The first phase of your application should always start with understanding the basic plans of the Austin life insurance. Doing so will allow you to identify your insurance needs. By evaluating the different types of policies being offered, you will develop a predilection for a certain type of insurance. You can establish how much coverage you need and how much premium you are willing to pay.
The next step that you must do is to choose the right insurance company. There are many different insurance companies out there so make certain that the company you are considering is duly licensed. Consult the State Insurance Department and independent financial rating services like A.M. Best to review the financial condition as well as the claim practices and policy forms demonstrated by the insurance company you intend to choose.
Once you’ve chosen a reputable insurance company, you then need to find the right insurance agent. He must also be licensed to sell life insurance and provide you the essential advice that you need. Your agent should help you get the policy that fits your needs and explain in detail the coverage and cost limits that you want. He must also vow to be in regular communication with you for any changes and developments in your financial or family status later on.
After this you will have to complete an application. In the application form, you provide your personal and medical information, the type of policy that you choose and the coverage limit that you want. You will also be required to fill in the beneficiary of your life insurance policy.
The next step is that the insurance company will review your application, provide you a rating and determine your insurance coverage. Know that your life insurance premium will be based upon type of insurance you chose and the mortality class you are in. Your mortality class is influenced by your age, sex, habits, occupation, residence and medical history. The decision regarding your premium and coverage will depend upon the information you have submitted. Sometimes you may even be required to undergo a medical examination and statements from your physician may be obtained. Inspection reports may also be necessary.
Once you are rated, you will get a copy of your policy. It is important that you review the plan provisions thoroughly together with your agent. There is usually a grace period for you to decide whether to take this policy or not. If you are not satisfied with the provisions of your insurance company, you can return it within the grace period and expect full refund of the premiums you’ve paid.