In a guest blog, life insurance provider, DeadHappy give us their take on what you need to know about buying life insurance. Buckle-up and enjoy this one! Find out more about DeadHappy here.
There are plenty of life insurance companies to choose from. But realistically only two ways to purchase a policy. One way is simple. The other is as much fun as putting together a thousand-piece jigsaw puzzle while an excited puppy licks your face. Let's begin there, shall we?
Life insurance, like any other type of insurance, is based on risk assessment. The more likely you are to die, the less likely you are to be able to get life insurance – or the more expensive it will be. Life insurance companies ask questions to determine the likelihood of your - premature - death. TENS of questions.
Let's look at The UK's largest life insurance company for example, who ask you to complete 49 pages of info. If that's not enough to put you in an early grave, we don't know what is. Alternatively, you can save a few days by opting for another popular name - 37-page magnum opus (or you could spend that time writing a short novella, just saying…)
But you'll need more than just time to work through those application forms. Expect to recall every detail of your medical history. Dumbledore's Pensieve (where are my fellow Potterheads at?) would come handy here.
But before we delve into the world of fantasy, you should probably start by brushing up on clinical terminology, as you'll need to know what "Peripheral Vascular Disease", "Ulcerative Colitis," and "Optic Neuritis" mean. Since those words sound so big and mildly terrifying, you could assume you'd remember if you had them.
But what about members of your extended family? Auntie Violet appeared to be in poor health most days; could you have inherited her terrible genes? Those are the questions you will need to answer.
Then we enter an even more perplexing area. “Have you ever had cloudy vision, muscle weakness, or balance issues?” On most Saturday evenings, yes. Does that make a difference? You wouldn't worry about the accuracy of your replies if you were applying for a position at your local yoga studio. However, with most life insurance applications stating that “...failure to give proper information may result in your policy becoming void...”, clarity is a little more necessary. So, you go to customer service to find out what the question is asking you EXACTLY. Prepare to spend some time listening to some amazing (not) holding music while you’re trying to get through.
After documenting your medical history, you'll be asked about your lifestyle. There's a lot of intrusiveness going on here. Drinking, drugs, sexual partners, high-risk sports, and (perhaps) an addiction to daytime TV... not ideal to those loving a bit of rock'n'roll. It's like going to a Catholic confessional but without the assurance of eternal life.
Next, make sure you understand the type of life insurance you need (and want). Because life insurers tend to make things as difficult as possible by bundling a range of insurance products into the same application. Expect to see family protection, mortgage protection, income protection, and critical illness, all on the same application form. Then buckle yourself for a voyage down the rabbit hole of alternatives, which includes premium waivers, deferred periods, and increased cover. While all you wanted was just some life insurance…
Upon completing a master's degree in insurance etymology, you're done. Or maybe not. If the insurance company notices something in your application that it doesn't like, expect a brief interrogation. You have nothing to worry about if you keep track of every doctor's appointment and file away every prescription you've ever had. You don't have any? Oh no...
Now for the simple way. You'll need about 5 minutes, or even less if there is that
lightning speed under your fingers. Ready?
Step 1: Grab your phone or laptop
Step 2: Go to deadhappy.com
Step 3: Answer four brief questions
There's no need to print a forest of paper, and unlike other online insurance providers, we won't ask for your email address so we can send you a "proper application."
You'll get a response from us straight away, allowing you to spend more time doing what you love. After all, what good is a life insurance policy if it takes a lifetime to buy it?
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