In the past, the stress of finding life insurance quotes stopped many men and women from obtaining important coverage. With the prominence of the internet, applying for coverage has become much easier. In contrast to the old applications with confusing paperwork and little guidance, today’s process is much more streamlined.
Step 1: Obtaining The Initial Life Insurance Quotes
Life insurance quotes used to be available only from a specialist. Getting quotes required taking time out of the working day, going away from the office or into a nearby town, and then waiting to meet with the actual expert, unless you had a telephone. In the modern world, life insurance quotes are much more accessible. Finding a good online source will provide access to a variety of different providers without forcing applicants to do any more work themselves. The best web resources will have policies available from many top carriers, and they can evaluate your information automatically to provide life insurance quotes. An ideal company will also offer quotes for all types of policy, from term to universal plans.
Step 2: Verifying Information And Preparing Forms
One major difference between modern life insurance quotes and the older technique is the amount of work that you put into the application forms. After the life insurance quotes have been issued, you should receive a verification call from the online provider. During the call, you will confirm that you are interested in the policy described and you will also give any additional information that might be required.
A good company will then fill out as much of the application as possible. These forms remain long and involved, and in fact appear to only be growing as the legal jargon becomes more detailed and complicated. However, the company should be the one that handles those difficulties, leaving you free to enjoy your time. The requirements from you should be relatively simple.
Step 3: Final Application Review And Signature
After the company has filled out the entire application for you, it is time for you to ensure that all the information is correct. The application can be quite long, so the process may take some time. However, it is important that you verify all the information, because the form submitted will represent your life insurance policy. In order to ensure that everything is correct and make it as easy as possible for you to add the last pieces, the form should arrive completely highlighted and ready for your review. The places that require additional information or signature should be clearly marked.
A good company will send the form to you via priority mail, arriving in less than three days. They will also include a pre-paid envelope for you to return the completed documents. The entire process should be handled by the company that helped you find life insurance quotes initially and should be as hassle free as possible.
Step 4: The Medical Exam
The formal application is not complete without a medical examination. In order to properly understand what kind of life insurance quotes they can offer you, the actual providers must be aware of your health status. The first step toward this goal is to do a thorough measurement of your body parameters, including weight, blood pressure, and other standard procedures.
This examination is completely free, and can be scheduled at a location of your choice. An independent nurse will arrive at a time you choose and perform all the necessary testing. The information will be sent to the providers with no additional effort or payment required from you.
Step 5: Waiting On The Final Offer
The most time-consuming part of the process is waiting for the final offer from the provider. Although it is now easier to obtain medical records, the insurer must still get the entire medical history in addition to a statement from your primary physician. This requires a substantial period of time, generally around a month or more. There is nothing that any company can do to expedite the procedure. Your provider will contact you once the final offer has been extended, and they should be willing to provide guidance for your next move.
Step 6: Activation Of The Policy
After all the technical details have been worked through, the actual coverage can begin. After that, you begin paying and the plan begins covering you. Unless you permit it to lapse, you have acquired protection for the term you chose.
Armed with information before beginning the process, purchasing the most appropriate life insurance can prove to be an easy feat.
SEEK INDEPENDENT ADVICE. All information expressed in this article is intended to be general information only. You should not rely upon this general information to make legal, tax, investment, estate or financial planning decisions. No portion of this article is intended to nor does it provide legal, tax, investment, estate or financial planning advice. For this type of advice, you must consult an independent advisor.
Chris Harmen writes for Wholesale Insurance, providers of life insurance quotes to all. Wholesale Insurance makes applying for life insurance easy with time-saving steps and increased readability of forms.