Buying life insurance can be quite an exhausting experience. If done correctly, however, it can be a quick process and quite rewarding.
It is very important that you first satisfy yourself that you need to own some sort of coverage. A good exercise is to discuss the matter with your spouse before you proceed.
Once you agree that you need to own a policy, or increase what you now own, you should proceed to determine just how much fits your particular needs. You have a spouse who you need to protect from financial disaster, you have children who depend on you, you may also have an elderly parent or other relative that you have chosen to take care, American Insurance can help you. What about the balance owed on your mortgage, what of college costs? Surely, these are excellent reasons for buying life insurance.
Before buying life insurance you should determine how much you need. There are several calculators to assist you with this online. All you do is fill in the information on the form and the need calculator will provide you with an accurate evaluation. It will show you the total amount you should purchase.
If you are buying life insurance for the first time you should begin with term life insurance as it gives you the maximum amount of coverage for the least amount of money. The shorter term policies, like the 10 year term or the 15 year term policies, cost less than those that last a long time, like 20 or 30 year term life policies.
You next go to your favorite search engine and type in the name of the term policy you are about to purchase and compare rates. There is really no bad life insurance company. These companies are financially stronger than those with lower ratings.
There are different ways to go about actually buying your life insurance policy online. I know of one carrier that allows you to complete the application online, they make a decision as to whether you qualify or not instantly. There are others that allow you to complete a short questionnaire, submit it to the company and wait for an agent to contact you. Some will contact you in a few minutes, within the same day or within a week.
You do not need to do a physical exam for some carriers if the amount you require is within certain amounts, $350,000 or $400,000. This differs from company to company. If you will be buying life insurance in larger amounts you will need a medical exam. Some companies only offer life insurance after you go through a physical exam.
After your Application is submitted to the company the underwriters take over. They thoroughly investigate whether you qualify or not. They check out the Medical Information Bureau, they get a Pharmacy Report on you and if there is anything that they are concerned about they will ask for an attending physician’s report.
If you are buying life insurance and you are in very good health the policy will be issued a lot quicker.