Kansas Life Insurance: Wrapping Up

While one might think deciding on a Kansas life insurance policy would signal the end of the process, there are a few more steps to take before you get there. Knowing in advance what you'll likely face along the way might make the journey a little more enjoyable.

Predicting the Length of Your Stay

When putting a price on life insurance, the provider considers just two things: the type of policy and the insured party's mortality rate class. A person's mortality rate class, which is determined by an underwriter, is a ranking of his or her likelihood of dying. To come up with it, evaluators take into account the insured party's age, medical history, family medical history, unhealthy habits (such as drinking and smoking), sex, place of residence and profession. If the underwriter deems an applicant to be of a "substandard" class--meaning his or her odds of dying are better than normal--the policy will carry an above-average premium.

The good news is if you don't like one guy's opinion you can always ask another one his. Because each insurance company has its own underwriter, and since opinions differ, another provider could very well give you a clean bill of health--or at least cleaner than the previous company would commit to. An important thing to remember is if your health later improves, you have every right to request another mortality rate class review. Your rating and, consequently, payment could be reduced.

Submitted for Your Approval

When you receive your completed policy, remember: Just because it's committed to paper doesn't mean you have to commit to it--at least not for 10 days. That's when the details of the plan become set in stone. So make sure you review your policy carefully and make sure everything's in order while there's still time to make changes. You can even make changes if you have second thoughts about a revision you agreed to or a rider you added. By Kansas state law, an insurer is required to make refund a policyholder's money for anything he or she has removed within the 10-day grace period.

Protect that Policy

When you receive a finalized copy of your Kansas life insurance policy, put it in a safe place--but not so safe that your beneficiary will have to jump through hoops to get it. Make sure the beneficiary knows where to find the paperwork, and provide that person with the insurance company's contact information and your policy number.

The Aftermath

Depending on the types of riders you added, you might have to stay on top of changes you plan on making or should be made automatically. One modification that everyone is allowed at any time is a change of beneficiary. If you've cited an irrevocable beneficiary in your policy, you'll need that person's written consent to make the change.