5 Things To Keep In Mind As You’re In The Process Of Purchasing A Life Insurance Policy

Ross Quade | General | 5 Jan, 2016 | No Comments

As you get ready to start off the New Year, you may be considering purchasing a life insurance policy. And whether you’re looking to purchase a policy for the first time or are considering switching policies, there are a few things you’re going to want to keep in mind. After all, starting the year off by getting your finances in order can be a fantastic fresh start.

 

SEE ALSO: Life Insurance Rate Classes: Here’s What You Need To Know

 

Discover 5 important things to keep in mind as you’re in the process of finding coverage.

 

1.) The application process only takes a few minutes

While filling out a life insurance application might not be the most exciting task, there is some great news. Today, you can fill out an application for life insurance within minutes online. In fact, some insurers even offer e-signature. With no fees required, applying for life insurance is a hassle-free process.

 

2.) You will need to plan on taking a medical exam

However, keep in mind that you will need to plan on taking a medical exam. While some insurers may not require a medical exam upfront, if you want to qualify for the lowest rates a medical exam will be required by the most reputable insurers.

 

SEE ALSO: Do I Need To Take A Medical Exam Before Purchasing A Life Insurance Policy?

 

In addition, plan on scheduling your medical exam far in advance of when you actually need coverage to make things even easier.

 

3.) Coverage will begin when the first premiums are paid

Curious how long you will have to wait before your coverage begins? Depending upon the type of policy you select along with the insurer, you can expect that your coverage to begin within 24 hours of the first premium being paid with a medically underwritten policy. Keep in mind though that not every insurer will process applications this quickly. In addition, completing your medical exam beforehand will ensure a quicker turnaround time for approval and your coverage to begin.

 

4.) How often you pay premiums will depend on your policy

Although coverage may begin in as little as 24 hours with some policies and providers, you may be curious just exactly how much and when you will be required to pay your policy premiums. The answer? It will depend entirely upon your policy and your insurer. Whether you pay premiums monthly, quarterly, semi-annually, or even annually will be something that is decided between you and your insurer. Keep in mind that there are typically cost savings when premiums are paid annually.

 

5.) If you already have a policy it is possible to replace it

If you’re starting off the New Year with a life insurance policy already in place but would like to revise that current policy, rest assured  this is entirely possible. Despite popular belief, you are not stuck with a single policy or provider for life. However, you should not cancel your existing coverage until you have received, reviewed, and accepted your new policy. Also, be sure to consult a tax advisor or consultant to avoid potential tax consequences or penalties if you have cash value in your existing policy.

 

These are just some of the most important things you should keep in mind as you’re in the process of finding coverage. While the process of finding the right policy to fit your needs can seem daunting, rest assured that with TermLifeInsurance.com this process can be a breeze.

 

Begin exploring your term life insurance options today be entering your zip code located at the top of the page.

 




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