JoshGone are the days when it was difficult or a long and frustrating process to obtain a life insurance policy. These days you can initiate a lot of the work for obtaining a life insurance by starting the process online.
How to Get Started with Life Insurance
One of the first things you should do when you are thinking about getting a life insurance policy is to carefully consider the face amount and term length you are considering. Most individuals will prefer term life insurance because it is the most inexpensive form of coverage and it also allows you to have a meaningful face amount as the death benefit on the policy for the length of time that you need.
Why Term Life Insurance Often Works for Most People
Many individuals choose to take out a term life insurance policy, for example, to help a spouse pay down a mortgage or cover living expenses if something were to happen to the insured individual. It is recommended that the face amount of your policy be five to ten times your annual income, although you will also want to factor in other elements you wish to provide support for such as a child’s college education or other expenses that your loved ones may face if something were to happen to you. The second thing you need to do when doing your research for a life insurance policy is to think about your own health conditions. If you are fairly healthy you can qualify for no exam term life insurance products that are offered by companies such as Sagicor, SBLI, Fidelity, and more. Even though there is no exam there is still underwriting, so you need to be in good standing to qualify. The process for these types of policies is much faster than the traditional 6 to 8-week process of approval.
How is a Premium Determined?
The premium you will pay on a term life insurance policy depends on multiple factors including your height and weight, your overall health, the face amount and the term length of the policy.
If you are relatively healthy, there is a good chance that you will be able to afford a policy quite easily. If you have significant health barriers, however, you may want to speak to an independent insurance agent to see which carriers are the friendliest based on your individual concern at the time of application. Similarly, if you partake in activities which may lead to significant health risks, it would be worth doing some research. Behaviours like binge drinking or long term smoking can increase your insurance premiums considerably; thankfully, there exists low cost life insurance for smokers for this reason. The third thing you need to do is think carefully about the company you intend to apply for life insurance with, since you’ll be locked in with them following this it’s important to get your choice right.
Not all the life insurance carriers are the same and some are more lenient towards particular health conditions like height and weight, history of cancer, diabetes etc., and you would want to initiate the application with the company most likely to approve you at an affordable rate. Working with an independent agency allows you to get access to their expert knowledge about which companies are the best to work with. You will also get a sense of whether or not these companies have a strong financial reputation and customer service record.
In the event you have any type of chronic illness history, such as Diabetes, it’s extremely important to work with agents who specialize in your diagnosis. Matt Schmidt of Diabetes Life Solutions notes ” there are 100’s of life insurance companies for consumers to choose from, and every one of them has their own underwriting guidelines. Life insurance for diabetes will always be a little harder to obtain, so you definitely want to work with agents who specialize in this field. As an example, life insurance with type 2 diabetes isn’t always more expensive in terms of premiums. This is why you need to work with independent agents.”
Working with an independent insurance agency increases the chances that you will be able to identify a policy most appropriate for your individual needs. Searching for term life insurance does not have to be difficult. You can start the process online today by partnering with an independent insurance agency.