Applying for Life Insurance: A Complete Guide to All the Options

Man Writing at Desk

Nobody likes to think about their mortality and that is partially why buying life insurance can be a daunting task. Yet, most people want the security of life insurance and the financial protection it provides for loved ones if they were to pass away unexpectedly.

Do you need life insurance and are you wondering where to begin, what your options are and what it take to get a policy? Read on to learn all about life insurance, the things to consider, and how you can apply for coverage.

Types of Life Insurance

There are two basic types of life insurance to consider when thinking of applying for life insurance. There are differences so make sure you consider your individual circumstances and goals when making a decision. Let's take a closer look at the two types. 

Term Life Insurance

Term life insurance is temporary protection provided during a specified period of time such as 10, 20 or 30 years.  Think of it this way, term life is like “renting a house". It provides temporary ownership with no equity build-up for you, the renter. Term life insurance offers the most death benefit protection at the lowest cost. The premium stays the same during the entire course of the term and contract. If you were to pass away during the contract term, your beneficiary will receive the death benefit that was guaranteed.

Whole Life Insurance

Whole life insurance is a type of insurance that covers the owner for a life time.  A side benefit is that the policy also accumulates cash value that can be used later in life.  A good whole life policy with guaranteed cash value can be a valuable piece of “financial property.” The death benefit, of course, will be paid to a named beneficiary should the insured pass away while the policy is in force. The premium cost on a whole life policy is level, guaranteed and will not increase as the insured ages. Unlike term, whole life does not expire, but “matures” or “endows,” often at age 121. We can simply compare a whole life policy to “buying a house”. You have permanent ownership (for as long as you own it) with equity build-up for you, the owner.

Coverage Amounts and Beneficiaries

After you have sorted out what type of insurance policy will be the best fit for you, there will be a few other decisions to make. 

You will need to determine how much term life insurance you need.  This depends on your specific situation and life circumstances.

What are your goals? What assets do you have, and what are your expenses? How much can you afford to pay each month and how long do you need life insurance for? 

These are all questions that you should answer before deciding on the amount of life insurance you need to purchase.  Luckily there are life insurance calculators available that can help you figure out approximately how much coverage you should have.

The other decision you will need to make is who will be the beneficiary of your policy.  A life insurance beneficiary is a person who will receive the death benefit if you as the insured, pass away while the life insurance policy is inforce. In other words, if you happen to die unexpectedly - the beneficiary will receive cash from the face amount of the life insurance policy. 

Not anyone can be listed as a beneficiary. It’s important to choose a person that is relevant to you and your life, like a spouse, so that there is an insurable interest. The beneficiary may be a person, class of persons, an institution or other entities such as a foundation, charity, corporation or a trust.

Applying for Insurance

Once you've made these important decisions, it’s time to take the final step and apply for coverage.

Applying for life insurance used to have some stigma attached to it because of the long process involving questionnaires , health screenings and often medical exams that were required. 

Recognizing the fact that most people don’t have time for such a long process in their lives, insurance companies, like Vantis Life, have been working hard to simplify the process. 

Now you can go right online, get an instant quote for life insurance and fill out an application without ever having to speak to an agent, unless you want to. If you are physically and financially fit, many times no medical exams are even needed. 

Gone are the difficult days of applying for life insurance.

Apply for Life Insurance So You Know You're Covered

Are you ready to get the life insurance you need to protect your family? Applying for life insurance is easy once you know your options and protection goals. 

Do you need more information? We invite you to explore our website to learn more about specific products, get advice, and most importantly, begin the process of protecting your family and legacy.


Our content is created for educational purposes only. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Vantis Life encourages individuals to seek advice from their own investment or tax advisor or legal counsel.