If you've already made the important decision to get life insurance, good for you! It can be a little overwhelming figuring out how to get life insurance and where to begin when it comes to getting covered. We've outlined the basics steps to get you moving in the right direction:
Do some research
First thing's first. Learn the lingo! Visit our glossary of terms to better equip yourself to choose what policy is best for you.
What kind of insurance are you looking for? Term insurance is often the most popular choice, especially if you're in the family-formation years or on a tight budget. It allows you to buy high levels of coverage when the need for protection is often greatest.
If you need help figuring out how much life insurance coverage you might need, check out an easy to use online calculator.
Figure out how long your life insurance coverage will last
As the name implies, term insurance provides protection for a specific period of time. This type of insurance is often bought to cover funeral expenses, mortgage or debt payoff, college education costs and income replacement.
Term life insurance makes the most sense when you have a need for coverage that will disappear at a specific point in time. For instance, if paying for college is a major financial concern but you’re pretty sure that you won’t need life insurance coverage after the kids graduate, then it might make sense to buy a term policy that will get you through the college years.
Term and rate guarantee periods are for 10, 15, 20, 25, 30, 35 and 40 years, with 20 years being the most common duration. Consider the length of time your expenses will last when choosing an appropriate term length.
Get a quote
Find out how much term life insurance will cost you by using an online quote tool
. This process takes around three minutes and allows you the option to adjust your term length to see how it affects your monthly cost. If you'd prefer to speak with a licensed life insurance agent to get professional advice, call us toll-free
. Our super-friendly team is licensed, knowledgeable and ready to answer questions to help you get the life insurance coverage that is right for you.
The application process
Once you've determined your coverage needs and have your quote, a follow up interview will be scheduled at your convenience. That portion of the process takes about 45 minutes and the interviewer typically requests the following application materials:
- Driver’s license
- Social Security number
- Contact details for any doctors, hospitals or clinics you’ve visited in the past 10 years
- Details of any prescriptions medicines you are taking
- Basic financial information
- Disclosure of any other life insurance policies you have held
- Beneficiary Information
Some applicants may be required to take a brief, no-cost medical exam lasting about 20-30 minutes. The exam may include measurement of your height, weight, blood pressure and pulse rate; collection of blood and urine specimens; and in some cases, an electrocardiogram (EKG) and/or a medical history report.
All of the information you have provided will be reviewed during the underwriting process. If approved, your final health class and premium (price for your policy) will be determined.
Once approved, you will receive a copy of your policy and will be able to provide all of the final signatures necessary to activate your policy and submit your initial premium payment.
Your life insurance coverage is not in effect until your application is approved, any outstanding policy requirements are met, and your first premium payment has been received.
Once your policy has been delivered, be sure to keep in a safe place and let your designated beneficiaries know where it is.