Frequently asked Term Life Insurance questions
Please visit our Why Choose Term Life Financial page.
IS TERMLIFEFINANCIAL.COM LICENSED IN MY STATE?
Yes, TermLifeFinancial.com is licensed in all fifty states and the district of Columbia. please refer to our Legal Info page for additional information.
WHAT IS THE PROCESS?
Please visit our Our Process page.
HOW CONFIDENTIAL IS MY PERSONAL INFORMATION?
Completely! TermLifeFinancial.comcom is headquartered in Massachusetts and is governed by personal information security regulations 201 CMR 17.00. We never sell your name, address or personal information.
DO YOU JUST GIVE QUOTES AND SELL LEADS?
Absolutely not. We are your term life insurance agency. We handle every step of the process and review your policy annually at no cost.
WHAT IS YOUR TERMLIFEFINANCIAL.COM SMART REVIEW SERVICE?
It is our annual automatic no cost policy review that allows us to check the marketplace on your behalf. This ensures that you continue to have the best value policy.
HOW DOES TERMLIFEFINANCIAL.COM GET PAID?
TermLifeFinancial.com receives a commission from an insurance company when a policy goes into effect. We are not affiliated with any insurance company.
HOW DO YOU SELECT THE COMPANIES YOU REPRESENT?
We monitor hundreds of companies and select the very best of the best based on product, competitive pricing, financial stability and A.M Best ratings of A-,A, A+,A++
WHY DO YOU SELL ONLY TERM LIFE INSURANCE?
We do not view cash value life insurance as an investment. Most people are better off buying term life insurance and investing the difference. Other life insurance products may be appropriate for such purposes as estate planning. However, in most cases, term life is the most cost effective way to get the coverage you need to protect your loved ones.
HOW MUCH TERM LIFE INSURANCE DO I NEED?
Please use our online calculator for assistance. But many experts recommend buying between 5-10 times your annual income.
HOW LONG DO I NEED COVERAGE?
It varies, but really depends on your beneficiaries and financial obligations. For example if you have young children and a mortgage, you will want to chose a policy that will provide for your family, mortgage and college considerations.
WHAT ARE MY TERM OPTIONS?
We offer policies in which the annual premium price is guaranteed to stay the same for 10, 15, 20, 25 or 30 years.
WHAT IF I HAVE HEALTH ISSUES?
As always, TermLifeFinancial.com will help you find the right insurance from the right company.
HOW DO INSURANCE COMPANIES DETERMINE RATE CLASS?
There are 4 categories generally used by insurance companies when they evaluate you for a rate quote. As a general rule of thumb they are as follows:
- Preferred Plus – refers to consumers who are in overall excellent health.
- Preferred – Generally, overall excellent health.
- Regular Plus – Comsumers who have some minor health impairments. (ie: high cholesterol)
- Standard – Consumers who have more than mild health conditions.
In general, insurance companies will evaluate your health and lifestyle. Use of tobacco products, participation in hazardous activities, high blood pressure, regular use of prescription medication and other factors will all be evaluated by the company to determine your final rate.
HOW LONG DOES IT TAKE TO GET A TERM LIFE INSURANCE POLICY?
Typically, 4-6 weeks after your application is submitted.
WHEN DOES MY COVERAGE BEGIN?
Your coverage begins when your policy is approved and your first premium payment is made. Most of the companies we represent will provide some temporary coverage during the application process. Our representatives will go over that with you at time of application.
CAN I GET COVERAGE WHILE I WAIT FOR MY TERM LIFE INSURANCE POLICY?
Many times yes. Once application and medical exam are complete and premium is paid, you may be eligible. Our representatives will work with you on that.
I PLAN ON REPLACING AN EXISTING POLICY. WHAT SHOULD I DO?
We strongly advise that you do not cancel any existing policy until you have received, reviewed and accepted your new policy. Once you have accepted the new policy you can cancel your old policy.
HOW CAN I PAY FOR THE TERM LIFE INSURANCE POLICY?
You can pay monthly through your checking account, annually, semi-annually or quarterly.
HOW ACCURATE ARE THE QUOTES YOU PROVIDE?
The quotes that we provide are estimates and the final rate is always based on your medical exam, health history and lifestyle. Insurance companies rate you based on your overall health and price accordingly. The 4 categories for rating are Preferred Plus, Preferred, Standard Plus or Standard. Our representatives will work with you to find a company competitively priced for your particular situation.
WHAT IS WAIVER OF PREMIUM?
It is an additional option that states that in the event you become totally disabled for a period of six months or longer, the insurance company will pay your term life insurance premium until you are no longer disabled. It does cost extra and must be selected at time of application.
IS THERE A MONEY-BACK GUARANTEE?
Yes. During the application process, if you change your mind for any reason, you will receive a full refund. This guarantee continues until ten days after your policy is delivered to you.