Setting Up Life Insurance; Here's My Process.
People choose life insurance for typically one reason: security. Whether it’s to protect family and loved ones, leave behind an inheritance or cover outstanding debts, more Canadians than ever are purchasing life insurance to increase their financial security. Purchasing life insurance can feel overwhelming, and there's where I come in. As an Independent Insurance Advisor, I have the ability to work with various insurance companies to ensure you receive the best price and coverage for your needs.
Here’s how my process usually works:
Initial meeting - why are seeking insurance coverage?
Put quote together
Fill out application
Deliver the policy.
It begins with an initial meeting. This is where I gather information about the client. I will have you complete an Insurance Needs Analysis, where I gather some important information about you in order to offer quotes. Every client is provided a full evaluation of recommended insurance based on the information we’ve gathered together.
Once we’ve moved through the information gathering stage, the next step is to shop around on behalf of the client. This is where I look at the products available and assess which would be the best fit for the client, based on all of the information gathered. I make sure that you understand what you can expect to pay for your life insurance based on your current status. Keep in mind that what you pay for life insurance relies heavily on the following:
Health Status/Smoking Status
Once the client has decided on a life insurance product, we begin the application process. The application generally takes 30 to 60 minutes to complete, and we do this face-to-face - or over a virtual meeting. From here the application is sent to the insurance company. Underwriting can take anywhere from two days to six months it really just depends on the carrier and coverage. If required, there are also medical requirements that will be ordered on behalf of the client. A nurse will come out to do samples (e.g.: blood and urine.
When the underwriting is done, the I am notified and the policy is delivered to the client in person. Moving forward, any changes to the policy can be done through myself (but an individual can also deal with the insurance company directly.)
Please note, the length of time it takes to complete the entire process rests on the client – they truly drive the speed we go.
All in all, it's pretty easy process. The more information you provide me, the better my suggestions are for you. The more we communicate together, the quicker the process.
Let's connect and get you started!