How To Buy Life Insurance The Easy Way

Essential details required for obtaining your quote

It is not necessary to provide any specific documents in order to receive a life insurance quote. However, it is important to have knowledge of your medical history and the findings from your most recent physical examination.

These are the general steps you can follow when comparison shopping for life insurance:

• You will need to fill out a short form about yourself.
• It’s important to be ready to provide information about your gender, age, weight, and smoking habits. Smoking greatly impacts the cost of life insurance. Be aware that smoking will result in a higher cost.
• Typically, websites will ask for your email address and phone number in order to provide you with quotes. However, once again, not Policygenius.
• When comparing life insurance quotes, the broker will need to ask a number of personal medical questions in order to provide accurate estimates. Please provide accurate information, as it will be cross-checked with your medical records or verified during a medical examination when you apply for insurance.
• Choose the amount of insurance coverage you require and the duration for which you need it.
• Life insurance is essential for ensuring financial security for your loved ones in the unfortunate event of your passing. It is a typical practice to purchase a sufficient amount of life insurance to replace your income after taxes until your children reach the age of 18. Additionally, it is advisable to include an extra amount to cover educational expenses or debts.
• Typical terms include 10, 20, and 30 years. If you’re uncertain, utilize our convenient life insurance calculator to determine the appropriate amount of life insurance for you.

It’s interesting how insurers can offer such varied prices.

However, without a more comprehensive application, the majority of these figures are mere estimations. Insurance companies rely on actuaries who specialize in analyzing data to determine insurance pricing. Providing comprehensive information upfront will ensure the accuracy of your quotes.

Get familiar with the different classifications: preferred, super-preferred, standard, or substandard, to better understand your class.

These broad groups are used by the insurance industry to classify customers based on their level of risk. For instance, if you have excellent health, a low body mass index (BMI), and no other risk factors such as smoking, dangerous activities, or a poor driving record, you might qualify for the super-preferred class. In contrast, an individual who is overweight and has high blood pressure may only qualify for the standard class and will be required to pay a higher premium for the same insurance coverage.

While life insurance classes can offer general information about pricing, each insurance company operates in its own unique way. For instance, suppose you have a hobby that insurance companies deem high risk, such as flying a plane or rock climbing. Insurance companies may categorize certain activities as high-risk, resulting in higher premiums for individuals involved in them. While some insurance companies may offer coverage in a higher class, they may also impose exclusions on your policy. This means that if you were to pass away as a result of engaging in those activities, you would not receive any benefits.

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Applying for a life insurance policy: A step-by-step guide

Once you’ve found the right quote, the next step is to apply for your life insurance policy. Keep in mind, this process can take a few weeks to complete. Applying for life insurance involves answering personal questions, paperwork, and a medical exam.

While Policygenius helps you get started, you’ll still need to purchase insurance from companies that rely heavily on traditional methods. Unfortunately, buying life insurance entirely online isn’t an option.

After you submit your application, here’s what happens next:

1. Your application needs verification.
2. Prior to moving forward, a phone call with an agent is required. They’ll review your online information, confirm the chosen quote suits your needs, and provide necessary paperwork for your signature. The agent will then send your application to the insurer.

Arrange your medical examination

When requiring a medical exam, the insurance company will typically initiate contact for the arrangement through a paramedical professional. These professionals undergo training akin to that of nurses for conducting physical examinations.

Contrastingly, Policygenius has partnered with Brighthouse SimplySelect℠ to offer term life insurance sans the necessity for a medical exam or lab work! Simply respond to a few inquiries and engage in a discussion with a Policygenius agent via telephone.

This expedites the underwriting process significantly, enabling you to secure life insurance within three to four days, in contrast to the lengthy timeframe of weeks or months. Notably, this streamlined process doesn’t lead to elevated premiums commonly linked with policies mandating a medical examination.

Finish your exam and patiently wait.

The examiner will thoroughly assess your medical history to verify the details provided in your application. Blood pressure will be measured, and a blood sample will be taken for testing cholesterol, glucose levels, tobacco and drug use, and diseases. The results will be sent to you by mail.

In life insurance applications, honesty is paramount. It is common to face repeated questions about medical history or tobacco use, so it is crucial to consistently provide truthful responses. Insurance companies share information, so inaccurate details can lead to rejection by one carrier and potential blacklisting by several others. Moreover, it could give the insurer grounds to deny your family’s claim in the event of your passing.

Similar to an underwriter, the insurance underwriter evaluates the information in your application and medical examination to assess your insurability and determine the appropriate premium. This process can be quite time-consuming. It is advisable to check with your agent whether the carrier immediately binds any life insurance upon receiving the application. Typically, most carriers offer some coverage when you submit your application and first premium check, even if it may not be the exact requested amount, until the underwriting process is finalized.

What you can anticipate after submitting your application

After your policy gets approved, it will kick into gear, and you’ll get a heads-up right away. On top of that, you’ll get a full copy of the policy for safekeeping.

If you haven’t put down a deposit for your agent yet, you’ll need to make the first premium payment when asked. Some insurers might let you start your policy by paying upfront when you apply, even before the medical exam. Remember, the insurer reserves the right to cancel the policy or hike your premium if your exam reveals any undisclosed medical issues.

It’s crucial to ask about your policy’s start date, especially if you’re switching from another one. Keep your old policy active until you’re sure the new one is in place!

Your agent will hand you a hard copy of the policy. It’s smart to make a duplicate, keeping the original and copy in different places for extra security, and tell your spouse where they are. With this, a key part of a solid financial plan is set up for you and your family.

That’s it! Even though it might seem overwhelming, buying life insurance can be easier than you think. Dealing with the medical exam and waiting for the results can be a hassle.

Take a step: Explore Policygenius for a free life insurance quote, no strings attached.

Here’s a brief overview

Purchasing life insurance has become much simpler. It is important to consider term life insurance rather than whole life insurance. When searching for life insurance, aggregators such as Policygenius can swiftly provide you with quotes for term life.