Buying Term Life Insurance, Part V (Epilogue)
Well, our term life insurance adventure has now come to an end… We just received word from IntelliQuote that our applications were approved, and that we now just need to sendd them a check so they can put our policies in force. The timing couldn’t be better, as our current term life policies are due to be renewed on November 1. Anyway, I thought it would be worth putting together a quick recap here…
We initiated our shopping expedition by poking around the big term life insurance web sites, and we ultimately decided to go with 20-year level term policies from Lincoln National Life that we found through IntelliQuote. We submitted our applications online on August 31, and we heard back from IntelliQuote within twelve hours. We then received our application packets in the mail just three days later. Next up was the medical exam. This ended up taking place 15 days after we originally submitted our application, although that’s partly my fault, as I had some work/travel-related scheduling difficulties. Since that point, we’ve just been waiting for the underwriting process to work its way to completion. All told, it took five and a half weeks from our initial contact to having our applications approved. Not too bad, and we even got a free medical exam, complete with detailed blood work, out of the deal.
Read Part I of Buying Term Life Insurance
Read Part II of Buying Term Life Insurance
Read Part III of Buying Term Life Insurance
Read Part IV of Buying Term Life Insurance
You are currently reading Part V
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Filed under: Insurance
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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November 4th, 2005 at 6:15 pm
Although it took several weeks, I’m glad you finally got term life insurance. Having helped write a website about life insurance, I know a little about the hoops people often have to jump through and the hassles that can come with getting life insurance. But, all told, I think it’s well worth it to have good life coverage.