Published June 15, 2017|5 min read
Dads do a lot to protect their family: Helmets, parental controls, those plastic covers that go over electrical outlets. You don’t know that they’re going to fall off their bike or stick their finger in a socket, but you do what you can to keep them from harm.
Life insurance works the same way. You’ll hopefully live a long and healthy life, able to provide everything for you family. But no one knows what the future holds, and all dads do what they can to make sure their families are protected.
When it comes to family breadwinners, dads play an important role. While two-thirds of families are dual income, fathers are the sole breadwinner in 28% of families, compared to just 4% of families where mothers are the only workers.
That means that dads, whether alone or as part of a team, are incredibly important in financially supporting the vast majority of American families. It’s also why it’s so important for fathers to have life insurance coverage.
Any death in the family is emotionally difficult, but the death of a breadwinner is financially hard, too. Without life insurance families don’t have time to grieve before they have to start thinking about an upcoming bill, and it won’t be long until they have to consider college, retirement, and other financial obligations – all without the support of a lost income..
Life insurance is important. But some people also see it as a hassle. Luckily, with accelerated underwriting life insurance – a form of term life insurance that can cut down the application process from a few months to a few weeks by skipping the medical exam – protecting your family has never been easier.
Here’s why accelerated underwriting life insurance is one of the best ways dads can show their family love with the gift of financial protection.
Every dad (and mom) is busy. It’s part of the definition of being a parent. Maybe you’re working to provide for your family. It might even be more than one job. Or maybe you’re a stay-at-home dad, keeping the household together and raising kids.
Either way, you don’t have time to take a medical exam, do you? There’s work or soccer practice or home repairs or dinner or quality family time that take precedence. The medical exam doesn’t take that much time, but still – if you’re able to skip it, why wouldn’t you?
There are also other benefits to skipping the life insurance medical exam, like not having to deal with needles.
Life insurance allows you and your family to continue living your lives without fear of disaster striking. The application process doesn’t have to get in the way of that. By skipping the medical exam, you can spend your time where it matters rather than with a medical technician.
Did you know the traditional life insurance application process can take up to eight weeks? A huge portion of this wait time is a bottleneck when the insurer is trying to get an Attending Physician’s Statement (APS) from your doctor. An APS is basically your doctor’s recap of your health history.
But just like dads, doctors are busy people. They have their day-to-day job and other patients. They’re more than happy to send the insurer an APS – when they get to it. This can cause huge delays.
Except in rare circumstances when life insurers really, really need to dig into your health history, an APS isn’t required during accelerated underwriting. That means that in only a couple of weeks, you can go from applying to signing a policy.
So not only are you saving yourself time by getting an accelerated underwriting life insurance policy and skipping the medical exam, you’re saving your doctor time, too. It’s a win-win.
If you’ve ever watched an ‘80s family sitcom, you’ve probably seen an episode with a TV dad turning out the lights in the house, saying something along the lines of, "We don’t own stock in the electric company!"
Stereotypical dad-isms aside, there’s a good nugget of advice in there: don’t waste money when you don’t have to.
There are a lot of benefits to getting a life insurance policy that doesn’t require a medical exam. We’ve just gone over a couple of them. But there are also a lot of different choices. Besides accelerated underwriting term life policies, you can also look at permanent policies like simplified issue life insurance, guaranteed issue life insurance, and, for older applicants, final expense life insurance.
The problem with these alternatives? They’re a lot more expensive than term life insurance (including accelerated underwriting policies), sometimes for less coverage. Life insurance companies set life insurance rates by looking at how risky you are to insure – how likely you are to die over the course of your policy. If it’s high, because you have risky hobbies, a family history of health conditions, or are just currently unhealthy yourself, your rates will be similarly high. Life insurance companies find this out during the underwriting process, where they dig into your personal and health history.
A lot of permanent no-medical exam policies rely on as little as a health questionnaire to find out about your health, giving the insurer less information, making those policies a lot more expensive to make up for the uncertainty. But accelerated underwriting gets around this by drawing from a lot of third party sources, like prescription checks and motor vehicle reports, to put together a comprehensive picture of your health and provide a policy that’s the same low price as a standard term life insurance policy but with a much faster application process..
You may not be the dad that goes from room to room turning off lights, but everyone has goals for their money. Life insurance is supposed to protect those goals, not eat into the money you’re using the save for them. With an accelerated underwriting policy you get the protection you need while still having the money to enjoy your time with your family.
Accelerated underwriting makes it easy for you to check life insurance off your to-do list, and it means that your family is protected that much faster. It’s also peace of mind for dads wondering what more they could be doing to protect their family. There’s a huge weight lifted off your shoulders when you know that you’re doing everything you can for them now, and everything you can to protect them in the future.
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