Most term policies have conversion privileges, which allows you to convert your term policy to a permanent policy during the term period (in some cases, the conversion option period is shorter than the term period). The main benefit of conversion is that your medical insurability is guaranteed (medical underwriting is … Continue reading Can I convert my term policy to a permanent policy?
In a level-premium term life policy, your premiums will never change during the term period. If you choose to renew your policy at the end of the term, your premiums will increase significantly. In some flexible-premium universal life policies (without lapse protection), your premiums can change.
If you miss a premium payment most policies have a grace period of 30 days. At the end of the grace period, your policy will lapse and will no longer be in force. In some cases, the insurance company might reinstate the policy if you pay the premiums due.
The contestable period is the period of time during which the insurance company may contest a claim on a policy because of incomplete or misleading information furnished with the application. Most policies have a contestable period of two years.
Your life insurance coverage is in force when we receive your application and payment in our office. If you arrange for temporary insurance when you submit your application, you will be covered when we receive your application and payment in our office (check the details of your temporary coverage, as … Continue reading When does my coverage begins?
If it has been a year or longer since you quit smoking, some companies will give you Standard Non-Tobacco rates. If it has been 2 or 3 years, a few companies will give you Preferred Non-Tobacco rates.
If you do travel frequently, the underwriter will want to know details of your travels, including countries visited, frequency and reason for visits (business or travel). If you travel to countries that are on the U.S. State Department’s list of countries to avoid, you might not qualify for life insurance. … Continue reading Will frequent international travel affect my application?
All of the insurance companies we work with require applicants to be U.S. residents (U.S. citizens or those that have permanent visas (green cards). U.S. residents who have temporary work visas can get coverage in some cases.
We recommend that you reveal all information that’s materiel to the insurance application. When in doubt, it’s best to over-reveal than under-reveal. The insurance company has the right to contest a claim in the first two years of the policy if they suspect a precipitating cause of a death was … Continue reading What if I fail to disclose information to the underwriters?
Your doctor is looking at your overall health and morbidity and working with you to improve conditions and maintain a healthy life and lifestyle. The underwriter is looking not only at mortality but is also governed by the policies of the insurance company. It is the underwriter’s job to determine … Continue reading My doctor said there isn’t a problem – why does the underwriter?