5 Things You Need to Know About Life Insurance Before You Start the Process

September 16, 2016

Blog, Chalk Talk

Technology has changed a lot of things in our lives.  We are accessible 24/7 via our phones, tablets, email the list goes on and on.  Information is available at our fingertips.  You want to know about the Australian Dingo just pull up a web browser on any of your devices and instantly you can see a photo and all the information you ever needed about literally anything.  While all that information is powerful it can be overwhelming when you are researching things like life insurance.  That is where an agent is key in helping you navigate the many facets of life insurance.  If you want to do some research before you make the call to your agent here are just 5 Things You Need to Know About Life Insurance:

  1. There are 3 major types of life insurance term, universal life and whole life. It is a good idea for you to at least have a basic understanding of each.  Here is a link to some basic definitions of the different types of life insurance.
  2. A good agent is very important in the process of navigating life insurance. The agent will help you determine things like how much you need, the type of plan that is best for your situation and be able to answer questions for you as you go along.  Life insurance seems like it could be a DIY kind of thing but you could end up paying too much for the wrong product without the help of an agent.
  3. Technology has helped make the application process much easier than it was even 5 years ago. Information is gathered over the phone.  Applications can be completed quickly and signed electronically.  Even policy delivery is done via the web.  It is a very smooth process.
  4. You will likely have to have something called a paramed done. A paramed is when a nurse comes to you (home or office) and does a basic health assessment.  It includes a urine sample, drawing blood, height, weight and some health questions.  It should take less than an hour and besides the blood draw it is painless.  The information gathered is one of the tools used by the life insurance company to determine how healthy you are.
  5. Last but not least, how healthy you are determines the rate you will be offered for life insurance. If you are super hero healthy you will be offered a really low rate because statistically your chances of dying are far less than someone who is less healthy.  If you are in average health you will still be offered a great price for your life insurance policy.  Logically if you have had some health issues you may be offered a higher premium.  Until the health assessment is completed by the life insurance company the rate you will be offered is not known but a good agent can get pretty close if you are honest and up front about your health issues.

If you are thinking about life insurance call O’Connor Insurance today at 704-510-8884 and start the discussion.  You are not committed to a policy when you call to get your questions answered so don’t hesitate reach out now.

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