Insurance coverage is purchased for your dependents when you are no longer around to provide for them. Since the future is unknown, it can be difficult to plan your family's financial needs months or even years from now. The best way to determine the proper amount of coverage is to complete an insurance "needs analysis" for the proper amount of coverage based on your current financial situation.
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Consider the emotional burden and financial pressure that comes with the premature death of a spouse. It may be necessary to cover various expenses associated with the loss of a spouse such as medical or burial expenses, or counseling. Especially if there are children involved, often times a surviving spouse will need to take time off from work or make other career adjustments to deal with these issues, or to spend more time with children, grief counselors or other family members during this difficult period.
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Each company uses their own criteria to determine which health class you belong to and your resulting rates. It is entirely possible for one person's health class to rate as "Standard" with one company and "Preferred" with another. Some factors such as smoking can also have a direct impact on determining your health class.
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Due to increased health risks, rates for smokers are higher than those for non-smokers. To qualify for non-smoker rates, most companies require that you be a non-smoker for at least one year. Some companies will even offer a special rate to healthy smokers who hope to stop smoking within one to four years. The individual agrees to re-qualification at the end of the period to maintain these low rates. (Is re-qualification the same as re-entry see last FAQ below?)
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All reputable insurance companies are rated by independent financial rating services such as A. M. Best, Standard & Poor's, Fitch, and Moody's. Insurance companies are evaluated on their overall financial strength and liquidity, and are assigned a rating such as A, A+, B, or C. Each rating service maintains their own unique parameters and Rating System.
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As you review your quotes online, you can compare rates and then request an application for the policy that's right for you. You can start the application process by completing the first portion of the application online or you can also contact us by telephone to request an application.
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Most companies require a medical exam as part of the application process. This medical exam can be completed at your home or any other convenient location. It takes about 15-30 minutes and is conducted by a licensed paramedical examiner or medical doctor. During the exam, the paramedical or medical doctor will likely:
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It varies based upon the insurance company. Generally speaking coverage begins when the insurance company has received and approved the application for coverage, a policy has been issued all additional documents have been signed and the first premium payment has been paid to the insurance company. However, most companies provide temporary and conditional coverage at the completion of the medical exam provided an insurance premium payment is made when the application is returned. This coverage is subject to the conditions outlined in the conditional receipt.
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Timing for your first premium payment depends upon your specific needs. If you require temporary and conditional coverage during the time your policy is being underwritten, you must send in your first premium payment with your application to IntelliQuote®.
However, we do not require a premium payment to be made at the time of application if you prefer not to take advantage of the temporary and conditional coverage during the underwriting process. Your first premium payment may be made when your policy is issued and accepted.
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A rider, called a Waiver of Premium, will provide payment for premiums after six months of a disability. Payments for insurance premiums will continue as long as you are disabled, or for a set period of time if stated in the terms of the policy. This rider is available up until age 55 from most companies at additional cost. Coverage usually ends at age 60.
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Unlike other insurances, such as auto or home, once a life insurance policy is issued it cannot be canceled by the insurance company during the policy period, including changes in health. However, the insurance company can cancel a policy if the required premium payments are not made and the policy lapses. Also, if any of the information you provide on the application was found to be misleading, inaccurate or fraudulent, coverage may be canceled or a death benefit claim denied.
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Each insurance policy, if renewable, has a guaranteed maximum renewal premium which is explained and illustrated in the policy. The amount is the most you will have to pay to renew your coverage. After your initial guarantee period ends, you can re-apply for new coverage with the same or a different company. If you qualify, you can begin a policy with guaranteed rates.
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