Step-By-Step Guide to Buying Life Insurance

Today, many people want to buy life insurance so that safeguard the future of their loved ones when they are no more. But the major challenge is that they don’t know how to go about the process. If you are among such individuals, below is a step-by-step guide to buying life insurance.

  1. Select a life insurance policy

This is the first and most important step you need to get right. There are mainly three types of life insurance policies. These include term life, universal, and whole life insurance. Each of them has their pros and cons. So, make sure that you weigh their advantages and disadvantages before you pick any one.

  1. Compare Quotes

To get the best deal, ensure that you compare the insurance quotes offered by different insurance companies. Let say, you prefer a whole life insurance, contact an independent agency like us to see a list of insurance companies that offer such products and compare their premium, death benefits, cash value benefits, and other features.

  1. Choose an insurance company

You also need to get this part very well so that you are rest assured that your beneficiary will get your death benefit. To err on the side of caution, make sure you choose an insurance company that has unimpeachable reputation like State Farm, AIG, and Berkshire Hathaway.

  1. Fill all the necessary forms

This usually takes about 10-20 minutes. You will be given a form and ask to input your name, phone number, state, etc.

  1. Go for the medical exam

After you’ve chosen filled the form, your insurer will ask you to undergo some medical tests. Don’t be scared. The purpose of the medical exam is to know your health status, including your blood group and blood pressure.

  1. Know your application status

This is the stage where your insurance company will inform you whether or not you are qualified to buy the life insurance policy. This confirmation usually takes about 3-4 weeks. If you are qualified, your insurer will ask you to sign some papers and brief you on how to pay your premium.