This is probably the trickiest part of the process. There are different types of insurance. If you don’t know what you are looking for, the best option is to speak with one of our agents to assist.
Do you know how much coverage you need? If so, how did you get that number? There are many guidelines bouncing around. From 10-20x annual income for Life insurance, to 1-5x annual income for Critical Illness, to 67% of annual income for Disability. However, these are just quick rule of thumb guidelines. There is a process to evaluate your true need, so that you know how much insurance you truly require.
Once you know how much insurance you require, one of our agents can help you price out the policies. However, you aren’t stuck with just one option. As part of the evaluation process, we will also discuss your budget, so that if you can’t afford the policy we determined is ideal, we can also find out how much coverage your budget will provide.
The last step is to apply for the policy. The application goes to the insurance company, and they run an “underwriting” process on your application. This process assigns you to a risk pool. If you are assigned to any pool other than standard, the cost of your insurance will be different than what was in the quote. The insurance company will send you an offer, and if you accept you pay the premium and you will be in an insurance contract.