William Schantz Grant

4 Step Guide To Filing Life Insurance

4 Step Guide To Filing Life Insurance

When you file for life insurance, the process can seem daunting. There are many forms to fill out and questions to answer. However, William Schantz of Mid Atlantic Financial, LLC believes if you take the time to understand the process and gather the necessary information, it can be much simpler than you think.

Filing Life Insurance


 Step 1 – Choosing the Type of Insurance

The first step in filing for life insurance is to decide which type of policy you need. There are two main types of life insurance – term and whole life.

Term life insurance is the most basic and common type of policy. It provides coverage for a set period of time, typically 10, 20, or 30 years. If you die during that time frame, your beneficiaries will receive a death benefit. If you live past the term, the policy will expire, and you will not receive any benefits.

Whole life insurance is a more permanent type of coverage. It remains in force until you die, as long as you continue to pay the premiums. Whole life policies also build cash value over time, which you can borrow against or cash out if you need to.

Step 2 – Finding the Right Company

Once you know which type of policy you need, you can begin shopping around for the right life insurance company. There are many different companies out there, so it’s important to find one that is reputable and offers the type of coverage you need at a price you can afford.

William Schantz recommends getting quotes from different companies online or through an insurance agent. Be sure to compare apples to apples when getting quotes and ensure you understand the fine print before committing to any policy.

Step 3 – Applying For Coverage

Once you have chosen a life insurance company, you will need to apply for coverage. This usually involves filling out an application and undergoing a medical exam.

The medical exam is one of the most crucial application processes. The insurance company will use your exam results to determine your risk level and set your premium rates. If you have any health concerns, disclose them on your application so the company can properly assess your risk.

After you have completed the application and medical exam, the insurance company will review your information and make a decision on whether or not to issue a policy. If they approve you, they will send you a policy contract. Be sure to read over the agreement carefully before you sign it.

Step 4 – Paying Your Premiums

Once you have been approved for coverage and have signed your policy contract, all that’s left to do is pay your premiums. Premiums are typically paid monthly, although some companies allow you to pay annually or semi-annually.


Bottom Line

William Schantz emphasizes that if you have any questions about the life insurance application process, be sure to ask your agent or representative. They can help you understand the steps and ensure you are on track to getting the coverage you need. Proper understanding is key to wise decisions.

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