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Life Insurace FAQ’S
Life Insurance FAQ 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. Why 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.
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