Frequently Asked Life Insurance Policy Questions and Answers
How do I get a quote for life insurance?
It’s quick and easy to request life insurance quotes online. You just answer some basic questions and receive your instant life insurance quote comparisons from several leading life insurance carriers. Get your free life insurance quotes now.
How much life insurance do I need?
Choosing the right amount of life insurance is one of the most important decisions when buying life insurance. To find out how much life insurance you need use this life insurance calculator. Just answer some questions about your personal financial situation and get an instant estimate of your life insurance needs.
How can I purchase life insurance?
You have several options: Contact a local life insurance agent, call life insurance companies direct, or visit a life insurance broker online to request life insurance quote comparisons and apply for coverage.
What is term insurance?
Term life insurance is temporary life insurance for a specific number of years. Term life offers level premiums and coverage for 10, 15, 20, 25 or 30 years, Term life insurance can last up to age 65 or 70, or longer.
Can I have more than one life insurance policy?
Yes, you can own more than one life insurance policy. The major issue is how much life insurance you own. Insurance companies usually allow a person to buy up to 10-20 times their annual income in life insurance. So, if you make $50,000 a year, you may be able to buy up to $1,000,000 or more of life insurance.
What happens if I don’t pay the required premiums?
If you don’t pay your premiums on time, your life insurance coverage may lapse, meaning you have no life insurance protection.
Are there cases in which I don’t have to take a medical exam to buy life insurance?
Yes, some life insurance companies offer no exam life insurance. If you are healthy and age 20 to 65 you may qualify for up to $400,000 of life insurance without having to take any medical exam.
What do insurance companies look for in medical exams?
Usually, insurance companies are concerned with your health and if you take any drugs or have STD’s. So, an exam may check your blood, urine, and blood pressure. They may check for illegal drugs in your system, nicotine, STD’s, and any health issues, such as, high cholesterol or diabetes, etc.
Can I buy a policy on someone else?
Yes, you can buy life insurance on another person if you have their permission. Consent, signature on the application, and they may have to answer some health questions or take an exam that is paid for by the insurance company. In addition, you must have an insurable interest in the person you want to insure. This means you stand to lose financially if the person dies, or you rely on the person for financial support. Insurable interest exits between spouses, siblings, parents and their children, relatives, and business partners, etc.
Can I name anyone I want as a beneficiary?
Yes, you can choose anyone you wish to be the beneficiary of your life insurance policy, and receive the death benefit upon your death.
Who is a beneficiary?
The beneficiary is the person you designate to receive the proceeds from your life insurance policy if you die.
How do I change a beneficiary?
You contact the insurance company and request a change of beneficiary form, which they will mail to you. You fill out the form making the changes you wish to make to your beneficiary of your life insurance policy and mail it back to the insurance company.
What are my different options for paying premiums?
Usually, the life insurance company will offer you several premium payment options, including annual, semi-annual, quarterly, or monthly premium payments. You may find annual premium payment sot cost less overall compared to the other payment options available.
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