Life Insurance FAQ's

The age that a term life insurance policy covers you to depends on your age at the time you buy your policy, and the duration or term of coverage.

For example, if you are 25 when you buy a 20-year term life policy, your coverage will remain "In Force" until you are 45 years old. But the policy expires at the 20-year anniversary of your coverage.

However, a term to age 70 policy provides life insurance protection until you reach 70 years old.

Learn more about Term life insurance covers to what age?

Yes, term life insurance policies cover cancer.

If you are insured by a term life policy, and you die as a result of cancer, the death benefit would be paid out to your beneficiary.

Payment of any death benefit is subject to all terms, conditions and exclusions stated in the insurance contract.

However, unless you lied on the application for life insurance, your policy would likely pay out on death resulting from cancer.

Learn more about Does term life insurance cover cancer?

A standard term life insurance policy does not build up any cash value inside the policy. it provides Pure Protection - a death benefit but no cash value.

However, Return of Premium term life insurance policies do return your paid premiums if you outlive the duration of your policy term.

That means, if you are alive when your term life insurance expires, you get the premiums back.

Learn more about Does term life insurance have cash value?

Guaranteed annual premium life insurance means that the premium you pay on an annual basis for your insurance policy is guaranteed not to change from what was promised in the contract when you purchase the policy.

Learn more about guaranteed annual premium for term life insurance policies.

What is a free look period for term life insurance?

It's the period of time you have to return your life insurance policy (after receiving it) and get a full refund of all premiums paid, should you decide you no longer want to keep your life insurance.

Usually, insurers offer a free look period of between 10 to 30 days, but the state department of insurance sets regulations for the specific minimum free look period required for your state of residence.

Learn more about the free look period for t...

What are the limitations to term life insurance policies.

There are a few important limitations to term life, including:

• Duration of Coverage is usually limited to 30 years or less.
  
• You may outlive your term life insurance protection.
  
• Rates on term life increase if you choose to renew your term life insurance policy when it expires.
  
• Term life is pure protection, providing a death benefit, but no investment feature.
  

If your term life insurance policy is ending, you may be wondering what options are available to you.

Actually, if you need your life insurance coverage to continue, you may be able to renew your current term life policy for another 10 year term, when it expires.

Or, you could buy a new life insurance policy - either term life, whole life, or more than one policy.

Another option would be to go without any life insurance coverage. It depends on your situation.

Learn more about your options if your...

Is there burial insurance with guaranteed approval?

Yes. There are burial expense life insurance plans available that offer guaranteed acceptance if you meet the age requirements for approval for coverage.

Some plans offer coverage with guaranteed approval for people ages 45-75, 40-80, or even ages 45-85.

Guaranteed Issue means you cannot be turned down for a policy of you meet the age requirement, and can pay the premiums.

Some plans offer up to $25,000 of guaranteed issue coverage for burial li...

Is there any life insurance seniors can buy without answering any questions about their health?

Yes, it's called "Guaranteed Issue Life Insurance" and it guarantees your approval for life insurance if you meet the age requirement for acceptance.

With guaranteed issue life insurance you won’t have to answer any questions about your health in order to get insured.

People ages 45 to 85 can get guaranteed acceptance life insurance through United of Omaha.

Learn more about no health question life in...