How to Apply for Life Insurance

Too many American families are living without financial safeguards. In fact, most families couldn’t afford an unexpected expense of $500 or more, let alone the financial burden of an unexpected death.

Life insurance is one of the easiest, most affordable ways to protect your family. 85 percent of Americans agree that most people need life insurance, but only 62 percent actually have a policy. Almost half of those who do have a policy say it isn’t enough, that they’d like to buy another policy. So, why don’t more people buy life insurance?

One reason is that people greatly overestimate the cost of life insurance. When asked how much they expect a life insurance premium to be each month, on average people name a price that’s about three times higher than what they’d actually pay. Another reason so many families procrastinate applying for life insurance is that they think the application process will require a lot of time and work. The truth is that buying a life insurance policy isn’t the long, laborious process so many imagine it to be. It only takes five steps.

1. Answer a few questions

The first step is to get a quote. It takes just a few seconds and will give you a rough estimate of how much you’ll probably pay for a policy. This isn’t an offer, just a way to give you a rough idea of how much life insurance would probably cost you each month. Then, we’ll ask you some questions about your life and your health history.

It’s important to be very honest every step of the way. Many people with serious health issues worry that life insurance is out of their reach, so it’s easy to see how fudging the truth or leaving out a few details could be tempting. But it’s important to be completely honest and thorough when answering questions about your medical history. Lying or leaving off information on a life insurance application can have serious consequences and the chances of getting away with it are slim.

2. Connect your health apps

The most accurate way to gather information about your health isn’t to check vitals periodically in the doctor’s office, it’s to monitor your health constantly. Wearables and other health technology are connecting us to our own health data in a way we’ve never experienced before.

This is particularly revolutionary for applicants with chronic illness. By looking at patterns over time, your day-to-day data can offer incredible insights into your health. That’s why personal tech devices are increasingly used for chronic illness management, they can offer deeper insight while constantly monitoring symptoms and other data. Mira has partnerships that allow applicants to improve their life insurance applications and access discounts by connecting their health tech.

3. Talk to us

Scheduling a call is usually the next step. Now that you’ve sent us a little information about yourself, it’s time to talk to someone who can answer your questions and help you complete your application.

At Mira, we specialize in helping people with serious and chronic illnesses find the right life insurance at the best price. We can do this because we know each underwriting process, how different life insurance providers calculate policies. We’re here to answer all your questions. Our customer support specialists work for salaries, not commissions, so their focus is on helping customers, not selling products.

4. Go to a paramedical exam

Finally, you might need to make an appointment for an exam. Once again, it varies carrier to carrier, but if you have a chronic health issue, chances are you’ll likely be asked to make an appointment for an exam.

Many people dread the paramedical exam, but in reality, it’s a quick, easy appointment, much like a light version of an annual physical. At the appointment, they’ll start by measuring your height and your weight. They’ll check your heart rate, take your blood pressure, and listen to your lungs. Then they’ll ask you for blood and urine sample to check levels like cholesterol, blood glucose, and protein. They’re likely to check your HIV status and look for popular recreational drugs too.

In all, the appointment shouldn’t take more than about half an hour. And once you’ve completed an exam, the results are yours to keep and use. In other words, even if you were declined for one policy, you won’t have to take a second exam to apply for another policy.

5. Get approved

Once you’re done with the exam all that’s left is to sit back and wait for your results. Applying for life insurance isn’t nearly as complicated or labor-intensive as many people assume. The key to making the application process as quick and easy as possible is to do it right the first time with an experienced agent who can work with you find the best policy for your unique needs. Mira can help you every step of the way and answer any questions as they come up.

Learn more about Mira and find your life insurance policy today!