The decision to purchase life insurance is not one that should be taken lightly, but that doesn’t mean the process should be stressful either. Many first-time purchasers worry about all the paperwork that may be required. The thought of paying expensive premiums each month is also off-putting for many consumers. In reality, you can easily find a reliable, affordable insurance plan that suits your needs and budget. The trick lies in knowing how the process works so that you can be prepared.
With so many insurance companies out there, how do you know one to choose in the first place? While ultimately your decision should be based on the quality and price of your plan, it is always best to stick to well-known providers who have a solid track record within the industry. The following steps will also help give you an idea of how to go forward with your life insurance.
Step 1: Sourcing Quotes
The first step that you need to take is to source a few life insurance quotes. The best way to do this is to use a comparison website that sources quotes from multiple providers. In order to get a realistic quote, you will need to calculate how much you can afford to pay each month. Work out the total cost of your various bills, debts, mortgages and other financial responsibilities, and then determine how much of the remaining funds can be used for premiums. Use this information when sourcing quotes and include any other specifics that you may have. Always submit true information – giving false information could affect your chances of a successful application.
Step 2: Review Your Options
Now that you have gotten a few quotes, you can review each one to see which offers the best value for money. Make a shortlist of the ones that are best suited to your budget. From there, you can do a bit of research about the provider. Look at their website, search for online comments, read testimonials and go through the terms and conditions carefully. Make a list of any questions that you may have, and contact the life insurance provider to have these answered.
Step 3: Make Your Application
Once you have chosen the provider you wish to purchase your package from, you can submit your application. This step involves a fair amount of paperwork, but if you have been prepared and calculated your budget, the process will go a lot more quickly. You may be asked to do a medical as part of the application – if you have any pre-existing conditions, this is the time to state them. Complete the information without leaving anything out or using any false information. Once you have submitted your application, all you need to do is wait to hear whether it has been successful.
As you can see, the process need not be a stressful event at all. It will save you a great deal of time and energy to do a bit of homework and preparation before you receive your first quotes. In this way, you will be able to complete each step quickly and simply, allowing you to get life insurance cover in no time at all.