What is Term Life Insurance?
- Term Life Insurance is the simplest form of life insurance, where a fixed amount of protection is provided for a fixed number of years. Coverage amounts can be purchased ranging from $50,000 to $10 Million or more. Term Life Insurance is usually sold in 10, 20, and 30 year policy terms.
|
What do you need life insurance?
- Life insurance is a must for anyone with family obligations, debt, or significant assets. Life Insurance can be used to provide a family with income, pay off a debt, or even pay estate taxes in the event of a person’s death.
|
How long does it take to buy a life insurance policy?
- The application process usually only takes a few minutes. Many insurance companies will provide coverage at the time you apply, if you make your initial payment.
- If you do not pay at the time of application, it can take anywhere from 4 – 12 weeks to be accepted and have your first payment due.
|
When can I cancel my existing policy?
- You can cancel your existing policy when you have received confirmation that a replacement policy has been bound ( is in-force)
|
Can I change my EFT Date?
- This varies from company to company. Most insurance companies will allow you to move your EFT date to an earlier date, but will not allow you to extend it to a later date. Be sure to call your company or agent for your particular policy.
|
What happens at the end of my term policy?
- Most term life insurance policies automatically renew at the end of a term. The policy is often designed to increase its price annually at the end of its term, often at significantly increased costs.
|
What date are my monthly insurance payments due?
- Most insurance payments are due at one month intervals starting from the exact date that your policy was issued.
|
Why is the bill different if I choose an electronic withdrawal versus being billed directly?
- Most insurance companies offer a discount for choosing the electronic withdrawal method, due to the reduced cost of processing paperwork.
|
Do you pull a credit report when looking for insurance quotes?
- Insurance companies do not generally pull credit reports while quoting life insurance. Some large policies (usually over $1Million) may require a credit report before actual issuance of a policy.
|
What other benefits do your policies offer?
- As an independent agency, we don’t work with just one company. Each company that we work with provides a myriad of benefits and options. If you are having trouble navigating these waters, please take time to talk with one of our agents.
- Many of our companies offer additional benefits to their policies. Including but not limited to: Supplemental Death Benefits, disability benefits, and living benefits.
|
Does it cost more to work with a broker?
- In most states, brokers are not allowed to charge any additional fees. This means that the rate the insurance company filed with the state is the price you pay.
|
How much life insurance do I need?
- If you didn’t make it home tonight, how would your family pay for:
- Home Mortgage:
- Car Payments:
- Groceries:
- Day care:
- College:
- These are all things to consider when purchasing your life insurance. Many financial experts recommend purchasing a life insurance policy to equal ten times your annual income.
|
