After selecting Term Life Insurance, I needed to actually apply for and purchase my policy. Here is how the process went for me:
- I decided on the amount.
I went with $250,000. For our situation, I think this will work. You can find more about how much life insurance you need at All Financial Matters - I got quotes.
- My Home/Auto Insurer, State Farm: I contacted my agent and asked for a quote. Simple.
- Online Insurance Companies: I went to Zander.com, lifeinsure.com and compared quotes.
- I decided on the Insurance Company
My rates were mostly between the $18-25/month range. I went with State Farm for a number of reasons. For one, I trust them. I know that if I have any questions, I can call someone and get a human right away. Also, their exam and medical digging seemed simpler and easier than the other guys. It’s not that I am sick and trying to hide it, but I have complicated issues that in no way will make me die earlier. I just don’t want some idiot who doesn’t know what the hell a heme group is to make a dumb decision that I’m unhealthy when I’m not. - I filled out an application with the agent. My agent was nice enough to meet me at the Starbucks just down the street to fill out the application and get everything started.
- This included:
- The usual paperwork with name, address, and signing.
- Medical questions: Do you have diabetes, high blood pressure, heart disease, etc. What have you been to the doctor for in the last 5 years… That was a task.
- Lifestyle questions: Do you jump from airplanes, scuba, jump off bridges for fun?
- Then I gave him a check for the first month’s estimated payment. He let me pay the best-case-scenario price, but it may be higher depending on how risky they think I am.
- I had a Medical Exam done.
- This included:
- Blood test for cholesterol and other levels.
- Urine test. Not sure what for. Maybe a drug test?
- Weight and Height.
- Blood pressure.
- Pulse.
- Now I am just waiting on the results of the exam/underwriting to see what my rate ends up being. However, since I already paid my first month when meeting the agent, my coverage has actually already started.
August 19th, 2008 at 5:29 am
Great rundown on the Life Insurance process. I think that you have shown folks that it is less of a hassel (the medical stuff) than they may have thought. I’ve always viewed Life Insurance as a gift of love when you have a family. You trade cash now for their financial security later.