About term life insurance

Life insurance is to used to provide for your family if you were to die prematurely. Below are more points to remember about life insurance:
  • Many financial planners recommend life insurance coverage equal to five to nine times your gross annual salary. The same applies to your spouse.
  • Accelerated death benefits are paid directly to you and enable you to get part of the face value of your life insurance if you qualify as being terminally ill, subject to certain policy restrictions and limitations.
  • After coverage is validly in force for two years, benefits are payable for death from any cause, anywhere in the world.
  • You may also apply for coverage for your lawful spouse (spousal rider) however, the amount of coverage requested cannot exceed 100% of yours.
  • Each unmarried, dependent child from might also be insured for certain limits (child rider).
  • Non-tobacco/nicotine use discount if you and/or your spouse have not used tobacco or nicotine in any form for the past 24 months (non-smoker rates).
  • If you are currently insured under the term life plan and now qualify to take advantage of the non-smoker discount, ask the company if they have a non-smoker declaration form.
  • Ask if the policy provides conversion privileges under certain circumstances of involuntary termination as described in the certificate of insurance.
  • Disability waiver of premiums if you become totally disabled before age 60 and it continues for at least nine months, your life insurance (and any dependent coverage) can be continued at no cost to you
  • Most State laws require a "30-Day Free Look" when buying life insurance. If you are not completely satisfied with the terms of your Certificate of Insurance, you may return it, without claim, within 30 days and you will receive a full refund with no questions asked.
  • Consider your eligibility before you apply for coverage. You must be in good health to get a larger face amount with a limited medical history.
  • If you have medical issues, consider a lower face amount or a burial or graded life policy. Burial insurance usually has a yes or no application and instant approval.
  • Most term life insurance is medically underwritten based on the information provided by you on the application. It is important that you complete the form truthfully and completely. More medical information and test such as a physical exam, ekg, blood test or other information may be required.