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.
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.
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.
You can cancel your existing policy when you have received confirmation that a replacement policy has been bound (is in-force).
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.
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.
Most insurance payments are due at one month intervals starting from the exact date that your policy was issued.
Most insurance companies offer a discount for choosing the electronic withdrawal method, due to the reduced cost of processing paperwork.
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.
As an independent agency, we don’t work with just one company. Each company that we work with provides myriad benefits and options. If you are having trouble navigating these waters, please take time to talk with one of our agents.
Many of our companies offer additional benefits to their policies. Including but not limited to: supplemental death benefits, disability benefits, and living benefits.
In most states, brokers are not allowed to charge any additional fees. This means that the rate the insurance company filed with the state is the price you pay.
If you didn’t make it home tonight, how would your family pay for:
- Home Mortgage
- Car Payments
- Day care
These are all things to consider when purchasing your life insurance. Many financial experts recommend purchasing a life insurance policy to equal ten times your annual income.