Life Insurance FAQ'S
Is There a Waiting Period?
No, only some products have this feature. Your policy is active when you make the first payment.
How Long of a Process is this?
Depends. Some companies take 1 day, some take 3 months. Before you start, we will give you an estimate of how long the process will take.
Does Life Insurance Require a Medical Exam?
Some companies yes, some no. If you get a physical, the costs are covered by the insurance company, and will typically save around 30% off the premium. Without a physical, the policy is issued faster and underwriting is not as strict. On the other hand, if the physical uncovers more, the premiums will be more.
What is Better, Whole Life or Term?
Both are good products. You have to buy the right product for the right situation. The bottom line is term is only guaranteed so long, whereas whole life is guaranteed till at least age 100 depending on the company. A lot of times we will get a larger term policy and a smaller whole life policy as well. As people age the need for life insurance goes down because you have built up more assets.
What Happens After The Term Period On My Policy?
1. You can renew the policy every year for absurd rates usually up till age 98 depending on the company.
2. You can convert it to a permanent policy usually till age 70.
3. You can reapply again, but keep in mind it might be to cost prohibitive because you are older.
4. You can cancel it anytime with no fees.
How Many Ways Can I Purchase Life Insurance?
You can get it through your employer, banks, agents, brokers, or directly through the insurance company. Independent agents are the only way to see all companies' rates.
Is There a Waiting Period?
No, only some products have this feature. Your policy is active when you make the first payment.
How Long of a Process is this?
Depends. Some companies take 1 day, some take 3 months. Before you start, we will give you an estimate of how long the process will take.
Does Life Insurance Require a Medical Exam?
Some companies yes, some no. If you get a physical, the costs are covered by the insurance company, and will typically save around 30% off the premium. Without a physical, the policy is issued faster and underwriting is not as strict. On the other hand, if the physical uncovers more, the premiums will be more.
What is Better, Whole Life or Term?
Both are good products. You have to buy the right product for the right situation. The bottom line is term is only guaranteed so long, whereas whole life is guaranteed till at least age 100 depending on the company. A lot of times we will get a larger term policy and a smaller whole life policy as well. As people age the need for life insurance goes down because you have built up more assets.
What Happens After The Term Period On My Policy?
1. You can renew the policy every year for absurd rates usually up till age 98 depending on the company.
2. You can convert it to a permanent policy usually till age 70.
3. You can reapply again, but keep in mind it might be to cost prohibitive because you are older.
4. You can cancel it anytime with no fees.
How Many Ways Can I Purchase Life Insurance?
You can get it through your employer, banks, agents, brokers, or directly through the insurance company. Independent agents are the only way to see all companies' rates.