Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
You will want to work with an independent life insurance agent/broker to secure your coverage. They can help you through the process (providing quotes from multiple insurance companies,helping determine which program best serves your needs, completing the application, keeping track of underwriting, and placing the coverage in force).
If you would like help with your program, send me a message or give me a call. You can also run instant quotes on my website, TermInsuranceBrokers.com, and review additional information on the types of life insurance programs available.
To answer the question of how to apply for life insurance, I would need to know the type of policy for which you are applying.
1) Medically Underwritten
This is the type of policy that requires some type of exam, and possibly the life insurance company will order your medical records. Applying for this type of policy requires that a fairly lengthy application be completed. It may be filled out on paper, digitally or over the phone. You might do it with your agent, with your paramed examiner, on your own, or with a representative of the insurance company. Once everything is collected by the underwriter, the company decides what to rate you, and you generally accept the policy by paying the first premium. Because there are so many different types of medically underwritten policies, there are a number of variations on how to apply for them.
2) Simplified Issue
Simplified Issue policies do not require an exam. Some never require medical records, while others order medical records as needed. Filling out the applications for simplified issue life insurance has about as many choices as medically underwritten applications. However, these policies tend to go into effect much more quickly, and it is often their practice to draft the first premium as soon as you apply or are approved.
3) Guaranteed Issue
Guaranteed Issue Life Insurance does not ask any health questions and has no medical requirements at all. It does not usually entail a phone interview, although applications are usually done face to face with an agent. Generally, these policies are graded and should go into effect within days.
That is a great question! There are a couple of things that I'd advise you to do, before applying for life insurance. The first is to look at your budget, and see what amount you can safely afford to spend on a policy. Life insurance is like your car payment - miss a few, and one day you wake up to find it's gone, and so is all the money you've spent so far. Then decide what you want it to do - replace income, cover funeral expenses, be a gift, etc., and how much that amount needs to be. Once you've figured that out, then look for an independent agent ( one not tied to a single brand name) who can help you find the policy that is right for you. If you need help, don't be afraid to drop me a quick note, I'm happy to help you figure it out. Thank you for asking!
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If you would like help with your program, send me a message or give me a call. You can also run instant quotes on my website, TermInsuranceBrokers.com, and review additional information on the types of life insurance programs available.
1) Medically Underwritten
This is the type of policy that requires some type of exam, and possibly the life insurance company will order your medical records. Applying for this type of policy requires that a fairly lengthy application be completed. It may be filled out on paper, digitally or over the phone. You might do it with your agent, with your paramed examiner, on your own, or with a representative of the insurance company. Once everything is collected by the underwriter, the company decides what to rate you, and you generally accept the policy by paying the first premium. Because there are so many different types of medically underwritten policies, there are a number of variations on how to apply for them.
2) Simplified Issue
Simplified Issue policies do not require an exam. Some never require medical records, while others order medical records as needed. Filling out the applications for simplified issue life insurance has about as many choices as medically underwritten applications. However, these policies tend to go into effect much more quickly, and it is often their practice to draft the first premium as soon as you apply or are approved.
3) Guaranteed Issue
Guaranteed Issue Life Insurance does not ask any health questions and has no medical requirements at all. It does not usually entail a phone interview, although applications are usually done face to face with an agent. Generally, these policies are graded and should go into effect within days.