As I write my first blog for my website, I found a lot of difficulty on the subject. I offer such a wide variety of services that it was hard for me to pinpoint what to talk about. So I thought starting with the first piece of the financial pyramid would be a good start, life insurance. There are so many directions I can take this, but thought sticking with the simplicity of purchasing life insurance is a good place to start.
Everyone knows what life insurance is, what it does and how it works…for the most part. However most people still don’t like to talk about it. No one wants to talk about death, especially when they’re talking about themselves or a loved one. The unfortunate part is that not talking about it can be a lot more costly for your family’s future than having a conversation with an advisor.
The life insurance industry has changed so much over the past couple years, that getting life insurance has never been easier. The application and signature process can be done in the comfort of your own home on a video conference or phone call with your advisor. This option has become very important as I write this during the Covid-19 pandemic. I still prefer to meet up in person if possible, but it’s not necessary anymore. After we go through the information section of the application, which includes personal information, beneficiaries, medical questions and bank info you will be emailed or texted a digital signature. You will have the opportunity to review everything and sign it, digitally. This can be done on your computer, tablet or phone which makes it extremely convenient if you’re too busy to meet in person.
Most policies no longer require a physical medical (also known as a paramedical), which speeds the approval process up immensely. All the life insurance companies can obtain your medical information instantly from the MIB (Medical Information Bureau). This allows the companies to know your medical history instantaneously, which eliminates the physical medical side of it. As a disclaimer I should add this doesn’t apply in all cases. The paramedical or at minimum a phone interview is mandatory if you are over age 55 or over one million in coverage is applied for. The way you answer certain medical questions, can also trigger a medical to be done. If you are over 55 or have medical questions you’re concerned about, don’t worry we have something for you also. There is a growing market for no-medical, guaranteed issue coverage that offers coverage to everyone.
If obtaining life insurance has been on your to-do list, you no longer have to keep procrastinating it. By making a simple quick phone call to your advisor, they can email you some options. The application itself can all be done from the comfort of your own home. So, what are next-steps? Give your advisor a call explaining your needs and budget—remember, they will help you free of charge with no obligation.