We’ve been spending waaaaay too many hours on Instagram again and have stumbled upon three accounts that you have to follow. What makes these accounts special – besides the obviously awesome photos – are that they’re all curated by badass shop owners who not only have an amazing eye for style and design, but also run a successful business, some even doing it with little ones running around! We know life isn’t always as pretty as Instagram filters make us believe, but these women are doing a fine job at a.) juggling rockstar lives and b.) making us obsessed with everything they touch!
First off, hide your wallets. Or don’t. Mür is a carefully curated home goods store run by Danielle and her hubby, Joel. Selling timeless pieces for the kitchen like ceramic pitchers, copper mugs and linen aprons, you might, like us, just die over every product shot. Beyond that, we love that these pretty pieces appear to fit seamlessly in a lifestyle of busy, business and babies – something that this pair definitely seems to have a hold on!
Parc is a fun, growing their new second location just opened! boutique in bustling Minneapolis filled with ‘all the goodies’ – from gorgeous garments for the minimalism lover to hand-made jewelry, ceramics and everything beautiful in between. Thao is always giving us first looks at what’s just arrived through the shop’s doors. Paired with her gorgeous styling we could literally take “one of each, please!”
Juley is a blogger here, co-founder of Montrose in Texas and quite possibly the most adorable gal, ever. Hailing out of NOLA, this business babe is always sharing her favorite hangouts in New Orleans – the city is on our must-visit list now! – as well as her stylish #ootd which’ll certainly make you rethink how to look chic in the heat. With a refreshing feed how many times do we have to see the same frequented LA haunt? and equally unique flair, you’ll def want to follow her!
Any other inspirational business babes you love to follow? We wanna know!
You can check out our archive of enviable Instagrammers right HERE.
68 per cent feel buying a home is more out of reach compared to their parents
BMO’s new Pre-Qualification tool helps empower customers to make confident decisions at the start of their homebuying journey.
TORONTO, June 5, 2023 /CNW/ – BMO’s Real Financial Progress Index reveals that while homeownership is considered an important financial milestone for many Canadians, concerns about interest rates, inflation and a possible economic recession have affected their approaches to homebuying.
The survey found that over two thirds (68 per cent) of Canadians are planning on waiting until mortgage rates drop to purchase a home. The majority (68 per cent) of Canadians feel buying a home is more out of reach compared to their parents. Gen Z (ages 18 to 24) (71 per cent) are the most likely to have this outlook, followed by younger Millennials (ages 25 to 34) at 69 per cent and older Millennials (ages 35 to 44) at 65 per cent.
According to BMO Economics, Canadian housing activity has rebounded from the slow start in 2023, with home prices firming and existing home sales increasing by 11.3 per cent in April – the largest monthly rise since 2009. However even after last year’s price correction, the combination of past price gains and higher mortgage rates leaves housing affordability near the most challenging level in more than 30 years. The survey found Canadians’ perceptions of the economy have affected their homebuying plans:
The Waiting Game: Over two thirds (68 per cent) of Canadians are planning on waiting until mortgage rates drop to purchase a home. Among the quarter (26 per cent) of Canadians that have said current mortgage rates have affected their decision to move homes, 18 per cent are holding off as a result of market uncertainty and volatility.
Deferred Decisions: Half (51 per cent) are deferring their home purchases because of their concerns about the economy and 18 per cent plan on waiting until 2024 or later. 20 per cent of Canadians are no longer sure if or when they will buy a home.
Revisiting Refinancing: 69 per cent are planning on waiting to refinance their home until mortgage rates drop.
Financial Anxiety: Housing costs (71 per cent) are among the top three sources of financial anxiety for Canadians, after fears of unknown expenses (83 per cent) and concerns about their overall financial situation (81 per cent).
“Homeownership continues to symbolize real financial progress, success and security for many Canadians and their families,” said Gayle Ramsay, Head, Everyday Banking, Segment & Customer Growth, BMO. “While the challenging market and economic conditions may pose hurdles and uncertainty, we encourage Canadians to work with a professional advisor or planner to explore the many paths to homeownership and develop a personalized financial plan to help them get into the home they want within a realistic timeline.”
Paths to Homeownership
The survey also explored the different financing strategies Canadians intend on using for their home purchase:
Personal Savings: Half (52 per cent) of Canadians plan on using personal savings to pay for their home purchase.
Help with Loans: 41 per cent of Canadians plan on using loans from their financial institution and/or lines of credit to help finance their home purchase.
Family Support: A fifth (19 per cent) of Canadians are expecting help including financial gifts and loans from family, friends and/or others.
Home Buyer Programs: Among the 46 per cent planning on using Canada’s assistance programs, nearly a third (32 per cent) plan on using the First-Time Home Buyers Incentive and 16 per cent plan on using the Home Buyers’ Plan (HBP).
BMO Helps Canadians Make Real Financial Progress with Pre-Qualification Tool
To help Canadians get started with their homebuying journey, BMO has launched Pre-Qualification, an online tool that enables prospective homebuyers to get a mortgage estimate in one minute with a 130-day rate hold. Using a soft credit check that will not affect their credit scores, customers will be able to know how much they can potentially afford for a home based on information including income, assets and debt.
“Amid this challenging and changing market, homebuyers are keeping a keen eye on interest rates,” said Hassan Pirnia, Head, Personal Lending and Home Financing Products, BMO. “Regardless of when buyers are planning their purchase, it’s essential they have a clear understanding of budget and affordability at the start of their homebuying journey. BMO’s new pre-qualification tool is an important first step in that journey and provides a mortgage estimate to give buyers more clarity as to what they can afford and what carrying costs they should be considering.”
BMO offers tools and resources to help customers throughout their homebuying journey including:
BMO SmartProgress: Customers can learn more about homeownership, budgeting and other personal finance topics from BMO SmartProgress. The online education platform organizes personal finance topics into playlists, enabling Canadians to learn more about how to manage their finances in a widely accessible and innovative platform.
Pre-approval: For homebuyers, getting pre-approved provides a cushion for due diligence when purchasing a home. In addition to visiting a local branch to speak with an advisor, BMO offers the ability for homebuyers to apply for mortgage pre-approval online. And, to give extra time for house hunting BMO offers the longest rate guarantee period at 130 days of any major Canadian bank (as of March 1, 2022).
For more information about BMO’s Pre-Qualification tool, visit www.bmo.com/main/personal/mortgages/pre-qualification.
For more information about first-time home buyers programs and affordability tools, visit: www.bmo.com/main/personal/mortgages/first-time-home-buyer/.
To learn more about how BMO can help customers make financial progress, visit www.bmo.com/main/personal.
About the BMO Real Financial Progress Index
Launched in February 2021, the BMO Real Financial Progress Index is an indicator of how consumers feel about their personal finances and whether they are making financial progress. The index aims to spark dialogue that will help consumers reach their financial goals and to humanize a topic that causes anxiety for many – money.
The research detailed in this document was conducted by Ipsos in Canada from March 28th to April 28th, 2023. A sample of n=2,350 adults ages 18+ in Canada were collected. Quotas and weighting were used to ensure the sample’s composition reflects that of the Canadian population according to census parameters.
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.25 trillion as of April 30, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future and inclusive society.
SOURCE BMO Financial Group
View original content: http://www.newswire.ca/en/releases/archive/June2023/05/c7261.html
What makes one a successful real estate agent? Other than personality traits, which are often difficult to quantify, academic research has tried to measure the impact of a number of variables on success and earnings of real estate agents, including education, years of experience in the real estate business, demographics, and firm association. These studies most often showed earnings are positively affected by education and experience. Earning a college degree typically boosts one’s income by 30 percent, while graduate education, especially in business can add even more to one’s earnings.1,2,3,4 Skilled people, one study showed,5 who are people with more education and experience, are found to work more efficiently. In other words, they work fewer hours but are able to more productively convert showings and tours to transactions.
The 2010 NAR Member Profile suggests the same education-income trends among REALTORS®. Let’s look at the basic demographics as shown in the Profile and how age, education and years of experience in the real estate business are related.
More than half of REALTORS® are between age 40 and 59, one third are 60 years or older, and one eighth are 39 years old or younger. Also, most REALTORS® have at least some college education. The largest share, almost one third of members, has some college education, while a similar share has a bachelor’s degree. Less than one percent of NAR members holds a doctoral degree or has no formal education beyond high school. Those with some high school education are mostly age 60 or older and about a third are between age 40 and 59. The shares of REALTORS® having done some graduate work are about evenly distributed among the three age groups. REALTORS® with Master’s/MBA/law or doctoral degrees are more likely to be 50 years of age or older, while members with a bachelor’s degree or less are more likely to be between age 40 and 59.
The Profile also presents information on tenure in the real estate business. Seven out of 10 REALTORS® have been in the industry for six years or more. Those who have been in the industry the longest – 16 or more years – are most likely to have either some high school or have done some graduate work.
More interestingly, however, the Member Profile shows that REALTORS® with a college education earn higher income. It indicates that across all levels of experience, NAR members with at least a bachelor’s degree earn higher gross personal income than those without formal college education. For those REALTORS® with 10 years of experience in real estate or less, having a bachelor’s degree increases their income by at least 18 percent compared with those with the same tenure in the business but without a degree. For members who have been in the industry for 16 to 25 years, the difference jumps to 23 percent. The difference in income is greatest for those who have been in the industry the longest. While the typical agent without a college education earns $47,600, those with a college degree earn 44 percent more or $68,500. Put differently, almost half of REALTORS®, or 48 percent, who hold a bachelor’s degree or higher earn higher income than those without a college degree. Fifty-nine percent of those earning $150,000 or more have at least a bachelor’s degree, while 44 percent of those earning less than $50,000 have a degree.
The Profile further shows that REALTORS® earning higher personal income are also more committed to their real estate occupation in a number of ways. Members with higher gross personal income were more likely to have gained additional real estate specific education, such as an NAR professional designation or certification. For example, while 33 percent of those earning $25,000-$49,999 had a designation, the share jumped to 53 percent for those earning $150,000 or more. Among the members surveyed, one-third had at least one NAR professional designation, while one fourth had a certification. A larger share of those REALTORS® with some graduate work or a Master’s/MBA/law degree had a designation compared to other NAR members. The share of members with a certification was generally consistent – at one out of four – although those with some high school held certifications less frequently.
In addition, the higher the income, the more likely it is that real estate is an agent’s only occupation. The Member Profile shows that 94 percent of those earning $150,000 say real estate is their only occupation, while only 53 percent of those earning less than $10,000 say the same. Also, the higher income the more likely real estate is the primary source of income for the household.
Finally, when looking at business activity, another interesting parallel emerges. REALTORS® who have completed higher levels of education also have higher median volume of real estate sales. Those with some high school had a median sales volume of $1.0 million, while those with a bachelor’s degree or higher had a median sales volume of $1.3 million. Also interesting is the correlation between those REALTORS® with doctorate degrees and their sales activity. While those with doctorates generally report fewer transactions (four) than do REALTORS® in the other education categories (seven),those members with Ph.D.’s have generally higher sales volume:, $1.5 million. They also tend to work fewer hours per week (30 hours). This translates in higher productivity, i.e., higher per hour wage. This information is consistent with the study by Benjamin et al. which found similar results using regression analyses.
In summary, while it is still difficult to measure how much an agent’s success depends on his/her ambition and effort, the 2010 NAR Member Profile confirms previous studies which show that higher education leads to higher income for real estate agents and agents earning higher incomes are more committed to the real estate industry. Members with a college education earn anywhere between 14 and 44 percent more than those without a college education but with similar work experience. Gaining additional knowledge enables agents to become more comfortable in their work environment and enhances their productivity, by giving them computer, marketing or management skills, which are all critical in today’s fast-moving and information-driven society.
Want more information from the Member Profile?
NAR members can download a PDF of the Member Profile at no cost. Simply visit http://www.realtor.org/research. Nonmembers can purchase a copy of the report by visiting the same site, or calling 1-800-874-6500.
References
1Glenn E. Crellin & James R. Frew & G. Donald Jud. 1988. “The Earnings of REALTORS®: Some Empirical Evidence,” Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 69-78. 2Michael Glower & Patric H. Hendershott. 1988. “The Determinants of REALTOR® Income,” Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 53-68. 3Jud, G. D., D. T. Winkler and G. S. Sirmans. 2002. The Impact of Information Technology on Real Estate Licensee Income, Journal of Real Estate Practice and Education, 5:1, 1–16. 4Follain, J. R., T. Lutes and D. S. Meier. 1987. Why Do Some Real Estate Salespeople Earn More Than Others?, Journal of Real Estate Research, 2:3, 73–81. 5J. Benjamin & P. Chinloy & G. Jud & D. Winkler. 2007. “Do Some People Work Harder than Others? Evidence from Real Estate Brokerage,” The Journal of Real Estate Finance and Economics, Springer, vol. 35(1), pages 95-110, July.
Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.
Given that I’m currently on an exhaustive couch hunt searching for the perfect pieces for the Victorian, I have sofas on the brain. While I’ve yet to commit to a style (though sectionals are on the list), I’m also loving the vibe of a low-slung sofa look. I’m definitely thinking of stealing this idea.
The look feels modern, cool and design-forward, but also relaxed, easy and comfortable. It’s kind of the perfect storm. It’s definitely the feeling I’d love to evoke in our house. You can so easily curl up and read a book in one of these babies, take a nap, watch a movie. The more structured options still feel tailored and formal. They can also feel really casual. A vintage leather version would just be badass. There are current options like the classic 1970’s Togo Sofa from Ligne Roset, similar idea from BB Italia or this much more affordable style at Article. If you wanted to really go big, head to 1stdibs.
I’m not 100% committed to this sofa idea yet, but I think the low-slung style would be a great juxtaposition with our house’s historic details like the ornate crown molding and wide-plank hardwood floors. They’re also incredibly kid friendly. Bonus.
What say you? Anyone out there have this style of sofa? I’d be really intrigued to hear you experience with them. For now, the hunt continues!
Need more theft-worthy design ideas? Check out the Idea to Steal archive RIGHT HERE.
Entryways can often present a design conundrum. Tight spaces mixed with the need for organization can lead to spaces filled with a bevy of stuff – console tables, baskets and coat racks or cheesy oversized entry organizations systems. But sometimes less is more.
I’m loving the look of a simple, classic entry bench. A bench can serve as an intentional piece of decor rather than a catchall, but still offer the function you need. I’m definitely stealing this idea.
A bench offers the functionality an entry needs. You can sit and put on shoes, set down a bag – even drop keys or mail in a small tray. If needed, hang a hook or two to capture a hat or coat. Sure you can’t hide away clutter, but that’s kind of the point. An open bench helps you avoid the traps of closets or other closed storage – cramming them too full, holding onto too many things you no longer need or forgetting what you actually have.
You can also use a bench as a place to display a few prized accents; maybe a favorite coffee table book or a fresh bouquet. It gives you something lovely to look at the moment you walk through the door.
And the bench itself can also be beautiful. There’s a long history of craftsmanship and design into this seemingly simple piece of furniture. After doing a little hunting, I found the perfect bench for my entry. Custom made in San Francisco by Moroccan Tazi Designs, I found a piece with classic construction features a black metal base and a thick mahogany slab in a natural finish. The look is understated and timeless. But it’s the brass feet that give it a little something special. I”m so excited to have this piece in our house!
Here’s a little inspiration for how I’m planning to finish off my entryway look. PS be sure to stop by Instagram today for a little sneak peek of my set up.
The difference between good design and great design? The details. It’s the little moments that someone might not even notice at first glance, but actually take the most time and forethought, that give a space its heart. Case in point, this crazy cool loft. At a cursory glance, you can immediately see it’s a chic space. But it takes a second look to discover the details that take the design to the next level.
Because this loft is actually designed with a specific goal in mind – turning accents into statements. The concept is rather genius. Earlier this year, six well known accent brands came together to form the Elevate Design Collective and collaborate to renovate a loft in Soho that was recently revealed during NYC Design Week. Schlage, Jeld Wen Windows & Door, Formica Corporation, KitchenAid, Hunter and Delta were tasked with the same challenge: to integrate a custom Pantone color, developed exclusively for this space, into their product. So cool.
Pantone created Single Malt, a rich, earthy copper-y hue that the designers used to add warmth to the loft’s urban, modern vibe. I love the way the color was incorporated into the open concept kitchen. For example, Formica Corporation, known for their innovative surfacing products, created a custom Bourbon Trail laminate in a marble design for the kitchen’s countertops. The brand’s 180fx® large-scale laminate line recreates real, true-to-scale stone and granite patterns and was able to incorporate Single Malt in the veining, helping the kitchen to take on a more approachable warm feel. But there are more subtle details as well.
Did you spot all the places Single Malt color popped up throughout the space? Creating this look in your own kitchen would be very easy. With a base of classic black & white, you can add pops of warmth to create a timeless space.
single malt pantone color / pendant light / cake stand / kitchenaid mixer / delta faucet / salad tongs / black bar stool / formica / white subway tile / bread board / serving bowl / dutch oven / JELD-WEN doors
If you didn’t know to look, you might miss them. The Single Malt-tinged edging on the pantry doors by JELD WEN Windows & Door, the accents on the Delta Trinsic® Pro faucet, a chic-looking high-tech faucet that turns on with just a touch via the Touch20® Technology. The brand added a special arm to hold the faucet head in place for that Single Malt touch. You have to look closely to spy the pop of color on the ends of the KitchenAid refrigerator pulls! All of the details are understated, chic and inspiring. They’re what will make you stop and say wow, I wish I had thought of something like that.
This is such a great reminder as I work to put the finishing touches on our renovation. Sure, any room can look pulled together, but when you put in that little extra thought or creative idea it makes a room personal and truly unique. I don’t have my own custom Pantone color, but I’m going to do my best.
You can enter to win a $500 gift card for your own project courtesy of the ELEVATE Design Collective. They’ll be choosing three winners, so be sure to enter here between now and September 16th!
To catch up on all our renovations and my design ideas, CLICK HERE!
For our home tour archive CLICK HERE.
This post is sponsored by the ELEVATE Design Collective. All thoughts and opinions are 100% my own. Thanks for supporting posts that keep apartment 34’s doors open.
I’m working on designing the living room in our new/old house right now – because I’m getting really tired of sitting on boxes! I want to create a warm welcoming space that uses a restrained hand but still offers an unexpected element or two. I’m been keeping my eye out for a fun twist to throw in the mix. Lately, the hanging swing chair has been catching my eye!
More commonly found in children’s rooms, perhaps bedrooms, or outdoor areas, I’ve been seeing the hanging chair pop up in communal living spaces recently and I’m kind of loving it. They add a playful twist to any room, don’t you think? The mountain house below by design fave Studio McGee is a perfect example. Two hanging chairs tucked into the corner of an otherwise very sophisticated cool space, up the fun factor in a room that’s filled with luxe materials like leather, brass and velvet. While the space still feels very grown up and sophisticated you immediately know this is a room designed for fun.
I’m particularly fond of the rattan versions of these chairs that have a larger, looser weave, but I’d love to see one in a high gloss black. With a sexy icelandic sheepskin added to the seat, it would be a very luscious look, giving the chair a little edge and possibly a little more style longevity. Because you certainly want to be happy about your selection when you have to screw it into your ceiling! That’s a bit more commitment than your average seat.
What do you think? Would you put a hanging chair in your house? Here a few pretty good lookin’ ones -across every price point – to consider while I continue to debate…Would love for you to weigh in in the comment section below.
As you may have noticed, I’m a bit obsessed with neutral interiors. Our house is a whole lotta white (as you can see here) – in a good way if I do say so myself. But I do want to inject a bit of color here and there. A colorful rug is the perfect way to add a touch of personality to a neutral room.
Especially if they look as good as these hand selected Moroccan rugs from Australian company Tigmi Trading. I would like one of each please!
While the neutral beni ourain rugs have been the design de jour, I’m loving the look of these pink, peach, and magenta tones. They feel fresh, modern and interesting. A rug with a mix of peach tones can looks soft and warm, while a rug with a black ground can look really dramatic (obsessed!).
You could make a major statement with a really large rug in a bedroom, but these rugs would also look good in smaller versions for use in a bathroom, in the kitchen or in a walk-in closet. You could even create a the ultimate outdoor setting (though you wouldn’t want to leave it out there obviously). While you need to be a little brave to take on such a bold color choice, the best thing about a rug? It’s easy to swap out for something new!
So, I’m the first to admit I’m a print-phobe. I constantly admire the use of pattern in other people’s homes, but never feel brave enough to add it to my own. Even after reading Rebecca’s new book, I still feel nervous! But I recently came upon a genius solution for all us pattern wussies – removable tiles.
But this isn’t the removable wallpaper of yesteryear. Yes, removable wallpaper used to have a nasty stigma, but the stuff coming out these days is actually pretty fantastic. No vinyl allowed.
In this case, the Australian wallpaper and fabric design company Quercus & Co have created a gorgeous series of removable wall tiles that let you inject some color and texture virtually anywhere you’d like. And then simply peel it back off when you don’t like it!
Inspired by the palaces of Spain and North Africa, Quercus’s La Casa Wallpaper Tiles are hand-painted decorative designs digitally printed onto self-adhesive fabric. So it’s not going to look plastic-y or weirdly shiny. Instead, they just look gorgeous.
Unlike removable wallpaper, which often comes in roles, these individual tiles offer a lot of versatility. I absolutely love the idea of putting them on the risers of a staircase. How chic does that look?! Or maybe giving a piece of Ikea furniture a facelift. They could also be wonderful as an accent wall, or be used to punch up a powder room without the commitment and expense of traditional wallpaper.
The tiles themselves are really really good looking. The tones are soft and lovely, with a bit of a watercolor effect to them. If you’re looking to add a little Moroccan flair to your home, this seems like the perfect way to give it a try. Your only limitation is how creative you’re willing to get.
For our entire archive of theft worthy design ideas CLICK HERE.
Save more, spend smarter, and make your money go further
If you want to buy term life insurance, you’ve got a few options. You could work with an agent in your area if you’d prefer a face-to-face interaction, or you can buy online if you prefer the convenience of an electronic process.
However, not all online life insurance agencies are created equal. If you’re shopping around for term life quotes, it’s important to understand what to look for to help you get the best value.
What to expect when you’re applying for coverage
Anyone who has gone through a life insurance application in the past could tell you that life insurance carriers are some of the most thorough and careful companies in the world. This is because life insurance policies are priced based on the applicant’s risk of death.
However, the process of applying has come a long way, and it’s actually gotten pretty simple – especially online. Nowadays, most of the heavy lifting is done behind the scenes.
If you add a good agency into the mix, applying for life insurance is practically painless, since it will handle almost everything that doesn’t require your signature or further clarification from you.
Generally, buying a life insurance policy will take between two and six weeks, and the process tends to follow a consistent format.
Step 1: Submit an application
When you find a price you like, you can choose a carrier to submit a formal application with. Choosing a carrier to apply with isn’t a binding decision, and you’re always free to back out of an application to go a different direction.
Step 2: Take a medical exam
Life insurance carriers will require you to take a medical exam see how healthy you are. This is free for you and the examiner will even come to your home or office to make things convenient.
Step 3: Wait for your medical records
The carrier will order a copy of your medical records from your doctor, which could take anywhere between hours and weeks, depending on how well-organized your doctor keeps their records.
Step 4: Tie up loose ends
After the exam is completed, medical records have been received, and any other questions the carrier needs answered are out of the way, your application will be reviewed. Once you get the final OK from the carrier, your policy will be approved, and you’ll be on your way to getting coverage!
Let’s look at each of these steps in a little more detail.
Submitting your application
Starting your life insurance journey will often begin with getting a quote, which will show you prospective prices based on a few key factors, like the amount of coverage you’d need, how long you want it to last, and a few health and lifestyle questions.
Interested? Check out a few prices. Quotacy has an online quoting tool you can use – no commitment required.
Taking the medical exam
After applying for coverage, the life insurance carrier will require you to take a quick medical exam in order to be approved for coverage. Because life insurance pricing is based on your mortality risk, the carrier needs to verify your current medical situation.
The medical exam is a free mini-physical performed by an examiner and scheduled by the carrier. It can happen anywhere, even in your home or office, whenever you can spare half an hour.
Typical exams consist of:
A few questions about your medical history
A list of any medications you’re taking
Height and weight measurements
Pulse and blood pressure check
A urine sample
A blood sample
Preparing for your exam
The measurements that are taken during the exam are extremely important, and being prepared is your best bet to ensure a good outcome. In the time before your exam, you should remember to:
Fast for 6-8 hours – this will reduce your blood sugar. Scheduling your exam in the morning can make this easy if you skip breakfast.
Don’t smoke for at least one hour prior – smoking temporarily raises your blood pressure.
Don’t drink coffee for at least one hour prior – caffeine can increase your blood pressure and raise your pulse.
Avoid alcohol for 8 hours prior – it’s high in calories, and can raise your blood sugar and blood pressure.
Avoid overly salty and sugary foods for one day beforehand – both salt and sugar raise your blood pressure.
Drink lots of water – this hydrates you to help make the blood draw a lot easier and less painful.
No strenuous exercise the night before or the day of your exam – as your body repairs from exercise, your blood pressure and pulse rise slightly.
No sexual activity for one day beforehand (for men, at least) – gettin’ freaky lowers the PSA levels in your blood, which is one of the ways that carriers evaluate your prostate health.
Get a good night’s sleep – being well-rested lowers blood pressure. As an added bonus, if you’re afraid of needles, having a full eight hours can help your body negate the physical effects of your phobia.
Waiting for your medical records
Before your life insurance application is approved, insurance carriers order copies of your medical and driving records to help them get a better idea of any insurability risks you might have. Just like with the medical exam, the carrier orders these records behind the scenes on their own dime.
Because the laws protecting a patient’s medical records are extremely strict, you will need to sign a form authorizing your doctor to release your records to the insurance company and agency you’re working with.
At this point, all you’ll need to do is sit and wait for the records to arrive. Depending on how efficient your doctor is at sending them along, waiting for this step to be completed can either happen overnight or take a few weeks.
Answeringadditional questions
In addition to everything else that happens during your application, the carrier will sometimes have follow-up questions for you which will help them get to know you a bit better. These questions can be about anything from medical conditions to your hobbies to your travel plans.
A lot of the time, the questions a carrier asks can be pretty scary to someone trying to protect their family. Many clients see a questionnaire about their sleep apnea, or their diabetes, or their battle with cancer, and assume that the carrier will decline them on the spot.
It’s important to keep in mind that even though there are many factors that can affect your rate during this time, you’ll likely be able to get coverage. The whole reason that insurance carriers have flexible prices is because they want to offer coverage to as many people as possible, regardless of the circumstances.
Here’s a quick list of example questions you could see during an application, depending on your circumstances.
If you have a medical condition:
How severe is it?
How is it being treated?
Is the treatment effective?
If you have a risky hobby, like hang gliding or rock climbing:
What level of experience or certification do you have?
How often do you participate in your hobby?
How much time have you dedicated to your hobby?
This isn’t a comprehensive list, by any means, but hopefully it will give you an idea of what the carrier is looking for.
Waiting for approval
Once the carrier has everything they need, your application will enter the approval process. This is when the carrier’s underwriters will review everything they’ve collected as a whole, and evaluate where the final price of your insurance policy should be set.
If you’re approved for coverage, you’ll be sent a packet containing your policy itself as well as a few documents that you’ll need to sign and return so the carrier can finalize your coverage. This step is also when the carrier will collect your payment information so that they can set up your billing on their end.
Depending on the carrier you apply with, you will either be sent digital forms or a physical policy booklet. Regardless of the format, you should store your policy securely and have a plan in place to help your family find it in the event of your death, so they can claim your death benefit.
After a bit more processing by the carrier to wrap up any loose ends, you’ll receive a notification that your policy is inforce. That means that everything’s in place on the carrier’s end of things, and your coverage has been activated! All that’s left for you to do is make your premium payments according to your payment plan, and your family will be covered.
Eric Lindholm is a writer for Quotacy, and he’spersonally guided hundreds of people through their own life insurance journeys since joining in 2016. Eric lives in the Twin Cities, Minnesota, where he’s busy paying off his student loans and making the most of his time as a 20-something. You can connect with him and see what he’s up to at EricLindholm.biz.
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