Applying for Life Insurance? Things to expect

happy family life insurance

Life insurance will give those who are dependent on you the comfort assurance when you are gone. It can provide necessary resources by replacing your wages when you unable to fill the gap. Check out 6 of Entrepreneurs challenges and solutions.

happy family life insurance

But how do you purchase such promising coverage? What are the needful things to be done to get the best rate offer? A prior understanding of the process of getting a safe and reliable life insurance can help you in getting coverage at pocket-friendly price. Entrepreneurs retirement planning in 3 easy stages.

How to determine your Life Insurance Policy

Life insurance has two main categories;

  1. Permanent Life insurance – This insurance provides coverage for your entire life span
  2. Term Life insurance – This insurance has a set period of which it can provide coverage.

You can consult a local insurance broker to know more about the Life insurance option you might intend to opt-in for.

Once you conclude to opt-in for the life insurance; it is vital to consider your beneficiaries. Look into how much they will require and confirm that the amount of coverage you chose is sufficient.  This amount will definitely depend on some factors. Some of these factors include, but not limited to, the age of beneficiaries, financial abilities of your spouse and joint financial resources. 10 Online courses that can saddle your life.

Useful Tips for the Application Process 

Applying for life insurance require some necessary information of you as the applicant. These information include, but not limited to, name, address, and employers. Some personal data that are essential include; Height, weight, date of birth, lifestyle habits, and financial information. Balancing your self-care routine for maximum health.

Although, you might feel reluctant to reveal truthful information about your weight and other health issues. It is, however, important you state the truth and not make the insurance company discover you lied about your health conditions or lifestyle. Lying about crucial data may increase your premium, and can lead to the cancellation of your policy.

  Balancing your self-care routine for maximum health

Some insurance companies can accept the health record you provide. However, some insurer will require an in-person medical examination. A paramedic from insurer will run a medical exam on you. During the examination process, the paramedic will likely perform the following;

Insurers’ Paramedic tasks

  • Check your blood pressure.
  • Check your height and weight.
  • Get your blood sample
  • Take your medical history.
  • Ask about your immediate family’s medical history.
  • Get your uring sample.
  • Listen to your heartbeat.
  • Checks lifestyle habits that could affect your health.

An additional test might be carried out on you depending on your age and the type of policy you are purchasing. The other test could include an EKG, a chest x-ray, and if necessary a treadmill test.

An underwriter will evaluate your application and medical result. A medical report of treatment history will also go through analysis to learn more about your medical condition.

This would be of help the insurance companies determine how much risk you might represent to the company financially and charges for your coverage. Untruthfulness about ones medical issues may lead to not only been denied coverage but ensuring other insurers which means you have been red-flagged.

A proper review of your application and medical report will determine its approval or denial. Some of the verification can take days or weeks, hence, the reason for the waiting period. The involvement of third parties makes it hard to have a specific date of completion. For example, the delay from the physician or the lab.

Ways to Reduce Your Life Insurance cost.

It’s noteworthy to mention that you have no influence over three significant factors; Age, family and medical history. Whereas, these factors affect your insurance premium. Certain lifestyle adjustments can reduce your insurance premium;

Quit smoking

Smoking increase chance of untimely death. This implies that smokers have lesser years to make payments before giving up the ghost.

Lose weight

A low cholesterol level would help you reduce blood pressure, and it cut the tendencies of chronic disease like diabetes. All of these improvements to your health would definitely reduce your insurance premium.

Reduce or quit alcohol intake

By now, you are aware that your application will go through a thorough scan. Insight into your driving records and medical exam report will produce clear report into your drinking habit. Alcohol consumption can be a significant risk to your health, so it is advisable to drink less or quit drinking. Less alcohol can increase your chance of paying less for life insurance.

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Ensure good driving records

Lastly, maintaining and improving good driving records is a sure way to reduce premium. Guilty of multiple driving violations can increase your insurance premium.

Other ways to reduce your premium include:

  • Changing from permanent to term life insurance: You might want to consider changing your insurance policy. Your age and the duration of life you expect will determine the need for the change. However, check the termination policy on your present coverage before making such change.
  • Switching insurers: you might get a better coverage for a lesser premium charges or maybe exact price.
  • Look into having a “no-load” or “low-load” policies: a flat fee rate is charged for this policy rather than a steep commissions; they are quite cheaper.
  • Asking about payment discounts: Insurance companies usually offer discounts if you settle payments promptly. You stand a higher chance of getting a reasonable discount if your settlements are withdrawn automatically from your bank account.
  • Reviewing your transaction report: Your report will reveal your transactions history, which will determine your premium. A prompt payment of bills will put you in an advantageous position. It is, however, advisable that you inform the company of the intention of early fee.
  • Choosing a company that has experience covering people with your condition: Your medical condition is paramount so. Therefore, ensure you are insured under a life insurance that can work with it, you can get this through the help of a broker.
  • Reviewing your Medical Information Bureau file: You should be aware that your medical records are shared with the Medical Information Bureau (MIB). You can request for a copy which is free from their website and review it as a wrong information could affect your premium negatively.


You should be very educated about the life insurance and the insurance options available and suitable coverage. That would be beneficiary to you and your loved ones and ensure a smooth process of it. Death is an unwanted visitor, get your loved ones covered and financially stable even after your demise.


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