Life Insurance: Faster, Easier, Better

Surveys indicate that consumers would rather be doing pretty much anything other than applying for life insurance.

In the past, applying for life insurance was a process that took several weeks–or even months–with long paper applications to complete by hand.  But the insurance industry is finally catching up.  Now, applying for life insurance can be done like everything else—from your laptop or iPad.

1. You can calculate your life insurance need. Life insurance needs calculators can take the guesswork out of determining how much insurance you should purchase. Online calculators consider your age, annual income, debt, and the ages of your family members to help recommend the amount of coverage you may want to consider.
2. Once you decide how much you need, online quoting tools allow you to compare costs for various coverage amounts…all in a matter of seconds. You can also compare costs for various terms – the most popular being 10- and 20-years. With a quick cost comparison, you may find that you can double your term for just an extra few dollars a month.
3. After you choose your coverage amount and term, you can submit your application online. You will generally need to answer medical questions, provide your physician’s contact information, identify your current prescriptions, and name your beneficiaries.

Depending on the type and amount of coverage you are applying for, you may still need to take a basic medical exam, but in some cases, that may not even be required.

SMRU 1785859