Speak with an experienced advisor! 415-294-5454 Speak with an experienced advisor! 415-294-5454The life insurance process is different depending on the type of policy you purchase.
The life insurance process for fully underwritten life insurance is as follows:
First off, clients should learn about life insurance and its different forms. This will allow clients to understand what insurance agents are talking about and in some instances allow you the consumer to insist on what you think is best.
Second, get a quote. It is often best to get quotes from multiple independent agents.
Third, choose one of these agents based not just on the price but more on their ability to discuss your case situation. A quote for a preferred plus policy for an avid scuba diver is probably worthless. Each persons situation is different.
Fourth you will fill out an application together, complete with a death benefit and term period. Be as honest as you can. Ask lots of questions about the life insurance process.
Fifth you will then see a paramed and complete your paramedical exam. The paramed will weigh and measure you. They will take various reading and other medical tests depending on the insurer, your age, and the coverage amounts.
Sixth and finally after waiting a few weeks, you will hopefully receive an offer of life insurance. Hopefully the offer will come through at the rate that it was quoted at.
Seventh, fully review the life offer. Should you accept this term life offer, you will sign the documents and make the initial payment.
Your life insurance policy will go into force and thus complete the life insurance process.
Written by Scott W Johnson
According to the National Association of Insurance Commissioners or NAIC for short: About $163,000 is the average Face Amount of Individual Life Insurance policies for calendar year 2017. The Average yearly face amount, changes each and every year.Calendar Year 1997: Average Face Amount (Individual Policy): $103,000Calendar Year 1999: Average Face Amount (Individual Policy): $120,000Calendar Year 2001: Average.. More
Written by Scott W Johnson
The Face amount of life insurance is exceptionally similar to the death benefit, but technically not the exact same. For our purposes the differences are almost irrelevant as long as consumer under how death benefits can be amended or changed.
Written by Scott W Johnson
Life Insurance Questions and Answers is our list of some salient questions that we have had about insurance. Some specific, some totally random, we have added numerous questions to this list.
Written by Scott W Johnson
One of the more common questions that all life insurance agents get is How Long Does Life Insurance Last? Well there is no simple answer to this complex question. Whole, Term, and Universal life insurance all of have slightly different answers to this question. Add to this that several important conditions that must be met. After all a life insurance policy cannot last any longer if the yearly premiums go unpaid – right? Whole contracts typically will last until either the policy end date (which may be 100 or 120) or your entire life.
Written by Scott W Johnson
What is preferred plus pricing? Preferred Plus is the highest of the standard health classes for term and whole life insurance. Preferred Plus is the best pricing (lowest price) that consumers can qualify for. Consumers that do qualify for this best in class price, would do well to stock up on the most amount of insurance that they can afford to buy at that time. There are so many benefits to this health rating class that it can difficult to summarize them all.
Written by Scott W Johnson
What is an Annual Premium? Sometimes also called an Annualized premium, it is a mode of payment for various forms of insurance, including life insurance. There exists differences with the modes of premium payments allowed with different types of insurance, such as business insurance and personal property insurance. In the world of life insurance, the annual and monthly payment modes are typically the most popular option.
Written by Scott W Johnson
Why Do Life Insurance Companies Always want your Social Security Number? Will your number be safe, how will it be used. Is there a federal US law that requires insurers to have and keep your social security number when you buy term or whole life insurance?
Written by Scott W Johnson
How Much Life Insurance Do you Need? This simple question is much more complex than many american consumers can begin to know. The old general ten times rule is a great place to start but it is not the be all end all determining factor. Clients need to consider and evaluate their life stage and potentially undertake a full needs based analysis.
Written by Scott W Johnson
A simple and straightforward guide on Life Insurance Beneficiaries. A beneficiary is typically the party to a life insurance contract that can easily be changed. Learn about best practices, detailed considerations, and a what not to do when considering a life insurance beneficiary. Whole Vs Term provides you a full list of potential life insurance beneficiary options with common examples of choices.
Written by Scott W Johnson
Life Insurance for Dummies is Our Signature Simple Guide to life insurance. Short, Simple, and Sweet.