Q. How do I get the right price on the Best Life policy for me or my company?
A. It's easy. Simply answer all of the questions on your application honestly, complete your medical exam (at no cost to you) and promptly return any forms required by the insurance company. We'll take care of everything else.
Q. How much Term Life Insurance do I need?
A. Since life insurance replaces lost income if something happens to you, the proceeds from your policy should be enough to cover immediate expenses as well as to provide continuous income for your beneficiaries. Most financial planners recommend coverage that's 6 to 12 times your annual income. For example, if you make $80,000+, you might consider coverage between $500,000 to 1,000,000. If you're younger and just starting a family, you might need as much as 15 times your income to allow for salary increases. More. If you plan to use Term Life to support your Small Company Buy Sell Agreements. Since individual needs vary, we recommend that you allow Seelye Insurance help you determine what's right for you. As you plan your financial big picture we also recommend you consult your attorney or financial advisor for professional legal, tax and financial planning advice.
Q. What does 'guaranteed' or Level Term mean?
A. 'Guaranteed' refers to the annual premium you pay on your policy. For example, a fully guaranteed 20-year term means that your premium is guaranteed to remain the same, or level, for a full 20 years as long as you pay the premium. The coverage, or death benefit, also remains level. The insurance company cannot cancel your policy or raise your premium for the length of the term, as long as you pay the premium. The same is true for 10-year, 15-year, 25-year, and 30-year guaranteed terms. Some companies offer term policies that are partially guaranteed. We recommend that you consider only policies that are fully guaranteed, so that your rates cannot change for the length of your policy.
Q. How long do I need protection?
A. The number of years' coverage you need depends on several things, but the most basic consideration is how long you expect your beneficiaries to be dependent upon your income. If your spouse is your beneficiary, you should consider being covered until you plan to retire. If it's your children, you'll probably want to protect them until they're 18 or finish college. To cover a mortgage, choose a policy that will be in place for at least the length of the loan. Depending on your age, you can purchase policies guaranteed for 10, 15, 20, or even 30 years.
Q. Should I get coverage for my spouse?
A. The need for Term Life coverage applies equally to income-earning spouses, and there are strong arguments for acquiring life insurance for a partner who is not drawing an income as well. For instance, losing a stay-at-home spouse can lead to dramatically increased child-care costs, time away from work for the surviving spouse, final expenses, the settling of outstanding debts, and these are just the financial aspects of such a serious loss. The rule of thumb is to get at least 50 percent of the term life coverage for a stay-at-home spouse as for the primary breadwinner.
Q. Can I convert my term life policy to permanent insurance?
A. Most all of the policies Seelye Insurance offer are convertible to permanent insurance, also called whole life or universal life insurance, at various times during the term of the policy. This conversion takes place without you having to take another medical exam or reapply, no matter what may have changed in your health. This option provides reassurance and flexibility should your health or insurance needs change after your original purchase.
Q. Can I renew my policy?
A. All of the term life policies we sell give you the option of renewing the coverage on a year-to-year basis once the initial guarantee period expires. Most importantly, the coverage is renewed without you having to take another medical exam or reapply, so you can continue your coverage even if there have been changes in your health. Premium charges will increase when the initial guarantee period expires, and can increase annually thereafter.
Q. I've had some health issues. Can I still get insurance?
A. There's a very good chance you can. Seelye Insurance represents many companies that specialize in insuring people with less than perfect health including cancer survivors and those with diabetes or heart disease. We will help you get the coverage needed at the best price available.
Q. How do I apply for a policy?
A. Our Life Insurance quoting is comprised of three easy steps:
Step One: Get your application started. You can fill out our online application request form. A personal representative will then review your profile and get your application started.
Step Two: We'll have a representative from the insurance company you've selected call you to verify your information and schedule your free medical exam.
Step Three: Complete the short health exam in your home or office, at your convenience and at no cost to you. This health exam is an insurance company requirement, includes blood and urine samples and should take no more than 15-20 minutes. Of course, all information is confidential, and you will have access to the results. The medical examiner will collect your application and send it to the insurance company.
Q. How long does it take to get a policy?
A. Typically, it takes 4-7 weeks after your application is submitted to get the policy in your hands.
Q. Do I have any coverage while I'm waiting for my policy?
A. Once your application, initial premium, and completed medical exam have been sent to the insurance company, you may be eligible for temporary conditional insurance while your policy is being approved. Terms and conditions vary by company, but are explained in detail on your insurance application.
Q. I already have a life insurance policy. What should I do with it?
A. If your plan is to replace an existing life insurance policy. You should not cancel your old coverage until you have received, reviewed and accepted your new policy. If only you decide to cancel your old policy, please do so after all final requirements for the new one are complete and you have received notification from the insurance company that your policy is enforce. Please make sure to consult your legal or tax advisor. The surrender of cash value policies may involve surrender penalties and tax consequences. New policies have contestability and suicide period provisions.
Q. Payment Options; How does a monthly payment plan work?
A. You can choose to pay your premium monthly rather than annually. The insurance company will establish an automatic draft linked to your checking account, and deduct the monthly premium on the date that you specify. If you don.t pay it annually in most cases, small service charges apply, approximately 3-5 percent of your annual premium, will be added to your payment. Annual, semi-annual and quarterly payment modes are also available. Annual payments have the best value lowest 12-month charge of these alternatives.
