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Life Insurance QuotesLife Insurance FAQs

Life Insurance Info

1. How do I apply for Life Insurance?
2. Will I need a medical exam to qualify?
3. When does my coverage begin?
4. Do I need to send a check with the application?
5. What companies will you show me?
6. What about coverage on my spouse and/or children?
7. What is the difference between standard and preferred rates, and how do I qualify for preferred rates?
8. What if I smoke cigarettes?
9. What about other tobacco use?
10. What happens if I become disabled?
11. Will my policy ever be cancelled because of health reasons?
12. After the initial period of guaranteed premiums, what will my insurance cost?
13. Is there a money-back guarantee?
14. How much life insurance do I need?

1) How do I apply for life insurance?

Start by simply filling out the Life Quote Request Form. We can handle the whole process over the phone if there are any unanswered questions. The completed forms will be sent to you for your review and signature. We will provide you with a pre-addressed, stamped return envelope.
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2) Will I need a medical exam to qualify?

An exam is required. It will be done at the expense of the insurance company, at a time and place convenient for you - right in your home or office. The exam is conducted by a licensed paramedic or medical doctor, and generally involves a blood test, urine specimen, blood pressure reading, height and weight measurement, and a series of questions about your health history. The entire process will take about 20-30 minutes.
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3) When does my coverage begin?

Once the policy has been approved by the insurance company and the premium is accepted by the company under the terms of the policy. If you're replacing existing coverage, you should never drop your existing coverage until your new policy has been approved, and your first premium has been paid.
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4) Do I need to send a check with the application?

If you remit the first premium along with your application, most insurance companies will provide limited temporary conditional coverage during the application/underwriting process. However, there is no requirement that you submit a check with your application. The premium can be paid once the policy has been approved.
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5) What companies will you show me?

We only use insurance companies with a proven track record of financial strength, integrity, performance, and claims-paying ability. Before we use any company, we require that it have a rating of A, A+, or A++ by A. M. Best, the nations leading independent evaluator of insurance companies since 1899. We will provide you with a financial profile of the companies quoted and it will most likely be a name you are already familiar with.
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6) What about coverage on my spouse and/or children?

In our experience most families have coverage on both spouses. There are many financial pressures on a family after the loss of either parent. Beyond the obvious final expenses, the financial strain on a family after the loss of a spouse can be significant, even if the deceased spouse wasn't working. Often the surviving spouse will take time off work, or change jobs in order to spend more time with the children. Coverage for children is also available to cover final expenses and/or to guarantee insurability for the child’s future.
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7) What is the difference between standard and preferred rates, and how do I qualify for preferred rates?

Although the qualifications for preferred rates vary from company to company, generally you must be in excellent overall health. There are strict limits on height, weight, cholesterol, blood pressure, and you must not have a history of any significant health impairments. You also cannot use tobacco in any form. You must have no history of drug or alcohol abuse, and you cannot be engaged in any hazardous activities. The specific criteria for preferred rates differ widely among the various insurance companies, and it is not uncommon for an individual to be classified as standard at one company and preferred at another. The key is finding the right company. We keep up the ever changing insurance industry to find you the best rates for you, based upon your specific situation.
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8) What if I smoke cigarettes?

Rates for smokers are higher than for non-smokers. In order to qualify for non-smoker rates, most life insurance companies require that you be smoke-free for at least one year; some require longer periods. We have found that certain insurance companies treat smokers much more favorably than others.
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9) What about other tobacco use?

Most insurance companies treat all tobacco use including Cigars, Pipes and Chewing Tobacco in the same category as cigarettes. However certain companies allow pipe, cigar, and chewing tobacco to qualify as non-smokers. This one difference alone can save you up to 50% on your premiums. We know which companies will do so, and will recommend only those companies when appropriate.
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10) What happens if I become disabled?

Most insurance companies offer a rider called "waiver of premium" which provides that in the event you become totally disabled for a period of six months or longer then the insurance company will pay your premium for you until you are no longer disabled. This rider is optional and available at an extra cost, and must be chosen at the time of your application. The rider is generally not available for purchase after age 55 (60 in some cases) and, even if elected, will automatically be removed from most policies at age 60 (65 is some cases). However, if your disability begins while the rider is part of the policy, most policies provide that premiums will be waived for as long as your disability lasts, even if that period lasts beyond the age in which the rider would have been removed.
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11) Will my policy ever be cancelled because of health reasons?

No. Your policy will never be cancelled because of a change in your health, and you will not be asked to provide evidence of good health in order to renew your policy each year. Your policy can only be cancelled due to non-payment of premiums. You have the right to cancel your policy at anytime.
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12) After the initial period of guaranteed premiums, what will my insurance cost?

Each product, if renewable, has a contractually guaranteed maximum renewal premium which can be illustrated, and which is shown in your policy. This amount is the most you'll have to pay to renew the coverage.
Most insurance companies also illustrate current renewal rates, which represent the expected future renewal rates, which are lower than the maximum renewal rates. These rates are not guaranteed, and can be higher or lower than expected, but never higher than the guaranteed maximum renewal premium discussed above.
After your initial guarantee period ends, you can re-apply for new coverage and, if you qualify, you can begin a new period of guaranteed rates (in effect, a new policy), which will generally cost less than your current or maximum renewal rates. This process is referred to as 'reentering,' or 'reentry.' Since your future good health is not guaranteed, the ability to 'reenter' is not guaranteed. Although reentry premiums are often attractive, to illustrate such 'reentry' rates without showing the current and maximum renewal rates and in the absence of a complete explanation (as if to imply that they are the same as renewal premiums) is universally condemned as unethical and deceptive. If this is confusing, just remember to buy the right kind and the right amount the first time.
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13) Is there a money-back guarantee?

Yes. If, at any time during the application process, you change your mind for any reason whatsoever, you will receive a full refund, no questions asked. You also have a free-look period stated in your policy to take advantage of any refund after the policy is issued.
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13) How much life insurance do I need?

A Simple Formula...
Figuring out how much Life Insurance you need does not have to be difficult. Be wary of complicated formulas. The goal is to make sure that your family is provided for in the same manner they were accustomed to while you were alive. We do that by replacing your income. Here is the simple formula we give our clients;

Let's assume you make $50,000 a year and purchase a $830,000 insurance policy. When you pass away, you could assume a 6% interest rate. If so, it would produce an income of roughly $50,000 a year in interest without touching the principal.

If you feel that you cannot get an 6% return, then adjust the formula. There is no federal taxation on money received from an insurance policy; however, there is tax on the growth. Simple, isn't it?

Or ….12.5 times your income @ 8%.*
Or ….16.6 times your income @ 6%*.
Or ….25.0 times your income @ 4%.*

* no rate or product is implied -- percentages used for help with the mathematical formulas.
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