You can buy term life insurance in one of two ways: 1) with an exam, or 2) without an exam.
1) With an exam. You would choose this option if you have reasonably good health, because you will be evaluated by your exam results to see if you qualify. Also, taking a medically underwritten policy that requires an exam is generally for those who want a larger face amount than a a burial policy.
It can save you money to go to the added effort of taking the exam, and the exam does not incur any cost to you. It is generally done in your home, and entails a blood sample, urine sample, height, weight, blood pressure, pulse, and medical questions.
Backing up, you first contact a website or agency to decide what face amount and length of term you want. You will be asked many medical questions to determine which company has your best price. Then you fill out an application, either by paper or online or over the phone.
The exam follows, and possibly the underwriter will order medical records from your doctor(s). When a decision has been made, some agents call you to tell you (e.g. we give you the option to change the face amount or term if it did not turn out as hoped). Some just mail you the policy. You accept it by filling out some delivery paperwork.
Payment can be done by check (almost always reserved for quarterly, semi-annual or annual payments) or bank or credit card draft.
2) Without an exam. People often choose this method for: a. smaller policies, b. because they cannot qualify for a policy that requires an exam, c. because they do not like having their blood drawn, and/or d. because they don't want to go through the hassle of an exam. Some no exam policies have quite reasonable rates, especially for those who would qualify as standard on medically underwritten policies.
This type of application is usually filled out online and signed digitally, but can be done by paper application, as well. The process goes a lot faster than applying for a policy requiring an exam. The policy often goes into effect as soon as approved and the first payment is drafted.
I hope that helps. Please feel free to contact me for more information.
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1) With an exam. You would choose this option if you have reasonably good health, because you will be evaluated by your exam results to see if you qualify. Also, taking a medically underwritten policy that requires an exam is generally for those who want a larger face amount than a a burial policy.
It can save you money to go to the added effort of taking the exam, and the exam does not incur any cost to you. It is generally done in your home, and entails a blood sample, urine sample, height, weight, blood pressure, pulse, and medical questions.
Backing up, you first contact a website or agency to decide what face amount and length of term you want. You will be asked many medical questions to determine which company has your best price. Then you fill out an application, either by paper or online or over the phone.
The exam follows, and possibly the underwriter will order medical records from your doctor(s). When a decision has been made, some agents call you to tell you (e.g. we give you the option to change the face amount or term if it did not turn out as hoped). Some just mail you the policy. You accept it by filling out some delivery paperwork.
Payment can be done by check (almost always reserved for quarterly, semi-annual or annual payments) or bank or credit card draft.
2) Without an exam. People often choose this method for: a. smaller policies, b. because they cannot qualify for a policy that requires an exam, c. because they do not like having their blood drawn, and/or d. because they don't want to go through the hassle of an exam. Some no exam policies have quite reasonable rates, especially for those who would qualify as standard on medically underwritten policies.
This type of application is usually filled out online and signed digitally, but can be done by paper application, as well. The process goes a lot faster than applying for a policy requiring an exam. The policy often goes into effect as soon as approved and the first payment is drafted.
I hope that helps. Please feel free to contact me for more information.