• What to Expect When Buying Life Insurance: Part Three

    Posted on June 14, 2012 by in Insurance Articles


    Continued from Part Two…

    An insurer will classify an applicant as super preferred, preferred, standard plus, standard or substandard. Super preferred and preferred applicants are the healthiest and pose the lowest mortality risks; they qualify for the lowest rates available. Standard risks present average risk for their age and gender; they will pay an average premium. If your health puts you in the “substandard risk” category, that doesn’t necessarily prevent you from obtaining life insurance. It simply means that this particular insurance company considers you to be a higher than average risk, and the premium is adjusted to reflect the insurer’s perceived risk for your coverage. How much more you pay will depend on the severity of your health condition and the likelihood that it will affect your lifespan.

    The following tips can help set your expectations and navigate application process.

    • Use your agent as a resource. He or she should guide you through the application process and make sure the process with the insurance company is proceeding in a timely fashion. If you have concerns about qualifying for coverage, an experienced agent can often help even higher-risk individuals find the coverage they need.

    Twelve (12) hours before your paramedic exam refrain from eating and drinking everything except water.

    • Schedule your paramedic exam for the morning. Blood pressure and heart rates are generally lower then.

    • Avoid alcohol within 24 hours of your exam, smoking within eight hours and/or exercising that  morning – all can increase blood pressure.

    • Avoid second-hand smoke. To qualify for non-smoker rates, you typically have to certify you have not used any tobacco products, including chewing tobacco, for 12 months (24 months for some companies ).

    • Get plenty of rest and fluids the day before your exam. If you do not feel well that day, reschedule our exam.

    • Pay attention to what you wear and carry. Shoes, cell phones, heavy wallets and belt buckles can all add up to several unneeded pounds. And, stand up straight – the taller you are relative to your weight, the lower your body mass index (8MI).

    • Answer all questions completely and truthfully. If the insurer feels that you intentionally made a misrepresentation on your policy, they can challenge payment of benefits.

    • Expect it to take about four to six weeks from completion of the initial application to the time you receive your policy.

    For more information, please give me a call at 800.608.7278.

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