As far as my life insurance website goes, there is still a lot that I need to do. Anyway, I’ll update you all later.

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.

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.

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.

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.

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.

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.

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.