What level term period should I choose?
In what health class will I qualify?
What is the best advice you could give me to make sure I choose the best policy?
What if I have a medical condition? Will it affect my rate? What are my options?
How do I apply for life insurance?
What are the medical exam requirements to obtain a policy?
How long does the process of applying for insurance take?
How can I make sure that the insurance company I select has financial strength?
Are there any exclusions of coverage?
When am I required to send payments and How do I pay?
Can the insurance company cancel my policy at any time?
What happens at the end of the guaranteed level premium period?
Q:
How much Insurance do I need?
A:
Each individual’s circumstances differ. Therefore, personal goals and objectives will dictate the amount of insurance needed. Click here for our ” Life Insurance Calculator.
Q:
What level term period should I choose?
A:
When buying term life insurance you should always try to “lock-in” the rate for the period of need. Therefore, if you need the coverage for 12 years you should buy a fifteen-year term. You can always drop the coverage when it is no longer needed. If you buy a ten-year term, but your insurance need is 20 years, you will probably end up paying more over the long term.
Q:
In what health class will I qualify?
A:
Determining your health class is the most important part of the entire application process. Each company has unique underwriting criteria for qualifying for insurance. It is a common occurrence for competing companies to offer varying rates to the same individual. Our agents know which companies will offer you the best rates based on your specific circumstances. If there is any questions as to which health class you can obtain, please call our offices TOLL FREE at 1-877-583-3955. Click here for general guidelines for determining your health class.
Q:
What is the best advice you could give me to make sure I choose the best policy?
A:
See if you agree with this statement, ” I am looking to purchase a certain amount of insurance for a certain period of time at the lowest possible cost.” If you agree with this statement, you need to buy a policy that has a guaranteed level premium and a guaranteed level insurance amount for the length of time you feel the coverage will be needed. Additionally, the cheapest policy is not always the best. We feel that value is just as important. In most cases, you can pay a marginally higher price to obtain a policy that offers more benefits.
Q:
What if I have a medical condition? Will it affect my rate? What are my options?
A:
Medical conditions may or may not affect your insurance costs. If you have a medical condition, determining the insurance company that will offer you the best medical underwriting is crucial to obtaining the best rate. We represent over 70 companies and specialize in helping individuals with health problems obtain competitively priced policies. If there is any doubt about your ability to qualify healthwise, please call our offices TOLL FREE at 1-877-583-3955. An insurance professional can help you identify the company that will offer you the best medical underwriting. Click here to Determine Your Health Class.
Q:
How do I apply for life insurance?
A:
Individuals can apply directly on-line or you may call our offices TOLL FREE at 1-877-583-3955. We can take an application over the telephone within a few minutes, or you can complete the application in your home or office at your convenience. All forms will be mailed to you for your review and signature. Either way, we will help make the process simple and easy.
Q:
What are the medical exam requirements to obtain a policy?
A:
A “mini-physical” exam is required by most insurance companies to obtain a policy. The mini-physical exam generally consists of height and weight measurements, blood pressure and check, general medical questions, a urine sample for nicotine screening, and a blood draw for cholesterol, liver function, and HIV screening. The exam takes about 15-20 minutes and is administered by a registered nurse or trained phlebotomists. The exam is done at your convenience in your home or office or at the examiner’s office and is done at no cost to you. The insurance company will pay the full costs of the exam.
Click here for details of Insurance Exam.
Q:
How long does the process of applying for insurance take?
A:
Generally speaking, the application process should be expected to take 4-8 weeks to complete. After the application and mini-physical exam are completed, the insurance company will underwrite, or review your mini-physical results and medical history, before approving your application. In the underwriting process, the insurance company may request a copy of your physician’s records. Therefore, the process should be expected to take some time.
Q:
How can I make sure that the insurance company I select has financial strength?
A:
Our quotation system will allow you to compare the financial strength of each insurance company. When you receive your quote, you will see the various independent financial ratings of all companies quoted. We feel that the strength of the insurance company is extremely important when choosing an insurance carrier. All companies illustrated will carry at least an A-rating with AM Best, a leader in independent insurance ratings.
Q:
Are there any exclusions of coverage?
A:
Generally, during the first 2 years of every life insurance policy there is a “contestability period”. The contestability period protects the insurance company fraudulent and misleading statements made by applicants for insurance. During this 2-year period, all insurance companies will investigate death claims for fraud and misleading statements made by deceased applicants. If the insurance company can prove in court that an applicant for insurance lied or committed fraud during the application process, a claim can be denied. The contestability period also includes a suicide provision. The suicide provision states that death claims made on behalf of insured’s that commit suicide within the first 2 years will be denied. If suicide occurs after the first 2 years, the claim will be paid. Generally speaking, these are the only exclusions. Policy language varies among companies. Please call us TOLL FREE at 1-877-583-3955 if you have further questions regarding policy exclusions.
Q:
When am I required to send payments and how do I pay?
A:
You can make your first payment when you submit your application or you can wait until the insurance company approves your policy before submitting money. If you send payment with your application, you are “conditionally covered” after your exam has been completed. “Conditionally Covered” means that you are covered during the underwriting process as long as the insurance company eventually approves you at the same rate class that you applied. If you choose not to send money until the policy is approved, no coverage will be in effect until the insurance company receives payment.
You may choose to pay in one of 4 ways. The insurance company will bill you annually, semi-annually, or quarterly, or you may choose to pay by monthly bank draft. The cost for these options will vary. Generally speaking, the insurance company will charge an extra 2-6% for any mode other than annual.
Q:
Can the insurance company cancel my policy at any time?
A:
No! Life insurance policies are considered unilateral contracts which means that only you, the insured, and cancel the coverage. As long as you pay the premium the coverage will remain in effect. If you choose to cancel the coverage, you can do so at any time by simply discontinuing premium payments.
Q:
What happens at the end of the guaranteed level premium period?
A:
At the end of the guaranteed level term premium period, the rates for the policy will increase. Some policies offer slightly increased rates after the level premium period if you can prove that your health is good. If you can not prove your health is good, you can expect to pay significantly increased prices. Keep in mind that term insurance is temporary. If you buy a guaranteed level term policy for the exact period of need you will not face the dilemma of increased rates. If you need coverage that lasts forever, you should buy whole life or universal life coverage.