1. J Scott BurkePRO
    President, Newbury Inc., Evansville, Indiana
    Life insurance goes into effect the minute that you are approved, accept the offer and pay your 1st premium.

    When you get life insurance quotes, they are just guestimates of what you will be offered. Then you fill out the application. The company reviews your application and verifies your health history and then they make you an actual offer. The offer may be higher, lower or the same as the original quote you were first quoted.

    Once you recieve the offer, you can accept it in writing or not accept it. If you accept it and make your first payment, you are covered.

    There are some policies that are sold by mail order companies (Globe, Mutual of Omaha, Physicians Mutual, AARP, etc.) which are called "guaranteed issue life insurance." Those policies work differently. With those everyone gets the same rate because they just price them like everyone is in very bad health. You sign up through the mail but you really don't have any coverage until you have paid them 25 payments over 24-months time. No ONE should buy a policy like this unless you have exhausted all other options. These are last resort policies for people in nursing homes or under hospice care.

    An agent that specializes with the ytpe of life insurance you want can help you get the most coverage for your premium dollar.
    Answered on April 13, 2013
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