How-tos: Get life insurance in 5 easy steps!

As you get older, responsibilities grow along with you, that’s the time people start to think about coverage. Insurance is kind of like a safety net you can fall back on when things don’t go as planned, and since you’re just human, some things are simply out of your control.

You can get insurance coverage for various things such as your home, your business, your vehicle, your pet and even your life! Yes, life insurance is a thing and it’s one of the most sought insurance coverages around.

Various people, mostly parents and breadwinners, get life insurance to make sure their dependents can live a financially comfortable life when they pass. Plus life insurance comes with tons of benefits so your annual/monthly premium is worth every dime.

To know how to get life insurance, down below is a step-by-step guide you can follow:

Step 1: Decide what coverage you’ll be needing.

Before anything else, decide what coverage you need. For instance, if you have a life-threatening disease or a child with a medical condition, consider getting health insurance. This covers medical and hospital bills for treatments, check-ups and so on.

If you’re a parent, whether you’re a stay-at-home parent or a working parent, life insurance is a must! Life insurance coverage benefits people who are dependent on you, usually your children, your siblings or even your parents. There are types of life insurance policies you can choose all of which come with their own function, regulation, characteristic and purpose.

Step 2: Do your research on each of the types

To know what life insurance policy is for you, consider knowing each one first. This is to make sure you don’t mistakenly get insurance for something you don’t really need. There are 6 kinds of life insurance coverage for you to choose from, so you can guarantee to find the right one for you! 

What are the types of life insurance?

  • Term life insurance – This is also known as Pure life insurance and covers a predetermined period, usually 10 to 30 years.
  • Whole life insurance – The most basic kind of permanent life insurance, whole life offers coverage for the duration of your life.
  • Final expense insurance –  This is a type of life insurance that is exclusively meant to pay for expenses related to the passing of a person, such as funeral and burial fees.
  • Universal life insurance – Another type of permanent insurance that provides whole life’s cash value and lifelong coverage. The premiums are flexible, which is a key distinction from whole life insurance.
  • Simplified issue and guaranteed issue insurance – This plan is mainly made for older individuals with major health issues who may not be eligible for policies that call for a medical exam.
  • Group life insurance – This is coverage you can get if you’re part of a certain group such as work, an organization and so on.

Step 3: Pick out an insurance provider

Once you know what insurance policy you’d want to get, you can now scout for an insurance provider. When looking for one, make sure you get a provider that’s reliable, reputable, offers quality coverage, has great customer service, offers a wide range of products and has an official online outlet.

But of course, make sure to go for an insurance provider that offers the coverage you’re looking for. Pick out at least 5 and narrow them down by comparing them to one another based on their premiums, regulations, level of coverage, quality of products and credibility.

Step 4: Get professional advice

To make sure you get the coverage you need with the right provider, consider getting professional help. A person who can greatly help you in this situation is an insurance advisor. These are trained specialists that master insurance and risk. You can surely depend on them to provide you with quality advice and guidance.

Plus consulting with an insurance advisor comes with tons of benefits, (1) They’ll be able to help you fully grasp your coverage, (2) They can provide you with quality legal and financial advice, (3) They help you understand insurance regulations down to the last detail and (4) Help you file claims in the future.

Step 5: Send out an application

After seeking professional advice, sure enough, you’re now ready to apply for coverage. First, find out if your chosen insurance provider offers online applications. If they do, consider that option, fill out the provided form and submit it.

Sometimes, life insurance forms require you to submit an APS, Attending Physician Statement to help them verify your medical history and current state. Plus this helps them calculate your premium, coverage and benefits.

Now all you have to do is wait for them to email, text or call you at your provided email or contact number regarding your initial interview. In the interview, they’ll simply re-ask the information you sent in and verify it once more with additional questions.

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