Journey to Life Insurance Part 3: Time to Pay the Piper - The Broke Professional

Journey to Life Insurance Part 3: Time to Pay the Piper

The day after getting life insurance.

The day after getting life insurance.

Recap

This is the final post in a series of posts chronicling my personal step by step experience with buying life insurance.  Not the most exciting of topics, I know, but I found it helpful reading about others experiences with things such as car buying and signing up for retirement accounts, I thought this might be helpful for some.  This is the last post, so if you need to catch up please refer back to Part 1 and Part 2.  Enjoy the exciting conclusion.

Here’s a Cup

After all the easy online paperwork and phone interviews, it was time to get down and dirty.  Life insurance companies want to make sure you’re not hiding the fact that you have scurvy, so any plan worth its salt will have a health exam as part of it.  Instead of going to one of those soulless lab places where everyone looks just miserable, I was pleasantly surprised that the nurse who I had to schedule with said that she will be coming to my house.  How convenient.  Maybe they also want to make sure we’re not doing anything at home that could risk our lives.

In any case, the very nice nurse came and starting unpacking her stuff.  A blood pressure monitor, syringes, a scale (which my son absolutely loved), and some papers I had to sign. But first things first, she handed me a cup to fill up which I assumed to be with my beverage of choice.  Nope, I just had to take it to the bathroom.

After that always awkward exchange, she had me verify some information, and sign my name on a couple of pages.  A couple of blood pressure measurements followed, and then she proceeded to stick me with various needles.  I’m one of those guys that won’t look at my arm while blood is being drawn, so this was probably the worst part of the whole process.  But thankfully it didn’t last too long.

After a couple of more papers were signed, we were all done and she told me that the results should be ready in a few days and someone from the company will contact me soon.  The whole health test took about 20 minutes from start to finish, which was great since I blocked off my whole morning for it.  Time to watch SportsCenter!

Wait and See

I can’t stress enough how helpful my rep from Quotacy was.  He emailed me to make sure everything went well with the health check, and said he would be in contact with the company to find out when things would be finalized.  Excellent service the whole way.

I received a couple of emails the next few days from the company saying my file is being reviewed and they will get update me.  Nice to be kept in the loop.  After about 3 weeks from the date of the health exam, I finally got the email saying my policy was final, and the last step was in front of me: giving them the monies.

After reviewing some forms to make sure everything was in order, I had to pay the premium to finalize the policy.  Nothing is finalized without some money after all.  A side note, I opted to pay the annual premium up front, because it did save me a good $50 or so than if I had gone the monthly route.  Gotta save where ever you can.

And that was it.  I got an email saying my payment was received and then a few days later I got an email saying my policy was active.  The email had the website to login to review the policy.  I saved that email so I can refer to it if ever needed.  Hopefully we will never have to call on that insurance plan, but it does feel really good that if the unthinkable ever happened to me, my wife and son would be just fine financially.

So after going through this journey with me, I hope you will come to the same conclusion I did:  If you have anyone who is even remotely dependent on you, and especially if you are currently in good health, get a term life insurance policy.  It’s relatively cheap (literally the same amount of money as getting a coffee a couple of times a week) and will give great peace of mind.  Because isn’t peace of mind why we’re trying to get money in the first place?

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