At Goldsmith Insurance Agency we want to make the process of applying for life insurance simple, informative and responsive to your needs. Below we have listed the simple steps of the application process and explained the underwriting classifications that insurance companies use when determining eligibility. Throughout the process, don’t hesitate to contact us with any questions or concerns.
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1. When initially requesting a life insurance application please call us on the phone toll free at 877-400-0484.
2. We will review your information; ask you some questions regarding your health, lifestyle choices & family history, then go over some quotes with you. Once you have chosen which insurance carrier you would like to do business with, this information is then put into the appropriate company’s application and will be mailed to you for your signature.
3. Your paramedical exam will be scheduled, at your convenience with the exam being at no cost to you. Since the results of the exam help determine the underwriting classification and the cost of your policy, we have listed below several tips to assure favorable results:
• Do not eat 8 – 12 hours prior to exam.
• Avoid food high in salt or fat.
• Drink plenty of water prior to exam.
• Limit coffee, tea or any caffeine 2 hours prior to exam.
• Refrain from alcoholic beverages 24 hours prior to exam.
• Be well rested and avoid strenuous exercise 24 hours prior to the exam.
• Avoid nasal decongestants and pain medications (aspirin, acetaminophen and ibuprofen) up to 8 hours prior to the exam.
4. Once you receive the life insurance application for the company selected via mail, please review it, complete all highlighted areas and sign at the locations noted. You can either mail your signed application back in the self addressed stamped envelope we provide to you or you can feel free to give the examiner your application at the time of your exam.
5. Once your exam is completed and the application is returned to us, the selected insurance company will review all pertinent data. During the underwriting process, we will contact you if the insurance company needs anymore information and upon approval, we will call you to let you know you were approved. Once approved, you will be required to submit some delivery requirements to place your policy into force. These requirements will be emailed, faxed or mailed to you, whichever is more convenient for you. Once the delivery requirements are submitted, you will receive your policy in a matter of a few days. Once your application has been received the average time for approval and policy delivery is 4 – 6 weeks.
6. During the application process the selected insurance company will determine your eligibility based on a variety of personal attributes including; age, family history, current and past health history, driving record, height, weight, lifestyle choices, avocation and tobacco usage. Final ratings usually fall within three categories: Preferred Plus, Preferred and Standard:
Preferred Plus — This category is used for applicants in excellent health and have no negative underwriting results. Cholesterol readings generally are under 200, with no treatment for hypertension, elevated cholesterol or other health related factors. An individual must have no history of tobacco use in the past five years, limited risky avocations and no family history of cancer or heart disease death prior to age 70. Height and weight is also considered in determining your eligibility.
Preferred — This category is used for those applicants who are in excellent health but have one or two minor deviations from the Preferred Plus category. Cholesterol levels generally up to 240 – 250 are acceptable and there must be no tobacco use for three years. Height and weight is also considered in determining your eligibility.
Standard — This category is used for those applications that have major deviations from the Preferred classification. It can be caused by any disqualifications from the Preferred category that is substantial in nature and is usually ongoing and/or recent in occurrence. Height and weight is also considered in determining your eligibility.