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Term Life Insurance FAQs
The following list of frequently asked questions is available to provide you with more information about finding the right term life plan. Browse the list below to learn more about term life insurance.
Q: Why do I need life insurance?
A: Life insurance can provide you and your family with financial security, and can take care of funeral expenses once you pass on.
Q: What kind should I buy?
A: If you are looking for a temporary policy to provide your family with a little extra financial security while your financial contributions to them are essential, try a term life policy. Also check out the different types of term life insurance that are available.
Q: What will it cost?
A: The cost of your life insurance is based on your "risk factor." If you are in good health, you will receive a better rate.Get a more detailed answer about the costs of term life insurance.
Q: How much life insurance coverage do I need?
A: Try multiplying your annual income by seven and purchase that figure in insurance. Get more details about the amount of life insurance necessary to purchase.
Q: How is my "health class" and resulting rate determined?
A: Your health class is determined by your tobacco usage, health history, weight, and other factors. The healthier you are, the better your rate will be.
Q: What if I smoke cigarettes or use other forms of tobacco?
A: You can still qualify for life insurance, but your rates will be considerably higher. However, if you quit smoking for a significant period of time after you obtain your policy, many agents will lower your rate.
Q: How can I be sure I am purchasing life insurance from a good company?
A: Do your research. Check out company's financial ratings at A.M. Best or Fitch Ratings. If they are a smaller or newer company, ask for references.Find out information about various term life insurance carriers.
Q: How do I request a life insurance application?
A: You can request an application by filling out this form.
Q: Is a medical exam required?
A: Many agencies offer No Medical Exams Term Life Insurance. Your health qualifications will be based on a few questions you answer. If you do qualify for term life without a medical exam, your rates may be higher.
Q: How much term life insurance do I need?
A: See our How Long Should My Term Be? page for more details.
Q: How long do I need protection?
A: For as long as you have important financial commitments. Sending your child to college? Try a five year plan. Want to protect your mortgage? Try a thirty year plan.
Q: Should I get coverage for my spouse?
A: Yes. See Who Needs Life Insurance for more details.
Q: Should I get a policy for my kids?
A: Some people think it's necessary while others disagree. See Who Needs Life Insurance for more details.
Q: Can I convert my term life policy to permanent insurance?
A: It depends on your policy. Discuss your options with your insurance agent.
Q: Can I renew my policy?
A: Again, it depends on your policy. Discuss your options with your insurance agent.
Q: I've had some health issues. Can I still get insurance?
A: Many carriers still provide life insurance to individuals who have had health issues. However, the price may be significantly higher.
Q: How do I apply for a policy?
A: You can get in contact with an agent and apply for a policy right now.
Q: How do I get the best price on a policy?
A: Shop around. Different agents will offer different rates. If you smoke, quit. It will reduce your rate considerably.
Q: How long does it take to get a policy?
A: It depends on your agency, but after you have completed your application and completed your medical exam, it usually takes about four weeks for your coverage to start.
Q: Do I have any coverage while I'm waiting for my policy?
A: Not usually. Check with your agent to be certain.
Q: I already have a life insurance policy. What should I do with it?
A: Make sure it's the right one for you. Consider changing from a term plan to Permanent policy, or Permanent to term policy if necessary.
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Term Life Insure provides information at no cost concerning insurance products and services but is not an insurer or an agency. Please speak to your insurance agent for more information. Not all products are available in all states.
