First, let us point out that life insurance is always a good idea. Chances are there are people that depend on you no matter what your situation is. There are also people that would have to worry about other costs besides costs of living, such as a funeral if you were to pass away. Both are great reasons to have a life insurance policy in place. In the spirit of helping you and your family prepare to send your children back to school this fall, whether they are heading to kindergarten or college, one of the best things you can do is a parent is have life insurance.
When should I buy life insurance?
The sooner the better when it comes to life insurance. Ideally, when you are young and healthy you should buy life insurance. The older you get, the higher rates are for life insurance. In addition, if you were to develop an ailment, that would also impact the cost of life insurance. Ailments such as blood pressure, cholesterol, heart disease, cancers, diabetes, depression, excess weight all come into consideration when a life insurance company is looking to underwrite your life insurance.
Other things, such as family history, come into focus. This would include certain types of cancer, heart disease and pre-mature death of a parent or sibling. Having life insurance helps you prepare for the worst, but unfortunately, waiting until you have a reason to expect the worst is not the best time to buy life insurance.
What should I know before calling about life insurance?
Any agent will ask some basic questions to help get a quote. Some examples of information they will need to know are: your birth date, gender, tobacco user or not (tobacco users includes: cigarettes, cigars, chew, snuff and more recently e-cigs too), height/weight, define your overall health (excellent, very good, good, fair, poor, train wreck), and lastly, how much life insurance are you looking to secure.
The above questions will allow an agent to give you a basic quote. With the above info, we can secure quotes based on the basic info. The underwriting insurance company will make the final determination. The final determination will also include a paramedic’s report and a statement from your physician, if required by the company underwriter.
A paramedic’s report will be generated during a meeting with a medical professional. The meeting can be at the home or workplace of the person applying for insurance and can be conducted during the day, evening or even weekends depending on your schedule and the paramedic’s schedule. The paramedic will take your height, weight, blood pressure, take a blood sample and ask for a urine sample. They will also ask a number of medical questions and family history questions.
What info should the applicant have available during the meeting with the paramedic?
Have available the name, address and phone number of your primary physician and any other specialist that you have seen recently. Also the name and dosage of prescription medications and how long you have been taking the medication. In addition, bring any info about your last visit to your primary physician and the results and if applicable, info about how & when your parents died. This is especially important if your parent died prematurely.
What considerations should I have before buying life insurance?
The hardest part is knowing how much you need (or want). Determining the right amount of coverage can be difficult, but an agent can help walk you through the process. A good place to start is to think about how long you anticipate your life insurance need will be? For example do you want it to be enough to pay off the mortgage, pay off other debt, get the kids through college or do you want life insurance to cover your final expenses?
Essentially everyone has some sort of life insurance need. A young, single person may have college debt or other debt that he or she may not feel right about leaving behind for family members to pay off. He or she will also have final expense cost for burial or cremation. There is also the category of anyone with a mortgage or a single parent with kids. Who would pay that mortgage off or who is going to pay for the upbringing of your kids? It is one thing to have a trusted family member or friend raise your kids but financing the raising of your kids is expensive, just ask anyone with children.
If you have a two parent and children household think about what would happen if the bread-winner dies prematurely. Unfortunately his or her income needs to be replaced as the family is reliant on it for living expenses. If the non-bread winner dies prematurely, his or her home responsibilities need to be financed. If one spouse is the stay-at-home spouse who takes care of the children while the other spouse is the bread-winner, who will take care of the children? The bread-winner is probably not going to quit their job to take care of the kids as that will leave the household without any income. There should be life insurance on the stay-at-home person too as they are an integral part of the family financial picture too.
As you can see from the above, there is a reason for life insurance no matter what your situation or role is. The best way to get the right life insurance from you is to speak to your agent directly. Give us a call at 888.865.1244 to get started today!