Q: What kind of life insurance coverage is this?
A: This coverage from Insurance Company, is a simplified issue term life insurance product. Many financial experts agree that term life insurance is the most economical insurance you can buy.
Q: Can I apply for coverage for someone else, like my spouse or child?
A: No. The applicant for the insurance policy must answer the health questions and sign the application through our e-Signature technology.
Q: How long will it take to find out if I qualify?
A: It usually takes no longer than 10 minutes to receive your coverage decision.
Q: Will my benefits ever decrease?
A: Insurance Company will never reduce your benefits or cancel your policy unless you do it yourself.
Q: What about my premium? Will the premium Iím quoted today ever go up?
A: NO. Your premiums for the coverage in which you initially enroll will never increase for the life of the term.
Q: Is there a free look period with this coverage?
A: YES. You have a full 31 days to decide if the coverage is right for your needs. If for any reason within those 31 days you choose not to take the coverage, return your policy for a full refund.
Q: Do I have to take a medical exam?
A: NO. You will have to answer only a few simple health questions when applying for this term life coverage. There is no medical exam required, just answer a few health questions.
Q: What exactly is an “e-signature?”
A: The e-signature is an electronic way to sign documents attesting to the validity of the information as it pertains to truthfulness. It is as legally valid as your manual signature.
Q: Why do you ask for my Social Security number on the application?
A: Asking for your Social Security number protects you from fraud and from other people potentially taking out a life insurance policy in your name.
Q: Is it safe to pass this information on the Internet?
A: YES. This site is completely secure. All necessary precautions and technologies have been put in place to protect our customers and their personal information.
Q: Iím still not convinced. Can I speak to someone on the phone and apply that way?
A: Of course! We want to make it as simple as possible for you to secure this coverage. If youíd like to speak to an agent, click here and let us know.
Q: How do I pay for this coverage?
A: You can use either your credit card or EFT (Electronic Funds Transfer – a process by which your premiums are withdrawn from your checking account at a certain time). Your payments can be made monthly, quarterly, semi-annually, or annually, depending on your personal preference.
Q: Who will receive the benefits of my term life insurance?
A: You may choose anyone as your beneficiary, i.e. the recipient of the benefits.
Q: Will the beneficiary have to pay taxes on this coverage?
A: The benefit amount is normally paid tax-free. Please consult your tax advisor.
Q: How much life insurance do I need?
A: The amount of life insurance you should have depends on your particular situation. There are two primary factors to consider. The first is dependent children, your spouse, relatives and others who may count on you for financial support. Second is your current financial situation – your assets and liabilities.Things you should consider:

1. If you are married

  • What kind of lifestyle do you want to provide for your family?
  • Will your non-working spouse have an income if you died?
  • Will your working spouse have to “retire” to raise your children if you died?
  • How will your death affect savings for your children’s college expenses?
  • Do you have special needs to prepare for, such as a handicapped child or a child who will never be self-supporting?
  • How much will your family need for your final expenses? The average funeral in the U.S. is nearly $6,000*.
  • Does your spouse have the resources to pay for expenses until Social Security benefits begin? It usually takes 3-6 months to begin receiving your Social Security benefits.
  • Will your parents or other extended family members depend on your family’s support in the future?

2. If you are divorced

  • Does your divorce agreement stipulate that you keep a certain amount of life insurance for your ex-spouse?
  • Does your divorce agreement stipulate that you are responsible for your children’s education?
  • Did you retain financial responsibility for your home?
  • Even if your divorce agreement doesn’t require it, how much will you need to leave your children for their inheritance and to cover your part of their college costs?
  • Does your spouse have the resources to pay for expenses until Social Security benefits begin? It usually takes 3-6 months to begin receiving your Social Security benefits.
  • Will your parents or other extended family members depend on your familyís support in the future?

3. If you are single

  • Has a relative co-signed on your mortgage or any other large loans?
  • Do you have any friends or relatives to whom you want to leave money?
  • Have you bought a house with a domestic partner, and have you agreed that each person’s share of the mortgage is to be paid off upon his or her death?
  • Do you want to leave money to a charity or other nonprofit organization?

4. Your Assets

  • What are your current savings
  • Do you have any current life insurance policies, life insurance provided by your employer, or veteran’s insurance?
  • What other assets do you have that your family could sell or cash in to pay expenses after your death?
  • What Social Security and pension plan survivor’s benefits will your family receive?

5. Your Liabilities

  • What are your current savings?
  • Do you have any current life insurance policies, life insurance provided by your employer, or veteran’s insurance?
  • What other assets do you have that your family could sell or cash in to pay expenses after your death?
  • What Social Security and pension plan survivor’s benefits will your family receive?

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