The first time that you buy life insurance can be an overwhelming experience (see Reference 1). Deciding which company to buy from, and the amount of insurance you need, takes some dedicated research. By taking your time, and not being afraid to ask questions, you can find a life insurance policy to fit your needs.
What Is The Difference Between Term and Whole Life Policies?
If you want affordable coverage, choose term life insurance. Policy periods can vary from 1 to 30 years, and if the insured dies, the face value of the policy is paid to the beneficiary.
Whole life insurance policies are permanent and build cash value.
What Is Involved In An Insurance Exam?
Before issuing your policy, your life insurance company requires you to have a brief physical examination. The physical examination is performed by another company, and your life insurance company will pay the cost.
A urine sample will be collected; blood will be drawn for testing, and the results will be sent to your insurance company. Some companies may require an EKG test to measure cardiac contractions.
Tips
Unless you're a diabetic, or have another medical condition, fast for at least eight hours before your exam.
Make your appointment for a morning time. Blood pressure and lab results tend to be lower in the morning.
Don't drink alcohol within 24 hours of your appointment, because your blood pressure may be higher, and liver enzymes may be elevated.
Don't smoke before your appointment, as nicotine can raise your blood pressure.
Check your weight as your appointment date draws closer. When you report for your appointment, wear light clothes, remove your shoes, and take your keys out of your pockets.
If you can't see the scale, ask the examiner what you weighed. If the number doesn't sound right, have him weigh you again.
Stand up straight when your height measurement is taken, so the results will be accurate.
Is Life Insurance Coverage Available for Diabetics?
If you don't have high blood pressure or high cholesterol, you're not overweight, and you're taking medication to control your diabetes according to your doctor's orders, you have a better chance of being approved for life insurance.
Before you have your appointment for your physical exam, continue to eat healthy and exercise to control your weight, and keep your prescriptions filled.
After I Purchase My Policy, Can I Still Cancel?
Once you receive your life insurance policy, you have a period ranging from 10 to 30 days to examine your policy, and if you're not satisfied, you may return the policy, and your premium will be refunded.
Look on the front of your policy to see the exact amount of time that you have to make a decision, and if you have any questions, call your life insurance company.
