qualified nurse will come to you. The medical exam is simple and shouldn’t take more than 30 minutes.
- Underwriting begins. Underwriting is the process in which the review your application and assess your insurance risk. Be patient in this stage; the process may take a few weeks.
What could affect your life insurance premiums?
- The length of policy and amount of coverage you need
- Your age
- Your physical and mental health
- Tobacco use
- Your driving record
- Your travel plans
- Your family medical history
- High risk activities like skydiving, flying a plane or bungee jumping
What to expect after you apply
When your policy is approved, it is placed in force and you will be notified, and receive a full copy of the policy.
If you didn’t already provide your agent with a deposit, you’ll be asked to make the first premium payment.
Some insurers may allow you to make your first payment to bind your policy upon submission of your application (prior to your medical exam). The insurer reserves the right to cancel the policy or increase your premium if your exam reveals previously undisclosed medical conditions, however.
Either way, be sure to ask when your policy will be effective – especially if you’re replacing an existing policy. Don’t cancel the old life insurance before you’re sure the new policy is in effect!
The agent will send you a hard copy of the policy. You should make a copy of this policy, place the original and the copy in different spots for safekeeping, and tell your spouse where they are. Finally, you can relax knowing that one of the most important pieces a solid financial plan is in place for you and your family.
That’s it! Although it seems like a lot, the process of buying life insurance can be easier than you think. Scheduling the medical exam and waiting on the results are the only real hassle.
Conclusion On How To Purchase Life Insurance Online
Buying life insurance doesn’t have to be difficult anymore. Know that you’ll likely want term life insurance, not whole life insurance. And when looking for life insurance, aggregators like Policygenius can help you get quotes for term life in just minutes.