Buying online life insurance is certainly the newest procuring means that insurance plan buyers have been crazy with. This is not surprising because of the benefits that it provides. For one, it saves people the time, effort and not to mention money as the process have made simpler and convenient. However, it is unlikely that everyone has tried it and there are newbies out there who may find all those confusing. For everyone elses welfare, some of the frequently asked questions about the process are enlisted and answered in this article.
How long does it take? normally, it would take you three to eight weeks if you would buy a plan the traditional way. But if you will purchase it over the internet, it will only take you a matter of days. Yes, the interval of the two is wide. This is because of the absence of some factors that would no longer be considered in the underwriting process such as results of medical examination.
Is medial exam essential and what does it entail? in certain type of plans, undergoing medical tests is extremely necessary while there are others which wouldnt make you go through such thing. The latter would require you to pay for higher premiums in order to compensate the insurer who would take greater risks by not asking you about your health condition. Usually tests include blood tests, urinalysis, EKG, and measurement of your height and weight.
How does underwriting go? Underwriting process is the deliberation of essential factors that would assess your insurability. With life insurance no exam, the process would be shorter as health will not be taken into account. The insurer will look upon your age, occupation, lifestyle, and the answers to the questions they previously asked you and decide from there if they will approve your application.
When does the grant of protection begin? The protection is being granted the moment the insurance company deems that you are insurable and you have paid your first premium. If you are buying a new policy to replace existing one, do not drop the latter until the insurance firm approves your request to procure another. It would not be wise to let a day without being protected as you cannot count that you will not die any moment.
Does free look apply to this as well? Free look is a period that will allow you to think for the last time if the plan is the right one for you. This is the time when you can make your last efforts to quit it if you think your misgivings are right. You have to make up your mind in ten days as it will be the only grace period that will be given to you. You will reimburse whatever amount you paid in full.
When should I remit money? When you want to purchase low cost term life insurance, you need the coverage at the soonest possible time. In such case, you can pay in advance the first months premium even before the policy is issued. This will grant you temporary protection. However you should practice caution in giving money electronically. Make sure that youre only dealing with legitimate companies and/or persons.
Can you explain waiver of premium term life insurance? Waiver of premium term life insurance would ensure you that your insurer will pay for the premiums in the event that you get disabled for six months to longer periods until you get fully healed. Of course, this will require extra premiums.
Does e-signature apply to all carriers? This is a technology that would enable you to make an application electronically just like what you do when you obtain life insurance quote on line through their websites. It will make you utilize electronic signatures and records. This will save you from the hassles of submitting documents the conventional way as this process is virtually paperless.
These frequently asked questions and answers will certainly make you more familiar with the process of buying online life insurance. This way, you would know what to expect and what to do.
Article by David Livingston of EQuote, who is a specialist in everything life insurance. For more information on cheap term life insurance quotes and term life insurance, visit his site today.
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