Have you ever avoided dealing with a task simply because you assumed it would be much more difficult than it actually was? At our agency, we have found that this is especially true when people are dealing with burial insurance. We realize that the average person does not wake up in the morning thinking about dealing with insurance. However, the process is much easier than they anticipate.
When a prospective client calls our agency with an interest in obtaining senior life coverage, we begin the call by trying to get a good idea of the client’s situation. The more information we can obtain during this phone call, the more accurate quotes we can provide tailored to the client’s specific situation.
We cover common health questions that insurance companies ask in order to qualify for coverage. We will also try to understand the purpose for purchasing the coverage. From there, we will begin to discuss the basic differences between the various companies and their policies and narrow down which plan might be best.
Most prospective clients are hesitant to actually commit, assuming it is a very difficult task. They do not realize how simple the task can be. However, if prospective clients have a clear understanding of the available options, it’s not uncommon for them to want to begin the application process during the initial phone call.
Let’s take a look at the steps in the application process. For the majority of the burial insurance policies we handle, the application process is broken into three steps: (1) filling out the application; (2) signature and payment, and (3) the confirmation phone call. Their may be additional steps required if you are considering traditional whole life insurance.
The first step in the burial policy application process, is filling out the application. One of the great things about the companies we work with is that the application can be done completely over the phone and generally takes 15 to 20 minutes to complete. The application starts with basic information, such as the legal spelling of your first name/last name, date of birth, address, etc.
Then you decide who will be the beneficiary of the policy. This is the individual who will receive the death benefit when you pass away.
The next portion of the application involves answering the health questions so that the life insurance company can confirm that you qualify for the selected plan.
The second step in the application process is signature and payment. During this step, the agent will prepare the application for your signature and gather the information about your preferred payment method.
The application is then emailed to the applicant using a digital signature service. Each area of the application requiring a signature will be highlighted. The applicant can use the computer mouse to sign the document electronically. This electronic signature process confirms that it is applicant’s computer signing the document and not the agent’s computer.
The digital signature service is very user friendly and exponentially speeds up the application process. In the past, the application had to be physically mailed to the applicant and then returned to the agent before the final step could be completed. What used to take days or weeks can now be done in a matter of minutes.
The third and final step in the applicant process is what we like to call the confirmation phone call. This is a three-way call between the applicant, the agent, and an underwriter from the policy’s insurance company. The call is recorded, and most of the time the underwriter is simply reading the application’s health questions word for word in order to reconfirm that all of the information is correct.
If the answers to the questions during this phone call match the original application answers, the policy can be approved over the phone. The agent is provided with a policy number, and the applicant’s insurance policy goes into effect the same day. The agent faxes a copy of all signed documents to the insurance company, and the insurance company prepares the policy to be mailed to the applicant.
The application process for purchasing a burial life insurance policy can be completed in three easy steps. The policy can be approved the same day the application is submitted, and the insured has coverage from that day forward.
If you have any questions pertaining to the application process or need assistance in selecting a burial policy, you can speak to one of our insurance professionals by calling 866-699-1884. We are licensed in most states and would be glad to assist with any questions or concerns that you may have.