Insurance Benefits Group, LLC

How can I speed up the process of receiving my insurance policy?

There are many ways you can control how fast a policy is completed, however there a other influences that determine the speed of the application process that you nor QuickQuote™ can control. The following is a list of the most important and beneficial tips to speeding up the process.

• Complete the application request form accurately. This will allow you to receive the application quickly.
• Complete your application packet promptly and accurately. This is the biggest delay in the process. If you can complete your application completely and return it within days you can cut weeks of the overall time.
• For corrections, cross through the incorrect information, write in the correct information and initial next to the correction. Do not use white out.
• Respond to us right away with any requests for missing or additional information.
• Schedule your paramed exam as soon as you are contacted by Portamedic.

Why does the insurance company want to know my financial information for life insurance?

An applicant's financial information is among several factors used to determine the amount of insurance the company is able to issue to an applicant. This information is required by ALL insurance companies as they must justify the coverage amounts of all policies they issue.

Income multiples are one method of calculating coverage amounts, which is why annual income is required. Net worth helps insurance companies develop a picture of the family's overall financial position and potential loss in the event of the insured's death.

A common misconception among insurance consumers is they can purchase any amount of life insurance they desire, regardless of financial considerations. This simply is not the case. All insurance companies use financial information to determine allowable coverage amounts. This is done to control fraud and limit excessive insurance situations.

Life Insurance and Foreign Travel - An Update

It has been a while since we last blogged about this somewhat sensitive subject (sensitive to the life insurance industry anyway). In the meantime, the list of states that do not allow the use of foreign travel history or future plans to be used in determining the eligibility of a life insurance applicant has grown to a total of ten. The list now includes the following states:

• California
• Colorado
• Connecticut
• Florida
• Georgia
• Illinois
• Massachusetts
• New Jersey
• Tennessee
• Washington

These states do not allow life insurance companies to take adverse action based solely upon the proposed insured's past or future lawful travel. They do, however, allow life insurance companies to ask questions on their applications pertaining to such travel for the purpose of actuarial research. The lone exception is Florida, which does not allow any reference to foreign travel whatsoever on life insurance applications used in that state.

Life Insurance In Tough Times

The National Bureau of Economic Research (NEBR) this week made the proclamation that the US economy is officially in the midst of a recession or as the White House calls it, an 'economic downturn.' And according to the NEBR, the current downturn has been in place for over a year now. Heck, the media could have told us that months ago. Oh yeah ... they did. In fact, it seems that's all the media have been reporting on for several months now; that and the election. Some call the current conditions the result of a self-fulfilling prophecy brought on by fear caused by the media. Others believe we have the bursting of the housing bubble to blame, while still others lay the blame on the Bush administration. There is surely no shortage of fingers pointing every which way on this issue.

More..

The Underwriting Process

The application process is generally referred to as underwriting. For the most part, these two terms are used interchangeably. In its broadest sense, underwriting involves the collection and analysis of applicant information and ultimately results in an underwriting decision and offer made by the insurance company.

QuickQuote is unique in the Internet brokerage world in that we stay actively involved throughout the underwriting process. Our Case Management and Customer Service teams work with you and the insurance company to obtain outstanding requirements, facilitate exams, clarify answers, answer questions and much more. We keep you posted on the progress of your application and any important developments.

Once an underwriting decision is made, we will contact you with the terms of the offer and work with you to place your policy in force.

More..