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Purchasing Life Insurance – Walking You through the Process

Article by Denise

Interested in purchasing life insurance but just don’t know how to go about it? Perhaps you tried purchasing a policy from a life insurance salesman but just weren’t convinced that the policy he was selling was right for you. Perhaps you’re stuck in the busy rut of making a living. You know you should purchase insurance but that idea is still in the back burner somewhere waiting for the “right time”. There are plenty of reasons why many don’t make it past the first stage so here’s a walk-through the insurance process, to help you overcome those initial hurdles and see how easy it is to purchase life insurance online!Get a basic education on life insurance. Life Insurance 101 will give you a basic understanding of the types of insurance available and how each works. You should then be able to work out your personal life insurance needs. Some websites make this easier for you by an online Insurance Needs Calculator. This will give you an idea of the optimal coverage you should purchase for your family. However, if you feel you cannot afford that much coverage, don’t opt out of insurance! Some coverage is better than no coverage at all! Prioritize your needs and make sure your family is covered for those expenses.Web shopping for life insurance! Life insurance agents may have a smaller portfolio to sell, limiting your choice of insurance policies. Some agents may want to “push” you into purchasing their favorite policy or as many others have experienced–it’s hard to find an agent when you need him the most! In contrast, reliable online life insurance quote providers are affiliated to hundreds of top-rated insurance companies. They offer unbiased, independent recommendations and have a wide portfolio of insurance companies they represent. Always use a site that is accredited by the Better Business Bureau (BBB) and can provide you with customer service from professional insurance advisors.Online Questionnaire. In order to get free insurance quotes you’ll need to fill in an online questionnaire that provides the company with information regarding your age, sex, marital status, height, weight, medical history, current health status, whether you smoke, drink or have had any accidents, etc. The more detailed the questionnaire is, the more accurate will be your insurance quote. Be truthful. Once you submit your questionnaire, within minutes you will receive the best insurance quotes specific to your personal history and requirements.Compare Life Insurance Quotes. You’ll receive multiple life insurance quotes for comparison. Remember, getting the cheapest insurance is not always the best. There are other factors to consider.

Look for company ratings. The symbols A++ represent the highest level of financial integrity. It signifies that a life insurance company has an excellent track record for paying out benefits in a timely manner. These ratings are issued by third party, independent life insurance raters such as AM Best, Duff Phelps, Standard & Poor’s, and Moody’s.Look for free riders that a company may offer. Waiver, convertible or renewable options in a term life policy may be useful later on in life.If you have any questions, call up the provider’s customer service. Their representatives should be able to answer your queries and make meaningful recommendations.Purchase your policy. You purchase the policy by paying the first premium. The policy is in effect from the date of payment. A life insurance company may ask you to go through a medical examination conducted by a company-appointed medical officer. They will then use the results of these tests, along with the information provided on your application to start the underwriting process which determines the final rate of premium you qualify for. This process may take three to eight weeks. During this time, company underwriters look at a number of factors including health, family health history, occupation, lifestyle, etc. Based on these criteria grouped with other information, the job of an underwriter assesses the risk of insuring your life and will charge you premiums accordingly.Official Premium Rating. After the underwriting process is over, the insurance company will send you an official premium rating. This premium rating may differ from the initial quote you received which was based on initial information that you provided on your online questionnaire. After performing a comprehensive medical test, if a life insurance company discovers that your cholesterol is high, or you have blood pressure, or any other condition that you were not previously aware of, you would need to pay higher premiums than what was originally quoted. What to do when your premiums ratings are higher than what was originally quoted?Keep searching until you find the best insurance premium rates! A life insurance company will give you