If you are considering buying a life insurance policy, it’s understandable if you don’t know where to start. Life insurance is quite different from other financial vehicles, like homes or stocks.
Below, Medical Profiles explains each of the steps involved to make the process of getting life insurance clearer. You can also send the team a message online to book an appointment for the paramedical examinations you’ll need to complete your application.
Take These Steps to Buy Life Insurance The Right Way
People will often buy insurance policies online now. However, even if you buy life insurance online, a sizable portion of the population will still have to speak to or purchase their policies through an agent. Depending on the kind of policy you go for, you may also have to complete an in-person medical exam to complete the application.
Regardless of whether you’re buying online or not, expect the following steps:
Step 1: Determine Coverage Amount
The first step when getting life insurance is determining the total amount of coverage you or your family will need.
The simplest way to calculate this coverage is using the DIME method that adds the following together:
- Outstanding debts
- Necessary income
- Remaining mortgage payments
- Children’s education costs
The total will be a rough estimate of the life insurance coverage you need.
Step 2: Choose Your Policy Type
Next, you need to choose which type of policy you want between term and whole life insurance options.
- Term life insurance charges a monthly premium. It provides coverage for a certain timeframe, typically between 10 and 30 years.
- Whole life insurance provides permanent coverage. It stands for as long as you pay the monthly premium. Whole life policies also have a cash value investment component that accrues value.
Step 3: Find and Compare Quotes
Once you decide on your preferred policy type, research different providers and compare the quotes you receive.
Figure out exactly how much you’ll pay for coverage. For example, premiums for life insurance depend on a range of factors, including age, health, coverage amounts, and your family medical history.
Step 4: Complete the Insurance Application
Once you compare quotes and find an option that works for you, the next step in the process of getting life insurance is a life insurance application. This step will often include a physician’s statement documenting your family medical history, so be sure you have the relevant documents on hand.
Additionally, your insurance company may contact you for additional verifying personal information and schedule a phone interview.
Step 5: Get a Paramedical Exam
Many insurance companies will require you to undergo a medical exam, whether you are applying for term or whole life insurance coverage. During this exam, a medical professional will check your vitals, such as blood pressure and heart rate. They may also take some blood work.
A paramedical exam takes about 30 minutes to an hour to complete, with the point of the exam being to determine your health and eligibility for the insurance you’ve applied for. However, some policies, such as simplified or guaranteed life insurance, do not require a medical exam.
Step 6: Get Approved
Lastly, after submitting a completed application and completing the medical exam, you need to wait for approval. Most life insurance companies take between four and six weeks for approval, but you may hear back earlier than this.
Then, once you have the company’s approval, you can start paying your premiums and enjoy the benefits of life insurance coverage!
Schedule Life Insurance Medical Testing Today!
If you’re applying for some coverage, you can streamline the process of getting life insurance by scheduling a paramedical exam with professionals like Medical Profiles. Contact us online or call today at (832) 251-3926 to learn more!
