Life Insurance

The main purpose of purchasing life insurance is to provide for our loved ones. Individual consumers buy life insurance for income replacement, mortgage protection and estate planning. Businesses buy life insurance for buy/sell funding, key-person, and business continuation.

There are two major types of life insurance – term and permanent. Term insurance is designed to provide protection for a specific period of time whereas permanent insurance provides protection for a lifetime. Premiums are generally less expensive with term insurance than permanent insurance because you are buying protection for a length of time. The amount of life insurance you select should be equal to the financial loss of the insured. Industry standards recommend consumers purchase eight to ten times their current annual income. When making a decision on the amount of life insurance to purchase you need to take into consideration the amount of money needed to maintain your family’s standard of living. The best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with Jay Gillispie, an experienced agent, who can assist you with making a decision that will bring you peace of mind.

Application Process

When buying life insurance, expect the whole process to take between four to six weeks to complete. Why? Because each insurance company has a process they use to determine if a person is eligible and at which health rating they are willing to offer coverage to the applicant. Once the application is completed, a paramedical company will contact the applicant for a medical exam at his or her convenience. This exam is either performed in your home or at their office. Information from this exam is collected and sent to the underwriting department at the insurance company to be evaluated along with medical records collected from your physician and other medical providers. Once the data is evaluated, the company will provide a rate based on your health status.

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