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The first place to start when it comes to taking out life insurance is answering all the questions. You get asked questions about your age, where you life, what kind of lifestyle you have and whole lot more. On top of that, they often ask for physical exams as well. That means that you have to see a physician for a full body exam, where they do everything from checking every part of your body on the outside, to running tests on your blood and checking up on everything on the inside. Once they are satisfied that you have a clean bill of health, or they have noted any particular points of interest that might affect your risk profile with them, then you are free to go on cover with them. They accept you based on the specified terms of the agreement, and you have to accept based on what they have to offer. That basically refers to all the underwriting that is applicable to your policy; all the fine print as it were. They ask you all of those questions when you are getting life insurance quotes so that they can use the information to determine your risk and to outline any restrictions that might be applied to your policy for a certain period. It is often referred to as a waiting period, and it will usually last anything 3 months up to a full year depending on the severity of the financial implications involved with your particular case. The reason they do that is because specific claims can have big financial losses for an insurance company and they also need to manage their own risk portfolio if they are going to stay in business. It doesn’t mean that they will never pay for any claims of that specific sort, it only means that you will have to wait until the specified period is up before the insurance company will consider it. If you are fortunate enough to have a clean bill of health and you have taken a policy out when you are younger, you will qualify for a really cheap premium for your cover. The more time you have to contribute towards your final benefits, and would be less of a financial risk to the company that is insuring you. As you would imagine the older you are, the more expensive it gets as well. It’s important to prepare yourself for all the questions, and make sure you give accurate information wherever possible. You will go a long way to getting it all started sooner than later.
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