There are a few things that you should consider when applying for life insurance. They are:
When do you need the insurance to become effective?
The application/underwriting process can take several weeks. Please allow for this processing time when planning your purchase. This is especially important when coordinating a new purchase with the replacement or expiry of an existing coverage.
How close are you to an age change?
Most companies charge premiums based on which birthday you are nearest. When planning for your purchase, you need to also factor in the possibility of your age changing for premium purposes. In order to save your last age, most companies must have received your signed insurance application in our office within 6 months of your last birthday.
What risk class are you?
During the online or telephone interview, most companies will ask you specific information on your situation for quotation purposes. Most companies make every attempt to be as accurate as possible in their premium quotations based on the information you provide. The most favorable risk class they can quote is super preferred non-smoker. The most common ratings are preferred and standard.
How accessible are you?
To provide you the best service possible, it is critical that insurance companies can successfully communicate with you. Any way they may be able to contact you is helpful during the application and underwriting process. If you are accessible by phone, e-mail, fax, or mail, you should give the insurer that information.
How can you help expedite the application process?
The most time consuming portion of the application process involves the satisfaction of medical requirements. Medical requirements vary by insurance company, by applicant age, and by amount of insurance purchased. The insurance company needs all the required information before the underwriting process can begin. Whether it is the completion of a brief paramedical exam or requiring medical information from your doctor, your assistance in ensuring that these requirements are satisfied will dramatically affect the processing of your application.