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Frequently Asked Questions

How do I calculate how much life insurance I need?
How do I apply for a policy?
How soon will my coverage start?
Do I need to meet with an agent?
How long does approval take once I have submitted an application?
Do I need to have a medical exam?
How can I pay my premiums?
Can I increase my coverage amount after I get my policy?
What is the contestability period?
What are policy 'riders'?
What if I already have life insurance coverage?
Can I purchase a policy for my children or grandchildren?
How can I save money when buying life insurance?
What factors generally drive insurance calculations?
Will life insurance help my beneficiary pay off my debt?
Are the proceeds from a life insurance policy considered taxable income?
Can I buy a policy on someone else?
Can I have more than one life insurance policy?
How do I choose a beneficiary?
Do I need life insurance if I'm a young single person?

Q: How do I calculate how much life insurance I need?
A: InsuraQuote’s Life Insurance Calculator makes it simple to figure out how much coverage you need. CLICK HERE to be taken to our life insurance calculator.

Q: How do I apply for a policy?
A: With InsuraQuote, three steps are all it takes.
Step One: Get your accurate life insurance rate quotes from InsuraQuote and select your coverage.
Step Two: We'll have an experienced agent contact you to complete the application for coverage for the company you have selected.
Step Three: Complete the short paramedic exam in your home or office, at your convenience and at no cost to you (if required). This exam, an insurance company requirement, includes blood and urine samples and should take no more than 30 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. CLICK HERE to get started by submitting your life insurance quote inquiry.

Q: How soon will my coverage start?
A: Generally your life insurance coverage will begin as soon as you are approved and your first premium payment is received.

Q: Do I need to meet with an agent?
A: It depends on the state in which you live. Your agent will inform you if you need to meet to validate your identity or not.

Q: How long does approval take once I have submitted an application?
A: Depending on the type of insurance and the steps involved, it may take as little as a few days or as much as several weeks for a policy to be approved.

Q: Do I need to have a medical exam?
A: Please CLICK HERE to be taken to our medical exam section for this information.

Q: How can I pay my premiums?
A: Most life insurance carriers have several payment options available, and vary from company to company. Monthly automatic secure transfers from a checking account are a popular method. However, credit card or a secure funds transfer directly from your checking or saving account are also options.

Q: Can I increase my coverage amount after I get my policy?
A: Depending on the type of policy you have, you may be able to increase your coverage within that policy or you may purchase additional policies to increase your coverage.

Q: What is the contestability period?
A: Most policies have a 2-year contestability period, which means during the first two years after buying life insurance, if it is found that your insurance policy was issued under misrepresentation, withholding of information by the insured or the owner, or similar reasons, the insurance company can declare your insurance policy and any associated riders void. However, if fraud is determined, your insurance policy and any associated riders can be made void at any time. Additionally, if your policy is reinstated, the contestable period generally will start anew from that date of reinstatement.

Q: What are policy 'riders'?
A: A policy rider is an additional benefit under an existing insurance policy that provides additional coverage to an insurance policy. Generally, policy riders are sold separately from insurance policies.

Q: What if I already have life insurance coverage?
A: A: Even if you already have a life insurance policy, it's a good idea to review it periodically to make sure it still meets your overall needs. There are times in life you need to take a look at your financial situation, such as if you:
• Were recently married or divorced
• Had or adopted a child (or became a grandparent)
• Have children or grandchildren who are about to enter college
• Provide care or financial help to a child or elderly parent
• Received an inheritance
• Retired or your spouse has retired
• Started a business
• Changed/lost your job or salary

Q: Can I purchase a policy for my children or grandchildren?
A: You may purchase a rider to add a child or children to your policies with a variety of term and permanent life policies. The same applies to a grandchild or grandchildren.

Q: How can I save money when buying life insurance?
A: • Buy it now. Premiums for the same face amount of coverage increase the older you become. The more you wait, the more you risk developing a health condition that could increase your premium, or disqualify you from coverage.
• If you want permanent life but you are on a budget, term life or a combination of term and permanent may offer lower premium payments.

Q: What factors generally drive insurance calculations?
A: Premium rates for life insurance are typically based on factors such as:
• Age, gender, height, and weight
• Health status, including whether or not you use tobacco or nicotine
• Participation in high-risk activities or occupations

Q: Will life insurance help my beneficiary pay off my debt?
A: Once a claim is paid, use of the funds is at the discretion of the beneficiary you have designated.

Q: Are the proceeds from a life insurance policy considered taxable income?
A: Generally, if you receive the proceeds under a life insurance contract as a beneficiary due to the death of the insured person, the benefits are not includable in gross income and do not have to be reported.

Q: Can I buy a policy on someone else?
A: Yes, but only if you have an "insurable interest" in that person. This usually means a spouse, domestic partner or live-in companion, or a business partner. In most states you cannot purchase a policy on someone else without their knowledge.

Q: Can I have more than one life insurance policy?
A: Yes, you can have multiple policies from the same or different life insurance companies. For example, you could have a permanent life insurance policy and also a term life policy for a short-term need. But if you apply for more insurance coverage than your situation indicates you need, the insurance companies will likely ask why.

Q: How do I choose a beneficiary?
A: Designating a beneficiary is an important right of life insurance ownership. It lets you determine who receives your policy benefits. Under current tax law, life insurance benefits paid to a beneficiary are not taxable income. Life events, such as marriage, divorce, the birth of a child or death, can dramatically change how you want your life insurance benefit paid. It’s a good idea to check your life insurance beneficiaries regularly or whenever you have a life event.

Q: Do I need life insurance if I'm a young single person?
A: An advantage to buying life insurance when you're young and healthy is you'll be able to find low cost life insurance. If you have dependents in the future, you will have locked in the lowest rates and you will have guaranteed your "insurability," meaning you won't have to worry about higher rates as you age and possibly experience declining health.

If you are ready to take the first step in protecting you and your family’s financial future then CLICK HERE to begin your life insurance quote inquiry. Or if you prefer, you can reach one of our experienced agents by calling 1-800-692-8635 to discuss your coverage needs and options.

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