Purchasing life insurance doesn’t have to be hard. Long gone are the days of filling out a paper application, completing blood and urine exams, and then waiting weeks for your results to know if you’re even accepted. Most life insurance companies now offer online applications that can be completed in 10 minutes. Even the blood and urine exams are few and far between.
Here is an example of a recent client that I worked with. We’ll call her, Jane:
Jane, aged 42 reached out to me via phone and requested some term life insurance rates from various companies to make sure she was getting the best deal. She wanted enough coverage to cover her outstanding debt, small burial expense, and a little left over for her daughter who is 12.
She ended up choosing a ten year term policy with $750,000 in coverage, including a rider that will also, cover her daughter. We completed the application over the phone and she electronically signed it via email. The carrier did not require her to complete a blood or urine exam and after only a few days of review she was accepted. Her annual premium came out to $1,100, which she is now paying monthly.
As you can see from this example the process of purchasing life insurance is not difficult. Everything can be completed over the phone and through email. Life insurance companies have streamlined the application process so you don’t have to meet with an agent face to face, if you choose not to, although that option is still available.
I bet you’re saying to yourself that only really healthy and fit people don’t have to take the blood and urine exam. Wrong! Most life insurance companies will allow you to skip the exams as long as you’re under the age of 60 and have little to no health issues. That goes for smokers and non smokers too. Most companies today will review your MVR, drug prescriptions, and medical history for any discrepancies in the answers you provided in the application. Once reviewed rates may be adjusted either up or down.
One last note, you’re probably sick and tired of hearing about the 2020 census and how important it is to complete. Well, life insurance companies use the census to price their products. If, your age or age group’s life expectancy has been negatively impacted over the previous decade then your rates for coverage will most likely increase and stay that way until the next census.
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