What Are The Qualifications For Purchasing Life Insurance?
January 9, 2018
In a 2017 survey, one-third of uninsured respondents stated that they do not have life insurance because they found the process difficult and confusing. While the process may seem overwhelming, every person, no matter their age or life circumstances, can benefit from a life insurance policy and should be insured.
In order to help anyone who might be struggling with purchasing life insurance, we’re going to break down the process of obtaining a policy, from the application questions to how to get the best premium.
About the Application Process
Applying for life insurance may sound intimidating, but the questions asked in the application are simple, straightforward, and meant to determine your overall health. These questions will include:
- Your height and weight
- Your date of birth
- Your medical history
- Your family’s medical history
- Any plans for high-risk activities
- Current medications
- Drug and alcohol consumption
- Financial information (income, net worth, place of employment)
You may also be requested to take a medical exam to gain further information on your health. During the exam, a paramedical will speak with you about you and your family’s medical history. They may also check your heart rate, blood pressure, blood sample, and urine sample. Depending on your age, health, and the type of policy you are applying for, you might be asked to undergo additional medical tests.
One of the most important benefits of life insurance is the payout it provides your beneficiaries, so make sure you are ready to designate a beneficiary (or several) and provide their dates of birth and Social Security numbers. You will also be asked to determine your coverage amount.
Determining Your Premium
Your responses, as well as the results of your medical exam, will determine your premium, which is why you should be completely honest about your medical history and your current lifestyle.
If the premium cost is a cause for concern for you, there are some steps you can take to decrease the chance of a high premium.
You, unfortunately, cannot change your age or your family’s medical history, but certain lifestyle changes can help you lower your insurance premium. Many of these lifestyle changes involve eliminating unhealthy behaviors that increase risk. Smoking, drinking, and excessive weight can increase your premium so improving your lifestyle will not only reduce your premium cost but will also improve your overall health and quality of life. In addition to these, people with numerous moving violations are considered riskier, so improving your driving habits can also positively impact your premium.
About National Catholic Society of Foresters
At National Catholic Society of Foresters, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a Fraternal Society, which means the sales from these financial services products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs. Our portfolio is extensive, ranging from various life insurance policies to IRA’s to support your financial needs no matter what stage of life you’re in. For more information, contact our friendly experts today at (800) 344-6273.