November 8, 2016
What is the process to purchase Term Life Insurance? What are the steps necessary to procure term?
How can I speed up the Term Life Process? What should I do not?
The process to purchase level term life insurance has never been simpler. There are just so many places to purchase Term Life these days that the choices can just be overwhelming. Online, Over the Phone, In Person, Via Email or Chat, or in a Financial Super Center, which is also a version of in person. However just because the term life process is easy does not necessarily mean that it these are the best methods of purchasing life insurance.
Life Insurance is offered in “Classes” or Levels. Each Class or Level represents an increased risk and hence an increased price. This is why it can be best to speak with an independent agent. It is important, when having your initial life insurance discussion with your insurance agent to lay out all of the information that you know of so that your agent can correctly quote out a term life insurance policy for you. For example, if you say you don’t smoke, but you do, the life insurance offer that you receive will end up being much more expensive.
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Loosely laid out, this is the full process:
Is that the guaranteed process for everyone? Of course not, things happen and sometimes the process can be longer than this. Sometimes the several weeks can become much longer, if things get delayed. For lower dollar term amounts, a paramed visit may not be needed. For others, guaranteed issue life insurance, which often does not require nearly as much underwriting, but costs more, can go super fast.
Its very simple for consumers to assist in making the life insurance application go as fast as possible. First off, read and understand the process. When the Life Insurance Follow up team calls you, speak with them immediately. To not wait to sign the life insurance application. Review it and if anything is wrong, get it changed ASAP. Schedule the paramed for the same week. In a nut shell – cooperate. Even with all your cooperation though, the process can still become delayed.
We all know that just about anyone with a keyboard can pull up life insurance quotes, right? Well the underwriting of life insurance is all about details and those details will determine which class of term life insurance your qualify for. For example if your cholesterol ratio is 5.2 it may be qualify you for a Middle Class with a A+ rated carrier or a Best Class with another A+ carrier. The price difference between those carriers could be dramatic.
Face to face life insurance meetings were the way that life insurance has been sold for decades. However, times have changed. Although on occasion, we can still meet in person, in general it is rarely done. Why? Without spending too much explaining, lets just say that Cash Value Life Insurance plans, such as whole and universal life, which pay out very large commissions are generally not considered a best practice purchase anymore. Yes, there are times and circumstances when Whole Life can make sense. However, term, which is much lower cost product and hence a lower commissioned product requires that production costs be cut as well. The simplest way to accomplish this is via phone and web selling.
Simple, since you have come this far, the best place to start is either by getting a quote online on our life insurance rater or contact us at: email@example.com with a request for a meeting. Believe it or not, reading about life insurance is almost as complicated as applying for it. You know you need term life insurance, What Are you Waiting For?
A California Boutique Insurance Agency that focuses on caring for their clients with individual attention. Based in Marin County California. License Number: 0K10734 .
Please read our full set of disclosures. Reading about Term Life Insurance is no substitute for speaking with a license insurance agent in your jurisdiction.