You typically have a limited amount of time to choose the best health insurance plan for your family, but rushing and picking the wrong coverage can be costly. Here's a start-to-finish guide to help you find affordable health insurance, whether it's through a state or federal marketplace or through an employer.
Licensed professional insurance agents will guide you in the type of policy you should purchase and help determine the right amount for your financial circumstances, as well as your family's needs. In determining whether you need term or permanent life insurance, your agent will ask several questions. For example, are you looking for coverage for final expenses, debt protection, or your children's future needs? Do you want to replace your income for a few years to cover expenses so your surviving spouse has time to grieve without having to worry about ongoing bills? To help you decide the right coverage amount for your needs, try one of our insurance calculators.
Request a quote
When comparing quotes, make sure you compare the same benefits including coverage amount, type of policy, rating of the company, and any additional coverages. It's best to work with a provider who will shop various companies to search out the best price on your behalf.
Apply for coverage by completing an insurance application
The application will ask you for personal information regarding your financial and health history. This information will be compared to what is given at the time of a medical exam, which is the next step in the process.
Complete the medical exam
Most insurance carriers will pay for you to be examined by a health professional in order to confirm the information on the application and to have an accurate evaluation for the underwriter. The exam is usually done by an independent third party to assure unbiased evaluation and is commonly called a paramedical exam. It may take place in your home or office or at a medical facility.
Be patient and wait
The insurance company will obtain your medical records, do a credit check, and review your application. Once the underwriter has reviewed the information, they will contact your agent to let them know whether the application is approved and at what rating. The rating is the class of risk you're given based on your health data. For example, “preferred†would indicate lower risk, and “standard†would indicate a higher risk. The better your rating, the lower your premiums are likely to be.
Accept or decline the policy
When the policy has been approved, it is now up to you to accept or reject it. If something showed up in your medical or financial history to increase the premium, you have the option to decline the policy.
Fund the policy
If you accept the policy, the final step in the process is to pay the premium. You'll be sent a copy of the policy to keep. Once the insurance company receives the premium, your policy is in force. As long as the premiums are paid on time, the policy is yours for as long as the term you agreed to pay. If you decide to terminate the policy, a letter to the agent or insurance company asking for termination of coverage should be sufficient to cancel the policy.
Interested in learning how we can improve your policy? Let's talk.
INFO@LOWRYASSOC.COM
(704) 332 8871