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    How to Buy a Life Insurance Policy

    • Know the reason why you are looking to purchasing a life insurance policy.  Are you looking to pay off debt when your significant other passes away?  Do you need income to replace the primary wage earner?  Are you looking for a policy to cover final expenses (aka burial costs) only?  Knowing the reason for the policy will help determine the direction to take next.
    • How much coverage you need?  The answer to this question will depend on the answer to the 1st question.  If you are looking to pay off debt, you’ll need to know how much debt you currently have.  If you are looking to cover final expenses, you’ll need to have an idea of the type of burial you want (cremation or in-ground). 
    • Educate yourself on the different types of policies available (term life, whole life, universal life).  Each provides coverage for a separate need.  Term life provides coverage for paying off debt, whole life provides coverage for final expenses/burial costs, and universal life provides a combination of the two.  It is important that you understand how each policy works, especially Universal Life.
    •  Obtain a quote.  Many financial advisors and insurance agents offer life insurance policies.  I suggest obtaining a quote from a company with a strong financial background and good customer service.  You want to be able to talk to someone that has knowledge in the products they are offering and is there when you need them.
    • Fill out the application.  Provide honest answers, without being too honest.  Remember, the carrier only needs to know the health conditions you’ve been diagnosed with, not the conditions you think you may have.
    • Prepare for the phone interview.  Once an application has been submitted, the carrier will reach out to ask you additional questions.  This is to verify the information on the application is correct and to obtain additional information that may not have been asked originally.  Have a list of your doctors available along with medications and dosages.
    • Schedule a life insurance medical exam.  The carrier will contact you to schedule an exam based on your schedule and at your preferred location (work or home).  The medical exam typically consists of height, weight, mouth swab (to check tobacco use), urine sample, and blood.  *NOTE: Not all plans will require a medical exam. *
    • Wait for approval.  The whole process takes about 1-2 weeks depending on your medical history.  If the carrier needs additional information from your doctor, it can take longer.

    While the process may seem overwhelming to some, working with a good agent that can answer your questions and provide updates along the way is important.  If you are unsure on how to begin, don’t over think it, something is better than nothing! 

    What’s Next??

    *Healthcare: Open Enrollment has been extended until January 15th.  Current policy holders can submit changes to their existing plan or submit a NEW plan.  Once the 15th has passed, you will not be able to make any plan changes.  NEW policies submitted during this time will take effect February 1st.

    *Medicare: Medicare Supplement policy holders ages 65-75 have the option to change to another Medicare Supplement plan without requiring underwriting approval.  To qualify for the Birthday Rule, you must enroll in a plan with the same or lesser benefits.  The change must be done within 45 days AFTER your birthday. 

    *Medicare: Medicare Advantage policy holders are currently in a second Open Enrollment period until March 31st.  During this time, you can change to another Medicare Advantage Plan.

    *Auto/Home Insurance: Many policies renew during the month of January.  When reviewing rates consider these tips:

    +Always review the total package (i.e. home and auto).  Often, some carriers will have a better rate on the home as opposed to the auto however, the total calculation needs to be reviewed when determining the best scenario. 

    +Make sure you are matching coverages.  Some carriers are notorious for removing full coverage to reduce the rate.  Sadly, some people do not realize that until they have an accident.  Full coverage means the carrier will fix your vehicle in the event of an at fault accident.  On the flip side, liability only means your vehicle is NOT getting fixed in the event of an at fault accident.

    *Life Insurance: With the start of the New Year, many will review their financial goals for the year and discuss any gaps.  Many people will not buy Life Insurance because they overestimate the cost of a policy. Costs depend on a number of factors, including your health, age, tobacco use, and gender.  As one example, a healthy 35-year-old male can expect to pay about $20 per month for $250,000 on a 30-year term.

    *Business Insurance: We’ve received LOTS of calls lately regarding employees injured on the job.  A workers compensation policy provides wage replacement and medical benefits to employees injured as a result of their job.  Premiums are based on the annual payroll and type of work performed.


    Feel free to email or call me with any questions or comments about my services or if you have any insurance related inquires.


    Phone: 708.444.0050
    Email: [email protected]


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