Buying a life insurance policy is easy if you are aware of the process. It always begins receiving life insurance quotes. Mostly these are supplied by the brokers, but few insurers do operate directly and so if you want the quote from them, you will have to apply to them straight. Moreover, these quotes are available online and if you try through online brokers you can get multiple of them with one click of the mouse. Indeed, receiving and comparing quotes are very important steps in the purchase process of any life insurance policy, but it is far more important if it is a term life insurance. Since different carriers follow different underwriting principles, term life insurance quotes for the same plan can vary with the variation of carriers.
To be sure, buying a life insurance policy solely for the protection of your family is not a very easy job. In fact, receiving quotes to begin the purchase process will come only after you have decided on certain important factors. What kind of policy would you want for your family? The low cost term life insurance policies that require you to undergo a paramedical test and thorough scrutiny by the underwriters is the usual choice. However, there are also the no medical policies, which requires you only to answer some health related questions and the coverage is based on that. On the con side, these policies are rather more expensive. Like all other sectors, the insurance industry too uses certain lingo, which you may find hard to understand. Therefore as you are looking for the right policy; you should also try finding their meaning. This will help you in many respects. Did you know that face value, sum assured, coverage amount refer to the same concept? Determining this amount is the most vital part of policy purchase and should be done before you start searching for the right quotes. What is more, if it is a term life, determining the term duration is also very necessary. The quotes largely depend on these two factors. How you pay your premium is also an important aspect of policy purchase. Paying on yearly basis is the cheapest although monthly installments are more convenient. Another point to decide is how you want the benefits to be distributed. In general, the lump sum is paid to one beneficiary; but some may allow the benefit to be divided among two or three recipients. However, make sure that there is clear instruction to that effect.
Once you have made all the necessary decisions, it is time you find out about the necessary documents that you will have to submit before you can get the coverage. If your broker cannot tell you about that, you should get yourself a new one. However, receiving quotes has nothing to do with that. It is not that because you have received quotes, you will have to buy the policy from any one particular. Know that quotes are just estimates that the carriers provide free of any obligation for your approval.
Once you have received, compared and approved of quotes, it is time you should apply for the policy. However, before we go into that, let me mention the fields that one has to fill up to receive the term life insurance quotes. They are as follows: * The name of the state you reside in * Your date of birth (which indicates age) * Gender (since women have longer lifespan); * Height and Weight (which indicates body mass index) * Tobacco habits (which is essentially bad for health) * Health Plan (there are four; find yours using health guides) * Coverage amount, term duration and, premium payment mode * Your name and contact details
Now, let us have a look at the purchase process. As I said, it is always easier to receive them through online brokers. You just need to visit their website; fill up the quote form posted there and hit the submit button. That is all; quotes from various carriers will automatically appear on your screen. You now need to select and apply. Appearing for a medical test is next on the agenda. However, there are also the no medical life insurance policies we have already talked about. Although for a healthy and tobacco free person it may seem a little too expensive, many opt for it for its simplified purchase process.
People generally opt for such policies for their simple and quick purchase process. Indeed, if you apply today and qualify, your family may start getting the coverage from the next day. Moreover, there is a thirty day trial period; if you decide otherwise; you can receive full return of the money you had paid. More than that, people with minor illness or tobacco use may not find much difference in the policy prices either and so they naturally opt for it. In short, to get the best of the policy, you must consider all aspects.
To be sure, buying a life insurance policy solely for the protection of your family is not a very easy job. In fact, receiving quotes to begin the purchase process will come only after you have decided on certain important factors. What kind of policy would you want for your family? The low cost term life insurance policies that require you to undergo a paramedical test and thorough scrutiny by the underwriters is the usual choice. However, there are also the no medical policies, which requires you only to answer some health related questions and the coverage is based on that. On the con side, these policies are rather more expensive. Like all other sectors, the insurance industry too uses certain lingo, which you may find hard to understand. Therefore as you are looking for the right policy; you should also try finding their meaning. This will help you in many respects. Did you know that face value, sum assured, coverage amount refer to the same concept? Determining this amount is the most vital part of policy purchase and should be done before you start searching for the right quotes. What is more, if it is a term life, determining the term duration is also very necessary. The quotes largely depend on these two factors. How you pay your premium is also an important aspect of policy purchase. Paying on yearly basis is the cheapest although monthly installments are more convenient. Another point to decide is how you want the benefits to be distributed. In general, the lump sum is paid to one beneficiary; but some may allow the benefit to be divided among two or three recipients. However, make sure that there is clear instruction to that effect.
Once you have made all the necessary decisions, it is time you find out about the necessary documents that you will have to submit before you can get the coverage. If your broker cannot tell you about that, you should get yourself a new one. However, receiving quotes has nothing to do with that. It is not that because you have received quotes, you will have to buy the policy from any one particular. Know that quotes are just estimates that the carriers provide free of any obligation for your approval.
Once you have received, compared and approved of quotes, it is time you should apply for the policy. However, before we go into that, let me mention the fields that one has to fill up to receive the term life insurance quotes. They are as follows: * The name of the state you reside in * Your date of birth (which indicates age) * Gender (since women have longer lifespan); * Height and Weight (which indicates body mass index) * Tobacco habits (which is essentially bad for health) * Health Plan (there are four; find yours using health guides) * Coverage amount, term duration and, premium payment mode * Your name and contact details
Now, let us have a look at the purchase process. As I said, it is always easier to receive them through online brokers. You just need to visit their website; fill up the quote form posted there and hit the submit button. That is all; quotes from various carriers will automatically appear on your screen. You now need to select and apply. Appearing for a medical test is next on the agenda. However, there are also the no medical life insurance policies we have already talked about. Although for a healthy and tobacco free person it may seem a little too expensive, many opt for it for its simplified purchase process.
People generally opt for such policies for their simple and quick purchase process. Indeed, if you apply today and qualify, your family may start getting the coverage from the next day. Moreover, there is a thirty day trial period; if you decide otherwise; you can receive full return of the money you had paid. More than that, people with minor illness or tobacco use may not find much difference in the policy prices either and so they naturally opt for it. In short, to get the best of the policy, you must consider all aspects.
About the Author:
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on whole life insurance and universal life insurance, visit his site today.
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