Life Insurance FAQ's

Term life insurance will usually provide coverage as long as premiums are being paid.

Most Term life policies are annually renewable after the term of your policy ends. The prices are very high at renewal, but if you choose to pay them, you will still continue having life insurance coverage.

If your term life policy does not offer the renewable provision, your term policy will end when the years of the term have passed.

For Example: If you took out a 20 year Term life insura...

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Every life insurance company has their own set of rates for life insurance coverage based on a person's individual risk factors.

Each individual life insurance company determines it own rates based on information they currently have available to them which may include current trends, past loss experience, and future estimates of losses. 

This allows the life insurance company to offer a quality life insurance product at a competitive rate while remaining profitable.

Almost all ...

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Yes, you may be able to get life insurance after having a heart attack.

Whether or not you qualify for life insurance may depend on several factors, including but not limited to:

1. How long ago was your heart attack?
2. Have you made a full recovery?
3. Did you have heart surgery?
4. Are you on medication?
5. Do you have regular check-ups?
6. Your Age.
7. Your height-to-weight ratio.

Although you may or may not qualify for a regular life insurance policy, there are guaranteed issue life insurance pla...
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Yes, you can have two or more life insurance plans.

Over time you may find your need for life insurance coverage has changed, whether it's due to a life changing event, like getting married or buying a new home, or you have taken on additional debt.

No matter what the cause of your additional need for life insurance, it is possible for you to own two or more life insurance policies.

When you apply for life insurance the application has a question about any other life insurance you already own an...
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Yes, life insurance does pay out a death benefit for death resulting from an accident.

Regular life insurance policies pay for death from natural causes and accidents.

Whereas, an accidental death life insurance policy will only pay out a death benefit if the insured person dies as a result of an accident.

However, acts of war and suicide are usually excluded from a regular life insurance policy. Suicide is excluded for a period of 1 or 2 years, depending on the state you live in.

In addition, yo...
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For someone to take out a life insurance policy on you, they must have an insurable interest in you.

Insurable interest means the other person who wants to insure you for life insurance stands to lose financially if you were to die. The other person relies on you for some means of financial support.

For example, if you passed away, it would cause them financial harm.

Also, you must give the other person them permission to take out the life insurance policy on you by signing the...

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Yes, pregnancy may affect your ability to qualify for life insurance coverage.

If you are in the third trimester of your pregnancy, most medically underwritten life insurance carriers will ask you to postpone applying for your life insurance policy until after the birth of your baby.

Some No Exam life insurance policies may accept an application into the third trimester as long as the weight and other guidelines are met.

In the first two trimesters of your pregnancy, it varies ...

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Life insurance policies have a two year contestable period after which it is difficult for life insurance policies to be contested.

Even during the first two years, the life insurance company can only deny life insurance coverage for material misstatements (information that was withheld from, or misstated on, the application for life insurance that is serious enough that it would have caused the life insurance policy to be altered or denied when the insured applied for the li...

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Yes, life insurance may pay out a death claim on an insured who died from an accidental overdose.

However, if the overdose is an illegal drug and you die within the first two years of being insured by your life insurance policy, there may be a problem. 

Every Life insurance application has a question regarding illegal drug use. 

If you answer "No" to that question, and then you die of an illegal drug overdose within the first two years of being insured, there is a contestable ...

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