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Life Insurance Buying Process

What The Life Insurance Company Needs

No medical online life insurance buying process is quite easy. If you have an idea how much coverage you need and the type of policy you want to buy the first thing you do is get quotes.

On deciding you want to buy life insurance you need to complete an application form. The life insurance company needs to know something about you.

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They need to know your your age, some information about your health and how you make a living. They also need to know how you will pay your premiums.

Online Life Insurance Buying Process

The initial questions cover the following areas.

You enter,

  • Your State:
  • Your Date Of Birth:
  • Your Gender:
  • Smoker Or Non-Smoker:
  • Your Health Class:
  • Type of Policy:
  • Face Amount Of Policy:

The next thing you do is to Compare the rates. You get to choose between Banner Life, Lincoln Financial, The Principal and Sagicor Life. When you find a rate and carrier you like you then hit,

  • Application Request:

Here you will find a one page, 5 minute questionnaire. this information is used to begin the Application process.

Be sure to have ready your,

  • Drivers License Number:
  • Social Security Number:

You submit this form and we call you to complete the rest of the Application. We will ask questions about your medical history and your occupation or any avocation. The answers to these questions are verified by an M.I.B Report as well as a Prescription Report.

If you are in fairly good health it is possible that your policy be issued in as little as 15 minutes. If there is any history of a medical condition the life insurance company may request an Attending Physicians Statement. This is really a medical report from your doctor.

Many policies are issued on a no exam basis but the life insurance reserves the right to request a physical exam. In such a case they will have a paramedic or nurse call you to set up an appointment at a time convenient to you both. They may ask for urine and or blood.

A life insurance company is in business to make money. The life insurance buying process reflects their concerns. Upon your death they will pay the face amount of the policy to your beneficiary, or beneficiaries.

The beneficiary is usually a spouse, a child or children regardless of age or business partner. Shareholders in a S Corporation, C Corporation or Key Employees can also be beneficiaries.

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