Many people have been asking me recently what the process is for purchasing life insurance on Long Island. Since many people are unfamiliar or are confused with this subject, I felt it necessary to post a brief on what you can expect once you sign the application. Thus, here it goes:
1. Find a good broker or independent agent who has the ability to shop around for life insurance with multiple insurance companies and not just one company.
2. Complete an application for life insurance. Remember, this is not a committment to coverage. You are merely requesting a policy from an insurance company by filling out an app.
3. Complete your medical exam. At no cost to you, the life insurance company will have a medical examiner come to your home or your office to take your blood pressure, weigh you, take a little blood sample and a little urine sample.
4. Wait. Over the next 3-6 weeks, the life insurance company will be underwriting you for coverage. They review the lab results from your medical exam as well as all of your doctor records in order to “rate” you for coverage. If you disclosed all of your pre-existing conditions with your broker prior to filling out your application, the cost for your policy will be the same as the quote you received from the broker.
5. Decide on your policy offer. Once you have been underwritten by the life insurance company, the company will send you (via your broker) an offer to cover you in a life policy. If you like the policy offer the life insurance company gives you, you then sign the offer, pay the first premium installment and you are then covered for life insurance.
Hopefully this answers all of your questions regarding the process for purchasing life insurance on Long Island. See…not so bad right? 🙂