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How to Get Life Insurance Quotes

 


How to Get Life Insurance Quotes: 
According to the Insurance Barometer Report, 15% of people think they can’t afford life insurance. At the same time, many consumers overestimate the cost. The only way to know what you will pay is to get life insurance quotes from a few companies. Quotes are free. An experienced life insurance agent will know what companies tend to give the best prices based on your age, health, and desired coverage amount.

Expect to be asked about your age, health, tobacco use, your family health history, driving record, and any dangerous occupations or hobbies. When you have a quote that you like, you can start a formal application. You answer more questions in detail and apply for a specific policy type, amount of coverage, and policy length (if you’re buying term life insurance). Once you’ve submitted the application, some insurers may require a life insurance medical exam. These exams can take place at your home, work, or sometimes a local exam office.

The time it takes to process an application varies significantly among companies and policy types. Some insurers offer fast life insurance, including instant approval, to people who qualify, who are generally younger (under age 60), and without medical issues. Some insurers use “accelerated underwriting” to skip the medical exam and process applications in a day or a week, depending on the company. And some insurers use a traditional process with a medical exam and an approval process that can take over a month.

How to Choose a Beneficiary; A life insurance beneficiary is a person who can claim the death benefit after you pass away. You can name multiple beneficiaries and decide what percentage they each will receive when you die. Additionally, you should add contingent beneficiaries who will receive the death benefit if your primary beneficiaries have died.

Not everyone names people as beneficiaries. Some people name trusts. By creating a revocable living trust and naming it as the life insurance beneficiary, you can ensure that the money is used according to your wishes. For example, the trust money could be used to take care of children. If you decide to name a trust the beneficiary of your policy, make sure to work with an attorney to structure the trust correctly. It’s also wise to work with a financial planner so that trust is part of your larger financial plan.

It’s crucial to update and review your beneficiary selections regularly. For example, life events such as a marriage or a divorce can impact your selection. To update your beneficiaries, contact your life insurer and submit a change of beneficiary form. Making changes only on a will won’t affect life insurance.

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