Mar 30
My life insurance agent is suggesting I remit money with my application. Is this a good idea?
The reality is if you’re thinking about obtaining life insurance coverage, you probably need it now. In fact, statistics show that most people don’t think about coverage until only after a major life event such as welcoming a new addition to the family.
Remitting the first premium along with your application will provide temporary conditional coverage during the application/underwriting process. We strongly encourage you to obtain this temporary coverage, especially if someone is currently financially dependent on you (i.e. your spouse, children, etc.). It is, however, not required.
Unfortunately, we have experienced situations where our clients have applied for coverage and died before their policy was issued. If money is not remitted with the application, benefits cannot be paid if an untimely death occurs during the underwriting process.
So, yes remitting money is a good idea in my book.
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