The Life Insurance Process

Step 1- Understand and calculate your needs.

The first step to securing coverage is to quantify the lump sum benefit your dependents need if you were to die prematurely. It is important to determine what amount of coverage is necessary to accomplish personal financial goals of the insured and their family. One technique used to determine individual life insurance needs is the Income Replacement approach. Income Replacement is an important factor in the consideration of how much life is insurance is the “right amount”. When calculating the death benefit needed to replace the loss of income by the insured, the death benefit required will need to be an amount that takes into consideration factors such as; annual salary, the years desired for income to be replaced, interest rates, and inflation. Use the life insurance calculator (follow this link) to help you.

Step 2 – Determine what type of life insurance.

The two types of life insurance is term and permanent. Term life insurance is the easiest to understand because there are fewer moving parts. If you want the most affordable coverage to cover anticipated financial responsibilities for a fixed period of time, then level premium term is the product for you. If you are looking for lifetime coverage, flexibility, cash value and additional rider features that enhance your policy-then a permanent life insurance product might be right for you. If you have questions and need to talk to a specialist to help you determining what is right for you, call us or drop us an email.

Step 3 – Shop and obtain best price and company using the easy Quoter.

Once you have decided on the type of coverage best fits your needs and pocketbook then it is time to run a quote!

Step 4 – Request an application.

Now that you have done the work in calculating the suitable amount of life insurance, it is time to submit an application to begin the underwriting. LifeQuoteNow will only need your contact information for a licensed life insurance specialist to contact you over the phone to verify your request and send out the application. We try to make it as easy and hassle-free as possible therefore we only will need you to submit the phone number you would like for us to contact you at and email.
Step 5 – Complete Medical / Non-Medical Underwriting.

The medical underwriting part of the process includes a medical questionnaire and brief exam by a licensed examiner at the expense of the insurance company. The exam can be completed at the applicants desired location and usually takes 20 minutes. Once the exam has been completed and an application has been submitted to the insurance company then results take between 4-6 weeks. The insurance company will determine your insurability and health classification and then provide a formal offer of insurance based on what was applied for. Not until this part of the process, will we know what the final rate will be and then it will be time time to accept, modify, or reject the offer. Remember, it is important to work with your LifeQuoteNow agent in order to assist you in deciding what company to apply with in situations where medical impairments may play a factor in your rates.
Step 6 – Issue your policy.

Once the underwriting is complete and you are satisfied with the results, the policy will be issued by the insurance company and we will send it to you immediately.

For more information or a customized quote, contact a life specialist at 1.800.396.5993 or email us at