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How to Find the Best Life Insurance Policy for You

The best life insurance policy for you will depend on your financial goals and the reasons for purchasing life insurance. Therefore, you will need to assess your financial situation to find out what you already have to support loved ones who depend financially on you and what needs you need to cover with life insurance.

If you want a policy that provides financial protection for a certain period of time (such as when your children are young), then a life insurance policy provides the coverage you need at an affordable price. If you want coverage that lasts for life and provides cash value that you can access during your stay, then a whole or comprehensive life policy may be the best option.

Consider working with a financial planner who can help you review your situation and find out what type of life insurance works for your financial plan. You can find a fee schedule only through the National Association of Personal Financial Advisors. Or your workplace may give you access to a financial professional as part of your benefits.

How to apply for life insurance

To purchase a life insurance policy, you can contact a life insurance company, work with an independent insurance broker who will get life insurance quotes from various insurance companies for you, or use an insurance quote comparison site. .

From there, the application process will vary depending on the type of subscription used.

  • Full underwriting: This traditional underwriting process requires you to fill out an extensive questionnaire, take a medical exam, and give the insurance company permission to collect information about you from various outside sources. The process can take up to 60 days, but it will likely result in the lowest life insurance price if you are in good health because the insurance company will have enough information to accurately price the policy.
  •  Accelerated subscription: This process is similar to a traditional subscription, but does not necessarily require a medical exam. It is faster because it uses data models to assess applicants' risk. You can often apply online, the insurance company will instantly collect data from outside sources, and you can get approved for coverage in minutes. Quotes are comparable to fully written insurance policies, but coverage amounts tend to be limited to $ 1 million.
  • Simplified problem: The life insurance buying process is a quick and easy problem. Applicants only have to answer a few questions about their health and lifestyle, then insurance companies use outside sources to gather additional information about applicants. A medical exam is not required, so insurance companies can often make immediate decisions about accepting or rejecting applicants. But keep in mind that the prices are higher for simplified issue policies because insurance companies have less information about applicants.

Top Tips for a Life Insurance Medical Exam

A fully written life insurance policy generally requires you to undergo a physician assistant test to verify the information you provide on your application. Insurance companies use companies like Exam One and APPS-Portamedic to send a nurse or medical assistant to your home or workplace to check your height, weight, pulse, blood pressure, and take blood and urine samples (which can detect the nicotine and drug use).

Some insurance companies require an EKG, EKG, Test [A5] to monitor cardiac activity for older applicants or applicants applying for coverage over $ 1 million. Some may also require a stress test X-ray or a treadmill. If you are 70 or older, you may need to take an additional cognitive ability test.

It is important that you take the medical exam seriously, as it will affect your life insurance price. To prepare, follow these steps:

  • 24 hours before the test: Limit your intake of salt and foods high in cholesterol like red meat. Avoid over-the-counter medications, such as antihistamines and nasal decongestants.
  • 12 hours before the test: Avoid alcoholic beverages and strenuous exercise, which can raise blood pressure levels. You may also need to avoid eating and drinking anything other than water for 12 hours before the test.
  • One hour before the test: Avoid caffeine and nicotine. Drink a glass of water to facilitate obtaining a urine sample.
  • At the exam: Get a photo ID and application documents. Wear sleeves or short sleeves that can be folded so that you can draw blood and measure blood pressure.