1. Comparing Quotes. One of the benefits of working with SmartPro is that we do all of the shopping for you. By comparing rates from over some of the top insurance carriers, our team will find the best fit for your individual situation. How much term life insurance do I need? We recommend 10-12 times your income for term life insurance.
2. The Application.
Once you have decided on the right plan to fit your needs, it’s time to apply. Depending on the insurance company you selected, your application will be submitted one of two ways – either via telephone interview or a paper application. If the company you selected performs an interview, you will receive a call to answer the application questions over the phone, usually within 48 hours of your request being submitted. This call typically takes 30 minutes. If the company you selected uses a paper application, a packet will be mailed to you and a postage-paid envelope will be included for its return. No payment is needed at this time.
3. The Exam.
If the insurance company you selected requires a medical exam, it will be scheduled within several days of submitting your application. A nurse will come to the location of your choice, at no cost, and will check your blood pressure and weight, take a blood and urine sample, and ask you some basic medical questions. This shouldn’t take more than a half an hour.
4. Underwriting.
Once your exam and application are completed and returned, the insurance company will review your responses, as well as your medical and personal history, to assess your risk and determine your rate class. This is based on a variety of attributes including age, family history, current and past health history, driving record, height, weight, lifestyle, and tobacco usage. This stage of the application process typically takes 4-6 weeks to complete.
5. The Decision.
Once underwriting is complete, the insurance company will provide their decision and, if approved, they will issue a policy that will be sent to you. Once you have the policy, you will set up the payment, then sign and return the required documents.