Step-By-Step: The Process for Getting Life Insurance

It feels like this big, looming, and scary task. You put it off, and it’s unpleasant to think about, but getting life insurance is essential in every person’s life. And yes, that means you, too!

September is National Life Insurance Awareness Month , which is geared at spreading awareness of its importance. If something happened to you tomorrow, you can still provide for your loved ones so they aren’t left financially vulnerable, with an uncertain and unstable future.

Life insurance can help secure your home and family, covering expenses after your passing and helping pay for important milestones such as your kids’ or grandkids’ college education. So, let’s break down the steps involved in purchasing a policy.

Purchasing a life insurance policy is not the big, scary task many make it out to be. You don’t have to do it by yourself, either! 

One of the first questions you will face is which type you want to purchase: Term, Whole, or Universal.

A term policy is , as the phrasing suggests, one that lasts for a predetermined set amount of time. A 30-year term policy, for example, would cover you for 30 years. After that time, the policy is no longer in effect. While very affordable, with significant coverage, the style may not work for an extended life expectancy.

A whole life policy is , well, just that. One that lasts for your entire life. The amounts incurred will be available to your loved ones (those you name beneficiaries) at your passing. It can add up in value, increasing its worth as you make payments, unlike a term which is a set amount from the get-go.

Universal policies can also be a type you consider, as they increase in value like a whole life, but can have the flexibility to change your premiums (monthly costs) and beneficiary payout (the amount your named parties will obtain when you are gone) as you face different life changes.

The logistic steps you will encounter will depend on the type of life insurance you’ve decided to pursue. A simplified process can be as easy as an online application form, and no medical exam is required. This may require “simplified underwriting,” which is easier to pursue but may not have as extensive coverage. 

A traditional application requires a medical exam, and you will await an underwriter’s decision. They will weigh your health status, family history, hobbies, work, or activities, and then offer a plan tailored to your unique circumstances. 

When you have questions about handling the first steps of obtaining a new life insurance policy, one of the best first choices you can make is to work directly with an experienced and knowledgeable insurance agency.

Not only does an independent office, such as mine, offer you access to all the best carriers, but you also have the backing of a local, caring agent who knows your needs and can help you to find that perfect fit.

My suggested first step is to make a phone call to my office. We’re here to help!