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Perhaps the most overwhelming part of finding insurance is the application process. Waiting to be approved or to find out your risk class is an anxiety-inducing experience.
What if you have to pay high premiums in Boca Raton?
Or, worse: what if you’re declined?
With a little knowledge, and the right tools, applying for coverage doesn’t have to be daunting.
When applying for an instant quote online, you will be asked your age, if you’re a smoker, your gender, and which health class you fit into.
This basic information can be useful when getting an estimate for your premiums, but won’t give you an accurate picture of what you’ll be paying.The process for underwriting insurance is a lot more detailed than instant quote forms lead you to believe.
Underwriting is the process an insurance company uses to determine your eligibility for coverage. Underwriters determine how much coverage you are eligible for, as well as how much your premiums should be.
When assessing you as a candidate for coverage, an underwriter will ask you a variety of questions regarding your health and finances, including: your height, your weight, your age, your health history, your lifestyle habits, your annual income, and your net worth.
A follow-up medical exam is usually done to asses your current state of health and your family’s medical history.
The most important thing to remember about these tests is to BE HONEST.
If you’re a smoker, say you’re a smoker. Lying could result in insurance fraud charges and your beneficiaries might not receive benefits after you pass away.
It’s important to know that even if you’re a smoker, or if you have a pre-existing medical condition, you can still get life insurance. Be upfront and honest when applying for coverage. If one company can’t work with you, chances are you just haven’t found the right company.
You are considered a “standard risk” if your life expectancy is the same as the average person’s. This category sets the base for how premiums are calculated.
You will be placed in this category if your life expectancy is lower than that of an average person. A person who smokes, for example, may be placed in the substandard category. The premiums in this category will be higher than the premiums for standard applicants.
A candidate who is expected to live longer than the average person is placed in the preferred category. If you are a preferred client, you premiums will be lower than the premiums for a standard and substandard applicant.
If an underwriter feels you pose too great a risk for the insurance company to cover you, you will be declined for coverage.
To find a policy for you, you should talk to a reputable independent insurance agent.These agents know which companies will look favorably on your risk, and can help you find a company that will work with you.
We work with a multitude of insurance companies, and form lasting relationships with them and their underwriters. This means we know which life insurance Boca Raton companies will look favorably upon your risk.
We also form relationships with our clients, and bridge the gap between clients and insurance companies. We know not all risk is created equal. Our personal relationships with you, our clients, and insurance companies allow underwriters to see past your risk, and to assess you on an individual basis.
You can work with an agent to find a life insurance policy and can get a personalized, free, and no-obligation life insurance quote in just a few minutes. It’s that easy to start protecting your family’s financial future! Requesting a life insurance quote through AIG Direct is now faster and easier than ever!
With My Term Life Guy, you can get quality term life insurance coverage for less. Call now and save up to 60% on your term life policy compared to the same coverage through other carriers. That means you can get similar coverage for your money – and that’s always a good thing!
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