Frequently Asked Questions
What company can I rely on? What policies should I prefer? What should I do first? All these questions appear when you face the whole process of searching/applying on your own. For you to know essential information beforehand we suggest you to read frequently asked questions and comprehensive answers on them.
For what reason should I consider buying life insurance?
The truth however bitter it could seem is that all people die. It being inevitable you should think about the financial security of those you love. People buy life insurance as they want to continue protecting their beloved ones after the death. It is clear that you won’t be able to do it physically, but the money you dedicate to your family make the difference. You should make up your mind to accept this good option. Life insurance is really capable to prevent financial difficulties when they are the least likely to be coped with easily.
What are the major types of life insurance?
Overall, life insurance can be distinguished into two types:
1. Term life insurance. This type of life insurance is based on providing coverage for a certain term (period of time that varies from 1 year to 30 years). Relatively new type of term life insurance is a Return of Premium Life Insurance. It features the return of the premiums paid for a certain term if a policyholder is alive.
2. Permanent life insurance. The main peculiarity is that it lasts for whole life of a policyholder. Permanent life insurance is divided into Universal life insurance and /whole life insurance.
How can I calculate the amount of coverage?
It is entirely up to you; however, it would be sensible to choose life insurance that offers death benefit in the amount sufficient for keeping your family living standard at its usual level. In other words death benefit should be equal to your annual income multiplied tenfold. If you want to have exact figures (and it is recommendable) apply calculator available at this site.
Is there any criterion that can help to choose a good insurance company?
Buying life insurance is somewhat complicated process that involves awareness of the way how the whole thing works and requires certain amount of responsibility. When you buy life insurance you acquire something that will become material only after your death. It isn’t an easy decision to purchase life insurance. One of the most important thing is to buy from reliable and financially stable company. Financial strength rating is a criterion that can help to choose for you the right company. Insurance company financial ratings can be found on our site. Look it thought to base your decisions on a verified information.
What should I do to become a policyholder?
The first step is to decide what type of coverage you think suits your needs. Just look through the information on them on our site, and once you decided get quotes for the type you’ve chosen (quotes are available on our site). Provided return of premium, term or universal life insurance appeal to you more than other types, you can get a market survey here on the lifeinsure.com site.
The next step is to choose the policy you like.
And finally you apply all information you’ve got to practice. Fill out application for insurance company. Complete free of charge medical exam that insurance companies provide their new clients. It will take Life Insurance Company a short while to study your data. Then Life Insurance Company gives you its approval and you pay first premium.
Is it a good idea to get insurance to pay off my mortgage if I die?
Mortgage life insurance is probably the best way to show that you care about your loved ones. If you make your mind to buy insurance of this type, quote return of premiums or term life insurance right on our site. Make sure the insurance you buy is capable of paying off your major obligations, and what is more, think over buying coverage for the amount that will cover not only your mortgage but protects your family as well.
Is there any other type of insurance that is worth buying?
Without any doubts, you should possess homeowners insurance and car insurance. However, there is a type of insurance that is no less important but rarely taken into account. Disability insurance protecting your income in case of your disability should be added to life insurance because, according to statistics, many senior people have a long-term disability before death. This kind of insurance protect you if you are alive, but still cannot earn living.
Is my rate guaranteed?
Rates offered by insurance companies for Term life insurance are sure not to change during the term. In your initial request for life insurance such factors as height, weight, gender, age, smoker/non-smoker, family history, current medication etc are used to get the idea of possible rates. However, this term life insurance quote is not 100% precise, so you shouldn’t base all your expectations on it.
After you apply and complete medical examination, the life insurance company will study carefully the results and the information it has. Medical records from your primary care physician are applied to the process of review too.
Your rates are considered to be set when the life insurance underwriter is ready to come up with his decision, which is doubtlessly based on the information reviewed and your application and other formalities. The whole process of applying and reviewing medical and other information takes insurance companies from four to six weeks.
Term life insurance has the same premium within the term. As all term life insurance policies belong to level term insurance principle, you can expect no increases in premium. |
