We all know the subject of death can sometimes be taboo.
But whether you're a newlywed, parent, homeowner, or even a small-business owner, you may have people who financially depend on you. Life insurance provides your beneficiaries with money after your death.
If you're shopping around for the perfect policy, chances are you've got an idea of how much you'll need and how long you'll need it. But what exactly happens after you get your life insurance quote and decide it's time to buy?
The first step in getting your policy is a chat with the life insurance broker. They will answer all your questions, help you choose the right policy and coverage amount, and simplify the application process for you.
Am I Eligible?
After you've decided on your plan, you'll need to complete an application (most likely with an advisor) that includes details like your medical and family medical history, past insurance policies, drug and alcohol use, trips to foreign places, financial status, driving record and beneficiary information.
You may also need to undergo a free paramedical exam depending on your age and the amount of life insurance you've requested. In this case, the insurer sends a nurse to your home (or workplace, whichever is most convenient) to test your blood, urine, blood pressure and sometimes administer an electrocardiogram. However, if you are pregnant, an insurer will typically opt to conduct the paramedical three months after pregnancy, when your health is more-or-less back to normal.
- Related Read: Quitting Smoking And Life Insurance
Once the insurance company receives the information from the paramedical, your policy can be approved in as little as two weeks. However, about 20 to 25 per cent of the time, more information is needed. When this happens the insurance company may need to reach out to your family doctor, which means an approval can take up to 90 days.
Keep In Mind
- Full disclosure is required. If there are medical conditions that you were unaware of, or if you purposely try to hide a condition, you can be denied coverage.
- The amount of coverage you request should reflect your income. For instance, if you make $30,000 annually and want to take out a $2 million plan, the insurer may have concerns about your ability to pay the premiums.
- Lifestyle and criminal history may also be taken into account (for example, people who frequently travel to war-stricken countries, play extreme sports, or have been charged with reckless, dangerous, or impaired driving).
- Related Read: Hobbies That Make Your Life Insurer Squeamish
Getting Life Insurance Is Easy With Kanetix.ca
You want to ensure your loved ones aren't left struggling with your funeral costs, mortgage payments, credit card debts, and car loans after you die. Compare life insurance quotes at Kanetix.ca and we'll help you find the best deal on the market and introduce you to a life insurance broker who is there to help.