Buying Life Insurance: The Process

Mar 30, 2020 | Family Insurance, LIFE INSURANCE, PERSONAL & FAMILY

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Life insurance is a great way to help financially protect your loved ones’ futures. However, many of us are not sure what is the roadmap towards purchasing and safeguarding our families with life insurance. Below we provide simple guidelines to the process. Protecting the ones who matter most is simpler than you might thing!

How to Plan Buying Life Insurance

Do not Just Buy!  — Prepare yourself for a meeting with your Insurance agent. A licensed professional can help you effectively go through difficult questions and set you up to safeguard your family’s financial future. Follow out the guidelines for preparing to buy life insurance:

  1. Know how much cover? Estimate your life insurance needs based on your financial assets, income, and expenses that would need to be covered if you were to pass. Following a budget always helps plus, it makes it much easier to plan for the future if you know how much money you’re spending and where it’s going.
  1. Explore insurance types. Learn about temporary insurance, which covers a specific length of time. Or consider a permanent insurance policy which covers you for your whole life and generates cash value. Always try to keep your options open.
  1. Talk to a licensed insurance agent. Your Cynosure agent can answer any questions you have about life insurance policies. We are dedicated to finding the right policy for you and your family.
  1. Submit an application. Once you choose the specific policy for your unique needs, you will need to complete an application form covering your medical, health-related, and financial information. Keep in mind that usually it takes about 15 days before you get your policy documents after applying. While going over the application make sure to be truthful, careful and thorough.
  • Take a medical exam (if required). You may have to go over a health check -at no cost to you- depending on things like the type of policy, coverage amount and health history.
  • Provide more info (if required). An underwriter employed by the insurer will review your information and may request additional information.
  • Receive your policy. Upon approval and processing your policy will be delivered. Feel free to contact your Cynosure agent to go over your policy line by line and get answers for any questions you might have. Make sure all of your concerns and objectives have been addressed. Your family is now protected!

Do not Forget! Review your cover. The life insurance buying cycle never truly ends. On a regular basis – usually annually- you need to re-visit your policy. Discuss with your agent any changes in your file that might affect your financial planning and your life insurance needs.