Is a medical exam always required for Life Insurance?

Been thinking about getting life insurance, but the long process has left you with second thoughts? Changes to the underwriting process may save you some of that headache.

What changed?

It’s a tale as old as time. If you want life insurance you have to go through a weeks or even months-long underwriting process. Your insurance company has to evaluate things ranging from prescription drug records, medical exams, auto records, and more. Proving the information correct in all of these exams further delays you obtaining coverage. According to a study by LIMRA, more than 18.7 million people had given up on securing coverage during this long underwriting process.

Insurance companies are trying to automate the system so you and I can secure coverage without taking up as much time. Companies are employing technology to screen candidates based on key indicators. If you fit the criteria then the process moves along without the need for a medical exam. Please note that if you are flagged the process may require an exam.

What carriers offer this method?

Several carriers are beginning to use this accelerated program of underwriting, including:

  • Banner
  • Lincoln
  • Minnesota Life
  • Mutual of Omaha
  • Nationwide
  • Principal
  • Protective
  • Prudential

This process is still being perfected, but if you are interested in whether this option could apply for you don’t hesitate to give us a call at 352-371-7977 or email our Financial Insurance Advisor Nick Deas at nick@mcgriffwilliams.com.

 

Mortgage vs. Term Life Insurance

When it comes to life insurance it’s important to understand what you’re purchasing in order to keep your family and loved ones covered. One aspect of life insurance to understand is Term vs. Mortgage.

 

What is Mortgage Insurance?

As the name implies, mortgage insurance will cover your remaining balance on your mortgage in the event of your passing. One pro of mortgage insurance is that it is typically very simple to obtain. The amount of coverage you receive is directly tied to your mortgage so as you pay down your mortgage over the years the amount you receive decreases. The issue with the decrease in coverage amount is that your premium stays the same. The beneficiary for this insurance is owned by the bank who holds the mortgage.

 

What about Term Insurance?

Term life insurance provides coverage for a defined period of time, such as 10, 15, 20, 25 or 30 years. As a term insurance policyholder you pay an annual premium amount for the defined period of time and the insurer, or the company you purchased your policy through, will pay your beneficiaries the pre-determined policy amount. There are many advantages including the cost, but it only covers you during the term.

 

For many cases, mortgage insurance will not be enough for your loved ones. Even though your mortgage would be taken care of there is still the cost of living and funeral costs that will burden your family.

 

The video below provides additional information about both types of insurance. If you would like to discuss your options call us at 352-371-7977 or email our Financial Insurance Advisor Nick Deas at nick@mcgriffwilliams.com.

https://www.youtube.com/watch?v=PUNloFs2Rx0

Do You Have Enough Life Insurance?

When you consider your workplace benefits package, how much value do you see in your employer offering life insurance? This coverage can oftentimes be overlooked or undervalued but it can be very beneficial to your loved ones in the event something were to happen to you. Then there’s the question of whether or not the coverage your employer provides is enough. According to most experts, the answer is no.

There are several things to take into consideration if you depend on employer-sponsored coverage alone, especially if you are responsible for the care of others. The biggest mistake most people make is that they do not truly understand their need for life insurance and do not realize that the amount they have is inadequate. More individuals than ever before are using their employee perk as sole coverage over buying outside coverage, according to LIMRA. If you have a family, outside coverage will aid in paying bills, debts, and future expenses that employer-sponsored coverage could not fully pay.

Do not worry if you haven’t purchased life insurance separately because it’s not too late and we’re here to help! Those who are single, mostly debt free, and do not have dependents will probably be fine with their work coverage. Determining if you need more coverage is the first step.

At any point in the process, you can give us a call at 352-371-7977 and speak with Nick Deas, our resident life insurance expert. Nick can help you determine what type of life insurance your lifestyle requires and how much coverage you’ll need. Although discussing life without a loved one can be very difficult and a topic many people avoid, it’s extremely important to be prepared and all on the same page. Feeling confident and comfortable with your family’s financial stability can bring a lot of peace to an otherwise negative subject.

Life Insurance Beneficiary – What you need to know

Attention Beneficiaries:

Claiming life insurance benefits takes more effort than you think!

Do you know what type of life insurance policy your loved ones have?

Do you know what company it’s with?

Do you know where to find the original paperwork?

Do you know how a claim can be filed on that policy in the event of a loss?

If you aren’t able to answer yes to all of those questions (and most people aren’t), this is for you. Oftentimes, consumers sign up for life insurance, pay their premium, and assume that their loved ones will receive a check in the mail shortly after they pass away. Unfortunately, that isn’t the case. Most insurance companies have no intention of contacting beneficiaries when the insured person becomes deceased. There’s also the issue of contact information changing and the excuse that the beneficiary can’t be located. This leaves some work for the family to do but it’s not as overwhelming as it may seem.

Chief Financial Officer of the State of Florida Department of Financial Services, Jeff Atwater, is working to implement new processes and procedures to fix this problem. His plan says that soon enough, all insurers will be required to locate beneficiaries and provide their due benefits. If they can’t be found, the unclaimed funds will be turned over to his office (for the state of Florida) to hold on to and continue trying to locate the person it’s intended for.

Words of advice: Communicate with your loved ones about the details of your life insurance policy. It’s a tough conversation to have as no one enjoys talking about death but it’s very important. Paying premiums and leaving the insurance company responsible to actually pay out the benefits to your family is not enough. Make copies of paperwork for their records or inform them of your safe place where the documents are kept. If policy details are lost or the beneficiaries are unsure, there are “life policy locator” services such as the Medical Information Bureau that can assist in locating policy information for a fee.

More questions about life insurance? We can help! Email Nick Deas at nick@mcgriffwilliams.com.

Life Insurance in Gainesville, FL – McGriff-Williams has you covered!

With a 30+ year reputation for quality home, auto and business insurance products, it was a natural fit to add health insurance to the McGriff-Williams’ line of products in May of 2014. In order to provide our customers with the most well-rounded insurance offerings it was only a matter of time before we knew we wanted to add life insurance as well.

As of January 2016 McGriff-WIlliams is excited to announce that our agency will now offer an array of life insurance products (term and whole life insurance) as well as disability insurance and long-term care. It is our hope that these added products and the expertise of Financial Insurance Advisor, Nick Deas, is a convenience for our current clients, as well as future clients.Nick Deas

Nick began his financial insurance career in 2002 after completing his Bachelors in Business Administration with a Finance Major from the University of Florida. Nick is a third generation Gator, and while his career in the financial insurance industry began in his hometown of Miami, FL, he and his wife Dari relocated back to Gainesville in 2011, which is where they now call home with their daughter Reagan and son Ryan.

As a member of the McGriff-Williams team, Nick strives to maintain the goal of “treating every client like he would treat his mother,” a lesson he was taught early on in his career.

Have questions about life, disability or long term care insurance? Contact Nick by email at nick@mcgriffwilliams.com or call (352)371-7977