Life Insurance Buying Process

Getting life insurance is a smart way to help financially protect your loved ones’ future. Get the confidence and know-how you need by checking out our roadmap of the life insurance buying process — you’ll see how simple it can be to protect the ones who matter most.

Know how much to get. Estimate your life insurance needs based on your financial assets vs. projected expenses that’ll need to be covered if you were to pass. Here’s a look at how to calculate how much life insurance you may need, or try using our Life Insurance Needs Calculator.

Explore insurance types. Learn about temporary insurance, which covers a specific length of time, like SimplyProtected Term Life and Term Life, which offer temporary, affordable protection. Or consider permanent insurance, which covers your whole life, like MyLife Flexible Life and Whole Life, for long-term protection that gains cash value. Our life insurance comparison chart can help you decide which coverage is right for you.

Talk to a licensed agent. Consult with an American Family Insurance agent who will help you decide on life insurance that’s just right for your needs and budget.

Submit an application. Once you choose a policy, you’ll need to complete an application covering your financial, medical and health-related info. (Tip: It can average a few days to a few weeks before you get your policy after applying.)

Take a medical exam (if needed). You may have to complete a telephone interview and an in-person health check, depending on things like the type of policy, coverage amount and health history.

The phone interview focuses on your health history, so be prepared with items like your health history, physician names and phone numbers, and medications. If you need to take an in-person medical exam, you can choose a place that’s convenient for you, like your home, work or a stand-alone lab facility, where they’ll conduct a short (usually only thirty minutes) health test. Learn more about life insurance medical exams to find out how quick and easy the process actually is.

Provide more info (if needed). An underwriter (someone who gathers and analyzes application information, performs a risk assessment, and assigns the appropriate premium to be charged) will review your information and may request additional information.

Receive your policy. Upon approval, you’ll be notified and your policy will be delivered.

When you buy life insurance, you’re taking a giant step on the road to providing long-term financial protection for the special people in your life. Check out our life insurance coverages to see which options are right for you.

Policy Form L-36 10, Policy Form L-36 20, Policy Form L-36 30, Policy Form ICC13-97 UL, Policy Form L-97 UL (AZ, ND, SD only)


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Related Topics: Buying Life Insurance , Term Life , Whole Life