[...] Roy Bubbs, President and CEO of Hooper Holmes, noted that life insurance carriers spend an average of $500 to underwrite an application, and he believes that his company’s product that reduce that amount by half. My guess would be that it will also speed up the underwriting process, much as the electronic application process for health insurance policies reduced underwriting times for some policies from weeks to days over the last decade. [...]
[...] Permanent life insurance is a good option for some people. But if you choose to purchase it, make sure that your decision is based on independent research or advice from a qualified professional who does not have a vested interest in your decision. The premiums – and thus the commissions – are significantly higher on permanent life insurance policies; if the person advising you to opt for a permanent policy is also making a commission based on the policy you buy, you might want to get a second opinion.
[...] If you have life insurance through your employer, be sure you know how much coverage it provides and how far that would go. If you need to add additional life insurance coverage, a basic term policy of 20 or 30 years will probably do the trick. Premiums are based on age at issue, so the younger you are when you get your policy, the less you’ll pay for the life of the policy. And since life insurance policies are medically underwritten, the healthier you are, the better rate you’ll get. The time to make sure that your family is protected is today.
[...] However, underwriting does vary from one insurance carrier to another, and some are more lenient than others for specific activities and health conditions. If you’ve applied for a life insurance policy in Colorado and received a rate increase because of health or lifestyle, there may be other options that would allow you to purchase the same amount of insurance for a lower premium. We can compare options for you and help you find the best value for your insurance dollars, and there is never a charge for our services.
Aflac is enhancing its life insurance policies in response to consumer interest. Most Aflac coverage is purchased by employees through their workplaces, and Aflac is now making it possible for employees to take their life insurance policies with them if they change jobs. Many Americans have only the life insurance that they get through their employer (through a program like Aflac, or as an add-on to their group health insurance policy), so the ability to take their policy with them if they change jobs will provide some much-needed security.