When you let SelectQuote shop for your life insurance, the highly-rated companies we represent compete for your business â€“Â just like the leading college basketball teams contend for the championship during March Madness. With the championship game of the 2016 NCAA basketball tournament coming up fast on April 4, March Madness is in full swish. In the spirit of the tournament (and because we love sports analogies), this four-part blog series will provide a play-by-play account of what it’s like to get life insurance through SelectQuote â€“ from securing a quote to activating your policy.
The Gameâ€™s Not Over yet: How to Activate Your Life Insurance Policy After Declaring a Winner
In last weekâ€™s post, we showed you how to pick the right life insurance company and policy for you by using the three Râ€™s: rate, risk and relationship. But the gameâ€™s not over yet. Deciding which insurance company will win your business is one thing, but you still have to finish the application process in order to activate your life insurance policy. Hereâ€™s how to do it in three easy steps.
Get Your Health Screening
After you decide on a life insurance company, youâ€™ll need to schedule a quick health screening in order to get your final price. The insurance company will cover all costs, and the paramedic or nurse who conducts the screening will come to you. While screenings vary depending on the insurance company, most are comprised of the following:
- Review of your medical history
- Basic physical examination to measure your height, weight, pulse, and blood pressure
- Blood work
- Urine sample
Depending on the life insurance company and your health, you may be subject to further testing after your initial screening. Here are some helpful tips for getting the best possible results:
- Drink plenty of water in the 12 hours prior to your screening
- Eat wisely in the days leading up to the screening by avoiding fatty foods, rich desserts and alcohol.
- Abstain from all food and beverages except water for six to eight hours before the screening
- Take any medications on your regular schedule
- Ask the paramedic or nurse to take your blood pressure last if it tends to be high
Get Your Underwriting Results â€“ and Your Final Price
Although the processing time for life insurance applications varies from company to company, it typically takes four weeks (and sometimes up to seven) for the life insurance company to review your health screening results and make a decision about coverage. Donâ€™t be afraid to ask when youâ€™ll receive word on your application â€“ most companies will gladly provide an ETA. Once your test results have been processed, the insurance company will determine whether or not you are eligible for coverage. If you are, the company will then provide you with your final price.
Pay Your First Entire Premium
Now all you have to do is pay your first entire premium, and your term life insurance policy will be activated. After arranging for your payment, your SelectQuote agent will make sure you receive a notification the moment your policy has been activated. Should you decide to cancel your policy for any reason, you have 10 to 30 days to return it and be fully reimbursed for any premiums paid (depending on your state of residence).
Once your policy has been activated, itâ€™s time to celebrate! Nothing feels better than knowing your familyâ€™s financial future is protected â€“Â not even winning March Madness. And remember, SelectQuote is always there to coach your life insurance game â€“ even after youâ€™ve bought your policy. Your agent will even check in periodically to make sure your coverage needs are still being met.
Ready to get in the game? Click here to start your free term life insurance quote, or call 1-800-670-3213 to speak with a SelectQuote agent. March Madness may be coming to an end, but SelectQuote can get you a winning term life insurance policy all year long.