Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
You should work with an independent life insurance agent/broker to help you secure a policy. There are many moving parts to life insurance and many companies to compare. We can work with you to determine how much coverage is suitable to your needs and how long you should have the premium guarantees for (e.g. term vs. permanent).
Identifying which carrier will work best for your program can be a difficult path to navigate. The risk class a carrier assigns to your program is one of the most critical parts of life insurance (the risk class determines the premiums - the better the risk class, the lower the premiums and vice versa). The risk class is determined by your medical history (and an exam for most programs).
It's important to remember that every carrier has their own underwriting guidelines. Therefore, company ABC may offer you preferred plus, while company XYZ may offer you preferred (requiring higher premiums).
Owner/ Financial Planner, Laura Knight Insurance Agency, PLLC, Montana
You can obtain Life Insurance in several ways as easy as going online to purchase. The way I would best recommend is speaking to someone who has knowledge and background in the industry. You are going to want to have an analysis of your personal situation so that all things can be taken into consideration.
When making a choice please make sure that you purchase a policy with Living Benefits built into the policy. Don't purchase the kind of life insurance you have to die to use.
To get life insurance, you first must determine what type of policy you want, and how much coverage you need. Sometimes people come to us with this all figured out, then find out that they do not qualify for that type of policy, or cannot afford the face amount they have chosen. Therefore, it can be helpful to bring your financial data to your agent and work that out together.
Once you decide what type of policy you want to apply for, the next step depends on the product you chose. If you want to apply for No Exam policy, you may be able to fill out a digital application and have your policy in effect within a few days.
If you apply for a medically underwritten policy, you will first complete a fairly lengthy application. Some people choose to do this on their own, some with their agent, or others do it via phone interview with the life insurance company.
Medically underwritten policies require taking an exam in your home or other place of your choice. This is usually done by a local paramed company. The insurance company may also order medical records from your doctors. Once the underwriter has all the required medical information, he/she will approve your policy at the rate for which you qualify.
You accept your policy by signing some delivery paperwork and paying the first premium. You have a free look period to decide if you want to keep it.
Once it is in effect, no one can take your life insurance policy away from you, as long as you continue to pay premiums in a timely manner.
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Identifying which carrier will work best for your program can be a difficult path to navigate. The risk class a carrier assigns to your program is one of the most critical parts of life insurance (the risk class determines the premiums - the better the risk class, the lower the premiums and vice versa). The risk class is determined by your medical history (and an exam for most programs).
It's important to remember that every carrier has their own underwriting guidelines. Therefore, company ABC may offer you preferred plus, while company XYZ may offer you preferred (requiring higher premiums).
When making a choice please make sure that you purchase a policy with Living Benefits built into the policy. Don't purchase the kind of life insurance you have to die to use.
Once you decide what type of policy you want to apply for, the next step depends on the product you chose. If you want to apply for No Exam policy, you may be able to fill out a digital application and have your policy in effect within a few days.
If you apply for a medically underwritten policy, you will first complete a fairly lengthy application. Some people choose to do this on their own, some with their agent, or others do it via phone interview with the life insurance company.
Medically underwritten policies require taking an exam in your home or other place of your choice. This is usually done by a local paramed company. The insurance company may also order medical records from your doctors. Once the underwriter has all the required medical information, he/she will approve your policy at the rate for which you qualify.
You accept your policy by signing some delivery paperwork and paying the first premium. You have a free look period to decide if you want to keep it.
Once it is in effect, no one can take your life insurance policy away from you, as long as you continue to pay premiums in a timely manner.