Quote Process

Life insurance is more misunderstood than health insurance.  It is probably because most people will have some experience in attempting to get their medical treatment paid through some form of insurance, ie, private insurance plan, Medicare, Medicaid etc.  But most people will not have to deal with Life Insurance.  As this is the case, it is recommended that most people looking for a Life Insurance Plan obtain assistance from a Life Insurance Agent to ask specific questions about coverage and premium.  Obtain an online quote, based on the parameters you select or contact a Life Insurance Agent to guide you through the process.   To request a life insurance quote, click here.

Underwriting Process

Once you choose a plan and complete the application, an underwriter will determine whether you will be accepted and what premium you will be charged.  A determination will be made based on a) the results of your medical examination, b) an analysis will be conducted on known risk, such as family medical history, c) other factors may be involved, such as the life insurance plan asking medical providers questions or requesting medical records to thoroughly look at your medical history.  Once all of these items are reviewed, a decision on the application will be made to approve or deny and a premium will be assigned.

Types of Life Insurance Policies

Term Life Insurance (yearly renewable term and level premium term) is the most affordable type of coverage to purchase.  Essentially, premiums are paid towards this policy for a specified time period.  If death occurs within this time period, a benefit is paid to the beneficiary.  However, if death occurs outside of this time period, no benefit is paid.  This type of coverage may be required for temporary time periods, such as the time until your children are out of college.

Permanent Insurance (whole life, universal life and variable life) offers protection for life.  These policies are more expensive and will provide a death benefit to your beneficiary at the time of your death.  It provides a cash equity account and funds grow tax-deferred, which may be used as a retirement supplement.

Independent insurance agents can assist you in determining which type of life insurance coverage you would need.  Life insurance may be a little more unfamiliar to most individuals than health insurance policies.  For this case, make sure you ask the agent assisting you questions you may have about the process and the plan itself.   

Problems with your Life Insurance Plan

If you would like to consult with an attorney because the Life Insurance Policy is not paying on a claim you feel is legitimate, then click here to get additional help.