Are your life insurance questions never ending? Do you have so many questions you're not sure where to even begin? Steve Brandel, Director of the Life Division at Heffernan Insurance Brokers, is back with Part 2 of frequently asked questions that every life insurance shopper has.
How long does it take to get life insurance? What are some red flags to avoid with life insurance companies?
The life insurance process varies depending on the amount of coverage and the age and health of the applicant. Any lower priced policy is going to require an exam. Also, most policies $500,000 or higher, will require medical records. This is especially true if the applicant is over 50, or has had any health issues.
I don’t really ever see any red flags with companies. All of the companies we use are all extremely reputable. The red flags I see are with agents. I would have my guard up if any agent ever tried to recommend a policy to me before knowing me or my situation. I would also be cautious if anyone ever professes a policy to be perfect. As I mentioned earlier, there is no such thing as the “perfect policy.” If there were, there would only have to be one, and everyone would have it, because it’s “perfect.” We all know that is not the case.
What should you know if you have a pre-existing condition? Or if you are a tobacco user?
Disclose any and all pre-existing conditions to your broker up front. He or she will be able to do a much better job shopping for you if they know about it ahead of time. There may be some companies that view the condition differently than others. If they don’t know about it, they can’t place it with the proper carrier. It will more than likely come out anyway, and then everyone’s credibility is at issue...
Can you get life insurance without a medical exam?
Yes, there are carriers that will offer insurance with no exam required, but they are typically not priced very competitively. Companies always save their best rates for people whose health has been verified. If you’re healthy, and you want the best rate, you want an exam.
Do employers offer life insurance?
Many do, but not all of them are offered at no cost. The nice thing about group life insurance, is it requires no exam to qualify. But as I mentioned before, it may not always be the best price. If it’s free, take it. If you have to pay anything at all for it, and you’re healthy, you may be able to get a better rate on your own.
Did we answer all of your questions regarding Life Insurance? Review Part 1 of Steve’s Q&A here or contact him directly: