How To Get Life Insurance

How To Get Life Insurance. What is the Process? Who Do I call?

In the article we cover the basics of how to get life insurance, who to call, what the process is like, and how long it takes.  It really can be quick and painless.

Life insurance is an important step towards protecting your family’s future. One of your most valuable assets is your income, and life insurance (term life insurance, whole life insurance or other types) affords protection for that income. In the event that something happens to you, proceeds from a policy are provided to the named beneficiaries to help pay for rent or the mortgage, groceries, or even college expenses. Life insurance is an important stopgap product for peace of mind. So the questions area….how to get life insurance (affordable life insurance), at the cheapest possible price, from the best life insurance companies? There are several ways one can obtain life insurance and we’ve put together a few steps that should be taken before getting started in the process.

One way in the process of  ‘how to get life insurance’  is to get some preliminary term life insurance quotes online (or universal/ whole etc). Life insurance rates are based on multiple factors, so it can be somewhat difficult to determine a starting point. Life Insurance Rates are produced by carriers based some of the following:

  • Smoking status
  • Age
  • Amount of coverage requested
  • Length of that coverage
  • Overall health of the applicant

High Risk VS. Preferred

Of course, nonsmokers will receive better premium rates than smokers, although multiple health issues can also raise rates. Before getting a quote, you’ll need to decide what rate class you might receive. A preferred best or a preferred plus would apply to someone in excellent health who is relatively young. It also helps to see the premium cost based on the premium mode, so decide ahead of time if you plan to pay monthly, semi-annually, quarterly, or annually. Most monthly plans deduct the premium cost directly from a bank account, making the process extremely easy. Bear in mind that your online quoted price is dependent on a full review of the application (and possible medical records) and that it’s only a tentative offer.

Talk To An Agent or Go Straight To The Carriers?

Another way to get life insurance is to work directly with a licensed agent. Licensed agents are familiar with the various carriers available and can help to advise you about which carriers may be best for your individual situation. Life insurance is highly customizable these days with numerous options for riders, tiered payments, and even flexible premiums that may be available with certain carriers. Working with an agent can help you to get the product most beneficial for you and your needs.  Only an agent can shop all the major carriers quickly and get you the best possible price.

What happens after the application?

After you complete an initial application for life insurance, you’ll be contacted by a paramedical company if blood and urine are required. An examiner will travel to your house to ask you some questions and complete any needed lab work. Your agent can explain more about what to expect for the paramedical exam, but a good guideline is to get a good night of rest beforehand. The paramedical exam results will be communicated directly to the carrier and your case will enter what’s known as the underwriting process. During this process, the carrier’s underwriter is evaluating your application for risk and determining that all information is accurate and reported correctly. You may be contacted by your agent during this process to answer any follow-up questions or to provide additional information about past medical issues.

**See our article on No Medical Exam Life Insurance if your interested in learning more about skipping the medical exam.

From this point, your agent will notify you when the carrier has approved the application. If you have not already submitted premium, it will be due at this time (this is known as a “delivery requirement” as well as a signature form that you accept the policy. Most carriers have a 30-day free look period, so review your policy for any errors before accepting it. Your policy then goes in force and you are protected from that point on. Some carriers now even offer e-policy delivery, so make sure you store the document in a safe place. You can contact the carrier at anytime after this to make changes to your beneficiary or discuss other options.  Most people have the same question, “how do I get life insurance”…as you can see it can really be quick and trouble free.

I hope this article someone covers the ‘how do I get life insurance’ question.  So when someone asks you ‘how do I get life insurance’ you’ll have no problem filling them in!


term life insurance quote request

About Speights Risk Management

Speights Risk Management is a family Life Insurance Agency that has been helping families and businesses for over 40 years. Questions? Contact us at 401-884-4600.

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