Frequently Asked Questions:
What is Term Life Insurance?
Term insurance policies provide affordable, temporary coverage. This product is good for a certain term that you determine up front. The premiums are level for the time frame of your policy, for example 10, 15, 20, 30 years and will remain in effect for the duration of that period.
Permanent Insurance?
Permanent insurance, also known as Whole Life insurance, combines a term policy with an investment component (this option is more expensive than term life) . The coverage lasts for the length of your life, requires yearly payments and can be borrowed against under certain circumstances.
What is Return of Premium (ROP) Term Life Insurance?
You'll pay extra for a regular Term Life Insurance policy, but if you don't die after the guaranteed term period is over, you'll get back the money you paid in for the policy (the Insurance company invests your extra premium for capital growth, enabling them to return your premiums to you at the end of the premium period).
How do I request a life insurance application?
After running a life insurance quote, select a company that meets your needs and request an application online. You'll have the option to print the application, have a representative call to complete the application via phone, or fill out the application online. You're always welcome to contact us to request an application as well.
Is a Medical Exam Required?
Yes. Most life insurance companies require a short medical exam, which can be completed in your home or another convenient location, by a licensed paramedical or medicaid doctor at no cost to you. The medical exam generally includes the following:
How to get the best results from your Medical Exam?
When does my life insurance coverage begin?
For telephone applications, the coverage will begin after the policy is issued, signed and accepted by you, and the first premium check is mailed to the insurance company.
For online applications, most companies will provide a temporary and conditional coverage at the completion of the medical exam provided a premium payment is made when the application is submitted for review (underwriting).
This coverage is subject to the conditions outlined in the conditional receipt (temporary coverage). Most companies issue up to 250,000 while the application is in underwriting, if the first premium payment is included with the application. The coverage is only binding if the applicant is deemed insurable at the end of the underwriting process.
Replacing an existing policy? It’s very important to continue coverage until a new policy is approved at a satisfactory premium.
While you have the option to include payment with the application to receive the temporary and conditional coverage, it is not required.
Should I have coverage on my spouse, dependents, and / or children?
You may want to consider spouse coverage, even if they're not currently employed. The emotional and financial burden due to the premature death of a spouse can be significant, and you may find it necessary to cover medical or burial expenses associated with the loss of a spouse.
Generally, you'll want to estimate that a non-working spouse or homemaker should be insured at a typical income replacement of at least $35,000. Insurance coverage for children is available through most companies and will require a small additional premium that will cover children in the family up to age 18.
**Note: It is recommended that a separate application be filled out for spousal insurance.
Will your price quote always match the rate of the carrier I apply to?
No. While we strive to provide you the most accurate and realistic proposal based on your personal circumstances, each company has their own underwriting guidelines. Areas reviewed may include: medical history, height, weight, cholesterol, driving record, family history of heart disease/cancer, hazardous sports, etc. If you don't receive rate quoted, the company may offer an alternative, which you may choose to accept or decline.
How will my "Health Class" and rate be determined?
Companies differ in the criteria they use to determine applicant health class and insurance rates.For instance, a person who rates as a standard health rate with one company, may rate as preferred with another. Here are some general health class rating statistics:
Will my policy ever by canceled because of health or other reasons?
No! After the policy is issued, the insurance company CANNOT cancel it during the policy period for any reason, provided the applicant does not misrepresent their information on the application and continues to pay the required premiums.
How will my life insurance cost change after the guaranteed period?
Renewable insurance policies have a guaranteed maximum renewal premium as explained within the policy. At the end of your initial guarantee period, you can reapply for new coverage with the same company (or another company if you choose). Provided you quality, you'll begin a new period of guaranteed rates. This "re-entry" is not guaranteed, however, as the future of your health is also not guaranteed. Conversion privileges may apply for should you not qualify for re-entry, allowing you to convert your term life policy to permanent insurance coverage. Keep in mind that conversion terms and periods may very from company to company.
Term insurance policies provide affordable, temporary coverage. This product is good for a certain term that you determine up front. The premiums are level for the time frame of your policy, for example 10, 15, 20, 30 years and will remain in effect for the duration of that period.
Permanent Insurance?
Permanent insurance, also known as Whole Life insurance, combines a term policy with an investment component (this option is more expensive than term life) . The coverage lasts for the length of your life, requires yearly payments and can be borrowed against under certain circumstances.
What is Return of Premium (ROP) Term Life Insurance?
You'll pay extra for a regular Term Life Insurance policy, but if you don't die after the guaranteed term period is over, you'll get back the money you paid in for the policy (the Insurance company invests your extra premium for capital growth, enabling them to return your premiums to you at the end of the premium period).
How do I request a life insurance application?
After running a life insurance quote, select a company that meets your needs and request an application online. You'll have the option to print the application, have a representative call to complete the application via phone, or fill out the application online. You're always welcome to contact us to request an application as well.
Is a Medical Exam Required?
Yes. Most life insurance companies require a short medical exam, which can be completed in your home or another convenient location, by a licensed paramedical or medicaid doctor at no cost to you. The medical exam generally includes the following:
- Blood and urine specimen
- Blood pressure reading
- Height and weight measurement
- Questions regarding your medical history, including medications, surgeries or other medical conditions.
- Requests for physicians or hospitals that have treated you
How to get the best results from your Medical Exam?
- Wear a short sleeve garment or one with sleeves that easily roll up for blood pressure measurements, etc.
- Fast for at least 8 hours before your screening (12 hours is preferred). Drink lots of water the day before and the day of the screening to ensure the best lab results, best rating class and greatest savings to you.
- Schedule a morning screening. If a weekday is not convenient, check with the screener to arrange an appointment for the weekend. The screening can take place at your home or work, whichever is most convenient for you.
- Gather information regarding medical conditions, surgeries, medications or other treatments you may have had, as well as contact information for physicians and hospitals, to have on hand at your screening.
- Avoid coffee, soda, tea or other products that contain caffeine for several hours before screening. Avoid smoking or chewing tobacco for at least 24 hours prior to the screening.
- Avoid alcoholic beverages and nasal decongestants at least 24 hours prior to the screening.
- Get a good night's rest before the screening. Schedule the screening at the least stressful time of the day for you, and refrain from strenuous exercise for 24 hours before your screening appointment.
When does my life insurance coverage begin?
For telephone applications, the coverage will begin after the policy is issued, signed and accepted by you, and the first premium check is mailed to the insurance company.
For online applications, most companies will provide a temporary and conditional coverage at the completion of the medical exam provided a premium payment is made when the application is submitted for review (underwriting).
This coverage is subject to the conditions outlined in the conditional receipt (temporary coverage). Most companies issue up to 250,000 while the application is in underwriting, if the first premium payment is included with the application. The coverage is only binding if the applicant is deemed insurable at the end of the underwriting process.
Replacing an existing policy? It’s very important to continue coverage until a new policy is approved at a satisfactory premium.
While you have the option to include payment with the application to receive the temporary and conditional coverage, it is not required.
Should I have coverage on my spouse, dependents, and / or children?
You may want to consider spouse coverage, even if they're not currently employed. The emotional and financial burden due to the premature death of a spouse can be significant, and you may find it necessary to cover medical or burial expenses associated with the loss of a spouse.
Generally, you'll want to estimate that a non-working spouse or homemaker should be insured at a typical income replacement of at least $35,000. Insurance coverage for children is available through most companies and will require a small additional premium that will cover children in the family up to age 18.
**Note: It is recommended that a separate application be filled out for spousal insurance.
Will your price quote always match the rate of the carrier I apply to?
No. While we strive to provide you the most accurate and realistic proposal based on your personal circumstances, each company has their own underwriting guidelines. Areas reviewed may include: medical history, height, weight, cholesterol, driving record, family history of heart disease/cancer, hazardous sports, etc. If you don't receive rate quoted, the company may offer an alternative, which you may choose to accept or decline.
How will my "Health Class" and rate be determined?
Companies differ in the criteria they use to determine applicant health class and insurance rates.For instance, a person who rates as a standard health rate with one company, may rate as preferred with another. Here are some general health class rating statistics:
- Preferred Plus rates, the cheapest, typically go to 21% of applicants in the best health
- 48% of applicants fit into the second highest health rate
- About 27% of applicants will be assigned to the Standard Plus and Standard health class
- Only about 3 to 4% of applicants will be denied coverage
Will my policy ever by canceled because of health or other reasons?
No! After the policy is issued, the insurance company CANNOT cancel it during the policy period for any reason, provided the applicant does not misrepresent their information on the application and continues to pay the required premiums.
How will my life insurance cost change after the guaranteed period?
Renewable insurance policies have a guaranteed maximum renewal premium as explained within the policy. At the end of your initial guarantee period, you can reapply for new coverage with the same company (or another company if you choose). Provided you quality, you'll begin a new period of guaranteed rates. This "re-entry" is not guaranteed, however, as the future of your health is also not guaranteed. Conversion privileges may apply for should you not qualify for re-entry, allowing you to convert your term life policy to permanent insurance coverage. Keep in mind that conversion terms and periods may very from company to company.
