FAQs for Traditional Term Life Insurance
What is term life insurance?
The “term” in term life insurance refers to the period of time you want to keep continuous coverage without the risk of an increased premium. The full value of the policy is paid to the person or beneficiary you choose if you pass away during the plan’s term. Terms are usually between 5 to 30 years.
Will my term life insurance premium ever go up?
No, your premiums are guaranteed not to go up during the specified term as long as premiums are paid according to policy specifications.
Can the company cancel my coverage if I get sick after my term life insurance policy is in-force?
Term life insurance coverage cannot be canceled as long as premiums are paid according to policy specifications.
How much coverage should I purchase?
In most cases, if you have no dependents and have enough money to pay your final expenses, you may not need life insurance.
If you have dependents, consider buying enough life insurance so that, when combined with other sources of income, it will replace the income you now generate for them. Here are some additional things to keep in mind as you make your decision:
- How many children do you have and how old are they?
- Who primarily cares for your children? Would that change after your death?
- Do you already have college funds and retirement savings?
- Does your spouse work? Would that change after your death?
- What will it cost to pay off your home mortgage and other debt?
- What will it cost for your family to maintain their lifestyle?
What types of payment plans are offered?
A variety of payment options are available, including having your payments automatically deducted from your bank account, monthly or annual credit card payments, and direct bill. Options vary by insurance company.
How long can I keep my coverage?
The length of your life insurance coverage is based on the policy’s term. For example, if you purchase a 10-year plan, you are covered for 10 years as long as your premiums are paid. Rates are guaranteed during the term period selected, but life insurance coverage may be available beyond the initial term length at increased premiums.
What is Return of Premium?
Many term life insurance plans offer a “ROP Rider” return of premium rider. This rider will provide a return of your cost at the end of the term period.
What is waiver of premium rider?
This is an optional rider on some life insurance policies that waive the cost of your policy in the event you become disabled.
What is a child rider?
This is an optional rider that provides coverage for your children. Usually the options are between $1,000 to $25,000 of coverage.
Do I have to go through a medical exam to get my coverage?
No, some policies do not require a medical.
FAQs for Instant Issue Life Insurance
Who can qualify?
There are only a few basic qualifications needed to apply for the non-medical term insurance product. If you meet the basic criteria below, you can easily apply online now. After you apply, the information you provide will be used to determine if you are approved.
- You must be age 20 through 60
- You must be a US citizen or be a permanent resident of the United States
- You must have a valid drivers license
How easy is the online application process?
The online application process is truly easy. You can complete the entire application online, by yourself. No phone calls or paper required!
You will need to fill out one short set of questions with your personal information, then two short pages of health/history questions. It's so easy that the entire process can be completed in less than 10 minutes. You will then typically get an approval response online in less than 3 minutes.
What information do I need to apply?
You will only need the following information to complete the online application:
- Your address, phone, email, SSN and driver's license number (if you have one)
- The name and address of the beneficiaries of your policy
- Your payment information (debit card or bank account information)
- Your general health history information (family history not required)
Why do I have to provide my email address?
This application process requires that you enter your email address so that we can email you a link to e-sign your application, plus a link that you can use any time to view the status of your pending application. Your email address is used as a form of authentication, so we know who opened, viewed and signed the application.
Do I have to sign my application?
This application uses a revolutionary process to make it one of the only applications that you can complete online. You do not have to talk on the phone to anyone or hassle with any papers. Once you fill out your application you will use the guided process to digitally stamp your e-signature onto the application. This signature is 100% valid by Federal E-sign Law. You will even get a copy of your application with your digital signature on it.
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