is important. Look for a company that has strong financial ratings in the A range from independent rating agencies such as A.M. Best, Moody’s and Standard & Poor’s. Insurance companies provide ratings on their websites. You can also ask your life insurance agent to provide companies’ ratings.The quote you get from an insurer typically is just an estimate of what your premium will be. To get a policy, you’ll have to fill out a lengthy application.
The insurer also will ask questions about your driving record and whether you have a dangerous job or hobbies that make you more of a risk to insure. This information is used to determine what your actual insurance rate will be.Be careful not to omit or obscure any information on your life insurance application. Winslow says it’s very important to be truthful because insurance companies use third party sources to validate the information you provide.
, Stafford says. Instead, they rely on third-party resources to verify the information applicants provide and data modeling to determine their risk class.An “accelerated underwriting” policy that involves a lengthy application and information from third-party sources typically will have premiums that are competitive with a fully medically underwritten policy with an exam.
A “simplified issue” policy that only requires applicants to answer a handful of questions and relies on few, if any, third-party sources will have higher premiums.Tip No. 10: Lock in Temporary Coverage If the underwriting process will take a few weeks or more for the policy you’re buying, you can usually lock in temporary coverage by attaching a check with your first premium payment to your application. This gives you coverage, and peace of mind, while you wait for the application to be processed. Ask your life insurance agent about this option.
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