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Getting Life Insurance Is Easier Than It Used to Be

Sep 14, 2021SML Planning Minute Podcast, Company News

Episode 143 – September is a great time to be thinking about life insurance, and today we celebrate the fact that getting life insurance is much quicker and easier than it was even just a few years ago.

Transcript of Podcast Episode 143

Hello this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode, getting life insurance is easier than it used to be. 

September is a great time to be thinking life insurance, and in this episode, we thought we’d take a look at how things have changed in the past few years when it comes to getting life insurance. For one thing, the process is much quicker and simpler than it was even just a few years ago. 

One thing that has always made people hesitant to apply for life insurance, even though they may really need it, was the time and aggravation involved. Blood tests, medical exams, and extensive application forms have all made the process more difficult and time-consuming. But the introduction of the electronic application has improved the situation considerably. It is now possible for many people to get up to $1 million of life insurance on the same day they apply. 

Security Mutual uses a secure online application process to collect important information. Your Security Mutual life insurance will work together with you to complete the application, which can be submitted in just minutes. For most people, there are no blood tests, no medical exams, no written statements from your doctor. And no so-called “wet” signatures. The app is signed electronically. And the turnaround time has been reduced significantly. Unlike the old days, you don’t need a few weeks to get an answer. Back then, the insurance company would write a letter to your doctors, wait for a written response, then evaluate what the doctor said before they could make a decision. For most—but not all—people, this step has now been eliminated. 

In addition to our electronic application process, Security Mutual implemented practices and procedures to quickly review electronic applications, complete the underwriting assessment and determine the risk classification within a few days on most applications. Very often all this can be completed in a day or two, and very often you will know the answer on that same day. 

But how do you know if you need life insurance? Or if you have it, how do you know if it’s enough? Life insurance proceeds can fund many types of expenses, such as: paying funeral expenses, providing income for survivors, paying mortgages and other debts, creating an estate, paying estate or inheritance taxes, providing a cash flow in retirement, paying for college, borrowing money/taking a policy loan, equalizing an inheritance, funding of business continuation plans, funding of charitable gifts and so much more. 

Do you have enough life insurance coverage? Security Mutual offers more than 50 calculators to help you with everything from estimating your life insurance needs to saving for your child’s college education and planning for a more secure retirement. You can also contact your Security Mutual Life insurance advisor to assess your life insurance needs and review your current coverage. If you are in need of an insurance advisor, you can use our Representative Locator to find a life insurance advisor near you.

This podcast is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax or other financial advice related to individual situations, because each person’s legal, tax and financial situation is different. Specific advice needs to be tailored to your particular situation. Neither Security Mutual nor its agents are permitted to provide tax or legal advice. Therefore, please consult with your own attorney, tax professional and/or other advisors regarding your specific situation. The podcast content is believed to be current as of the date of the publication; however, Security Mutual makes no representations, warranties or guarantees, whether express or implied, that the content provided is accurate or complete. 

Insurance products are issued by Security Mutual Life Insurance Company of New York. Product availability and features may vary by jurisdiction. Eligibility for life insurance is subject to the Company’s underwriting rules and receipt of payment. Premium rates will vary based on any and all information gathered during the underwriting process, and medical exams may be required. Life insurance policies contain exclusions, limitations and terms for keeping them in force. Your agent can provide costs and details. 

Policy loans reduce the cash value and death benefit of the life insurance policy. Policy loans are not subject to income tax as long as the policy remains in force until the death of the insured, does not lapse and is not a Modified Endowment Contract (MEC). Outstanding policy loans accrue interest. 

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