Life Insurance FAQs / 101 - BC Brokerage
HOW DO I DETERMINE HOW MUCH COVERAGE I NEED?
This answer varies for everyone, but here are some of the variables that you need to consider:
Consumer debt (credit cards, auto loans, personal loans)
Continuation of lifestyle / Leaving a legacy
Here's a great resource to calculate what you need. You can also call us directly and we can walk you through a needs analysis
WHAT FACTORS DETERMINE MY HEALTH RATING?
Policy details, coverages, and length
WHAT INSURANCE COMPANIES DO YOU WORK WITH?
At BC Brokerage, we only work with:
Carriers with strong claims paying ability
WHO HELPS ME THROUGH THE PROCESS?
1 point of contact
100% Paperless and Electronic Process
Referrals to Fee Only CFPs, Estate Planning Attorneys, CPAs/tax preparers, Property and Casualty agents.
WILL I NEED TO TAKE A MEDICAL EXAM?
Those Standard or better health can qualify for accelerated underwriting. For some carriers, credit is taken into consideration. If you credit is poor, we will be sure to pair you with a carrier that doesn't take this into consideration
Below Standard health ratings (many prescriptions, surgeries, high death benefit amounts, above age 60)
HOW HAS COVID-19 CHANGED THINGS?
Many carriers have updated their accelerated underwriting programs. Many carriers have switched to non-medical / tele interviews. One carrier we work with uses your True Risk Life Assessment which takes into account credit score
Carriers won't underwrite you if you have had coronavirus within 30 days of application (some carriers are longer.)
Upon delivery of a policy, there will also be a statement of good health that needs to be signed, stating that you haven't been around anyone with coronavirus or have had coronavirus yourself since the time of application.