Our Family of Companies
western & southern financial group logo
western & southern life
columbus life logo
eagle realty group logo
fort washington logo
gerber life logo
integrity life logo
lafayette life logo
national integrity life logo
touchstone investments logo
w&s financial group distributors logo

How to Buy Life Insurance: From Quote to Coverage in 5 Simple Steps

Life Insurance
two daughters kiss their mom on the cheek as they discuss buying life insurance to protect the family

You take steps each and every day to protect your loved ones. You make sure your children wear their seat belts in the car, and look both ways before crossing the street.

You want to keep your loved ones safe, but have you considered buying life insurance? It's an important decision that could help you protect your family's financial future. Before you jump into the buying process, however, it's important to explore your life insurance options and discover which policy could be the best fit for your needs.

1. Get Your Life Insurance Policy Quote

A financial representative can help you at every stage in the process of buying life insurance. He or she can help you choose the right life insurance policy for your needs and determine your policy quote.

Generally, life insurance is meant to help financially protect the lives of people without chronic or terminal health conditions. However, if you do have health issues such as these, a financial representative can also discuss your available options.

2. Start the Life Insurance Application Process

The standard life insurance application process has many steps, including a lifestyle, medical history and health questionnaire. There may also be a need for an in-person medical exam to assess your health. While there are policies available that don't require these steps, they could cost more than the policies offered after the standard application process.

There are many reasons you may need to go through the full process, including your age, medical history and family's medical history. This process could also be required if you engage in certain high-risk activities, such as smoking or hobbies like skydiving, motor sports or rock climbing.

3. Submit Your Application

The period between submitting your application and having your policy approved can vary. It often depends on how quickly the insurance company can verify your information. Keep in mind you'll have to submit your first premium along with the application.

You could receive the approval decision as an offer or coverage as quoted. You could also be bumped into the preferred rating category and receive a lower premium than quoted — or even be able to increase your term or coverage amount for the same price due to your excellent health and age. Unfortunately, your policy could also be denied, or you may be quoted a higher premium due to information uncovered during the verification process.

4. Get Your Life Insurance Health Exam

The health exam is an important part of the process, as it's meant to determine your health status at the time of application objectively. The insurance company will pay for the medical exam, and a medical professional will meet you at your home or office to collect urine and blood samples, ask medical questions and check your height, weight and blood pressure. The medical professional will also get your doctor's information to verify everything.

Some chronic health conditions in your medical history, such as diabetes, heart disease and cancer, could disqualify you from approval for a policy. A smoking habit could also cost you more in premiums. While the health exam may feel like a big step, a clean bill of health — along with the notification you've been approved for your policy — can bring long-term peace of mind.

5. Accept Your Life Insurance Policy

Your financial representative will notify you when your policy is approved. The representative might also collect your first premium payment to bind the policy at the time of your application. This puts the policy in force immediately — so if something happens to you during the approval period, the insurance carrier may still pay your death benefit. Of course, this depends upon your ultimate approval.

Buying life insurance can help you protect your loved ones when you're no longer here to remind them to buckle up or look both ways. These five simple steps will help you get from quote to coverage — and enjoy the peace of mind that comes with an active policy.

Was this article helpful?

Related Articles

Explore What Life Insurance Solutions May Be Right for You

Give us a call 866-832-7714 866-832-7714

Information provided is general and educational in nature. It is not intended to be, and should not be construed as, legal or tax advice. Western & Southern Financial Group and its member companies (“the Company”) does not provide legal or tax advice. Laws of a specific state or laws relevant to a particular situation may affect the applicability, accuracy, or completeness of this information. Federal and state laws and regulations are complex and are subject to change. The Company makes no warranties with regard to the information or results obtained by its use. The Company disclaims any liability arising out of your use of, or reliance on, the information. Consult an attorney or tax advisor regarding your specific legal or tax situation.