Frequently Asked Questions

It all depends on your age, health, lifestyle and the type of insurance you select. Each carrier will rate various health conditions differently. This is why it is especially important to work with an agent or broker who can help you examine multiple carriers to find the best fit. 

The 'Term' in Term Life insurance refers to how long your coverage and/or price are guaranteed to stay locked in, typically for 10, 15, 20, 25, 30 or 40 years. After the initial term the insured may keep the coverage, regardless of health status, but is subject to a price increase. Most Term Life Insurance can be converted to Whole Life prior to the end of the initial term. 

Whole Life insurance offers a guaranteed death benefit and fixed premiums for the lifetime of the insured. Most Whole Life plans offer cash value accumulation also, a savings component that grows over time and can be accessed later on. 

Final Expense Life Insurance is a type of whole life insurance designed to cover funeral or cremation expenses. Death benefits are often limited to $50,000 but pay out to the beneficiary within a few days. 

It all depends, everyone's situation is different so there is no wrong answer. While some may say one is better than the other, each serves its own unique purpose. Term is typically used to protect you during your most vulnerable income earning years. Whole life is most commonly used to cover final expenses or estate planning. 

It can. You can also be approved without an exam. This all depends on your health history and product choice. 

Some individuals may qualify for up to $2,000,000 in coverage with no exam.

Agents, sometimes called 'Captive Agents', typically work directly for a carrier offering only that carriers products. for example State Farm. Brokers, also called 'Independent Agents', are contracted with multiple carriers and work on your behalf to compare options. 

No. Both brokers and agents are compensated directly from the carrier and offer the exact same policies at the exact same rate. You will always pay your premiums directly to the carrier with zero additional charges for applying with a broker. 

Sometimes yes. Large Property and Casualty companies such as Allstate, Farmers and State Farm only offer their policies through captive agents and employees. 

Traditional Life Insurance companies such Mutual of Omaha, TransAmerica and American General have captive agents and offer the same policies through brokers. 

Select carriers are beginning to offer self enrollment for Simplified Issue insurance products. The policies are approved based on readily available electronic records but often come at a higher premium. 

No. Once you are approved your coverage is guaranteed as long as you continue to pay your premiums. 

Depending on the type of policy you apply for the carrier will obtain various records. Including but not limited to:

- Prescription History

- Motor Vehicle Report 

- Medical Information Bureau report 

Para-medical exams are free to you, completed at home and only take about 20 - 30 minutes. Consisting of a height and weight measurement, blood sample, urine sample and health questionnaire. 

No. Para-medical exams differ from annual physicals or specialist bloodwork. 

First your beneficiary should be aware the policy exists and preferably be given a copy. In most cases beneficiaries will only be required to provide a copy of the insured’s death certificate along with a photo ID to receive a claim. Claims made within the first two years of a policy having been issued may require additional documentation such as attending physician statement.  

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There are no penalties or early termination fee's for canceling or accidentally letting your life insurance lapse. If your policy builds cash value you may be entitled to all or a portion of these funds. Term policies simply cease to provide coverage upon cancelation or lapse.