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Once your life insurance application and life insurance medical exam have been completed, they are sent to the life insurance carrier and the underwriting process begins.  Underwriting is the process whereby your application and exam results are reviewed, and your final health class and rates are determined.

Life insurance rates are predetermined and based off of the health class that you fall into.  Each life insurance company has different requirements for each health class.  After reviewing your applications, medical results, dmv records, and sometimes an APS (attending physician statement), the life insurance underwriter will assign you a health class and your rates will be determined.

This entire process normally takes anywhere from one to two months, however it can be quicker or longer based on the needed requirements for your individual case.

The third step in the life insurance application process is the life insurance medical exam.  After you know with which company you’d like to apply and have filled out the life insurance application for that company, then you need to take the life insurance medical exam.  This exam is a basic exam that includes a questionaire, urine sample, and blood sample.  The examiner will also measure your height and weight and check your blood pressure.

Life insurance companies will determine your rates based on the results of the life insurance medical exam.  That’s why it’s so important to get good results on the exam.  Here is a good article on how to get better results (and thus better life insurance rates) when taking the life insurance medical exam.

One of the main downfalls with the life insurance industry (in my opinion) is that there are not any forms that are standard across the entire industry.  Each life insurance company has their own application which asks different types of questions.  Most of the questions are similar, but since they all have different types of underwriting requirements, they all ask for slightly different answers.

After you apply online, the life insurance company with which you apply (hopefully Wholesale Insurance) will mail out a paper application to you.  (There are some companies that have electronic applications, but that’s not standard for the industry.  Although they are moving more and more in that direction, so maybe some day).  When you get it, chances are, some of the information will already be filled out for you.  Review it and fill out any missing information.  Then sign where indicated.  If you are like me, you will want to read through all of the fine print.  That is fine and you probably should.  However, most of it is just legal mumbo jumbo that each carrier’s compliance department requires that they include.  If you understand what type of life insurance you are applying for, then you understand what it is you are trying to purchase.

Once you have filled out, dated, and signed the application, mail it or give it back to the life insurance agent or agency with which you are working, and they will get it sent to the life insurance company with which you are applying.  Some people may think that if they have applied online then they have begun the life insurance application process, but really, the life insurance company will not begin to process your application until they get the paper copy.

My next few posts will be related to the life insurance application process.  There are various steps involved in getting life insurance.  The first one is to compare life insurance rates and quotes and to decide with which company you’d like to apply.  You can compare rates at many life insurance websites on the web.  One of the best and most comprehensive websites for comparing life insurance quotes is Wholesale Insurance.  They keep an updated Quote Engine with all of the current rates from all of the different life insurance companies.

Once you have determined with which company you’d like to apply, you need to submit an online application.  The next step for almost every company and almost every policy will be the paper application (there are some policies and companies that have online applications, but they are few and far between).  So in the next post I will talk about the life insurance application itself.

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And as far as life insurance is concerned, if you are interested in seeing current life insurance rates, check it out at Wholesale Insurance. They keep a current database of all of the different rates from all of the different life insurance companies.

Whole life insurance comes in many shapes and sizes.  This is the one type of life insurance that I am not an expert in.  But, if you want to know how these policies work, I suggest you visit here or here.  They all have the necessary information to make good decisions about whole life insurance.

In most cases, term life insurance is the best bet, especially if you are getting the insurance to cover debt in the case of your premature death.  Whole life is generally used because of the cash acumulation options, and also because it can cover you until age 100 or even later.

If you are a smoker and looking for smokers life insurance, then there are couple of things you should be aware of. First off, life insurance will be much more expensive for you than for someone just like you that doesn’t smoke; probably three to four times as much. That is because as a smoker, you are much more of a risk to insure. Life insurance rates are determined based on mortality rates–the more likely you are to die, the less likely you are to find affordable life insurance rates, if you can find them at all.

Not all life insurance companies have good rates for smokers. In fact, most do not. There are a couple of different companies that specialize in low rates for smokers. Those are the ones you’ll want to look out for. And if you are dealing with an agent that knows what they are doing, then they will have access to these companies.

Always the most important thing to remember when purchasing life insurance: you are in control. You don’t have to pay for a policy you don’t like. In fact, if you apply with a company and don’t like the life insurance rates they’ve given you, then you do not need to take that policy. You can apply with a different company that will hopefully give you better rates and then take those.

All of that hassle however can be passed over if you have an outstanding life insurance agent that understands all of the ins and outs of the life insurance world. They will be able to ask you the questions and pair you with the company that will give you the best life insurance rates you’ll be able to qualify for.

If you want to see all of the best life insurance quotes from the best life insurance companies, check out Wholesale Insurance.  Their website instantly compares rates from all of the top life insurance companies–the ones that consistently offer the lowest rates.  On their website you’ll be able to compare and then choose the rates and the company that look good to you.  After all, life insurance is about peace of mind.  And that’s not just for your loved ones, but for you as well.  And the folks at Wholesale Insurance know that if you know you’re getting the best deal, that adds to your peace of mind.

If you are interested in purchasing life insurance, there are a few tips you should know as you commence your online search.

First off, in most instances you won’t actually be buying life insurance online.  Most life insurance policies require underwriting, which is the evaluation of your application by the life insurance company with which you are applying.  This normally takes anywhere from 1 to 3 months, depending on the company (and can actually take much longer depending on the type of policy.  One to three months is pretty normal for most term life insurance policies, but other universal, variable, and whole life policies can take much longer, depending on the amount of money involved).

Because of the way the life insurance companies are set up, you will most likely only begin the application on an online site.  The rest will be handled with a paper application sent to you by the agency or agent with which you apply.  (There are some other policies that are called guaranteed, simplified issue, or no exam.  They can be applied for and paid for online.  The only drawback with these types of policies is that they generally cost a lot more because the life insurance company is taking on more risk by not fully underwriting you).

On the internet, there are many different life insurance websites.  Most of them have the ability to run quotes right on the website.  This gives you the ability to compare quotes.  As you look for a good site to apply with, make sure that there are multiple companies quoted.  When it comes to life insurance, the more options you have the better.  That’s because each life insurance company has different underwriting guidelines, and you never know which one will offer the best rates for someone like you.

Which leads me to the next tip:  Make sure the agency or agent with which you apply has a good understanding of the life insurance industry, and a good breadth and depth of knowledge when it comes to each company’s underwriting requirements.  This will help them steer you to the life insurance company that will give you the best final life insurance rates.

And the last tip, don’t stress about buying life insurance or put off purchasing life insurance because you don’t like thinking about it.  It is a great way to protect your family, loved ones, business, or charity.  And if it is needed it will be one of the best gifts you could leave behind.

No exam life insurance comes in different forms, but they all have in common the same thing:  the fact that you do not need to take a medical exam.  At Wholesale Insurance, they have recently expanded this portion of their website.  Now you can compare the different types of no exam life insurance straight from their site.  If you are interested in this type of policy, then Wholesale’s website is a great way to see what types of policies are available.

The reasons why you might want to get a no exam life insurance policy:

1. You’re afraid of needles, or medical tests in general.

2. You need or want a life insurance policy now and can’t or don’t want to wait for the underwriting on a normal policy (which could take anywhere from 1 month to 3 months).

3. You have a health issue, and you don’t qualify for other types of policies.

The main reason why a regular policy is better than a no exam policy is that they generally cost less.  If you don’t mind the medical exam, are in pretty good shape, and can wait a little while for the policy to take effect, then I definitely suggest applying for a regular policy.  You will save a lot of money in the long run.

Now, among no exam life insurance policies, there are different requirements.  Some policies have no requirements other than filling out the basic form (like the guaranteed issue/graded benefits policy from Presidential).  Others require that you answer no to a few questions (like the HSBC no exam term product).  Still others ask mutliple questions, or require interviews, or even a variety of other things.  If you look at the Wholesale Website they show all of the different requirements for each policy.