Frequently Asked Questions

GENERAL QUESTIONS

Why Should I Buy Life Insurance?
A life insurance policy should be a part of every family's financial plan due to its ability to ensure financial stability for your loved ones should the unforeseen was to happen.

It will provide peace of mind for your family when it is needed most. Here are a few key reasons to consider owning a personal life insurance policy:

• To REPLACE a lost income from the "breadwinner"
• To AVOID foreclosure by continuing to pay the mortgage
• To ENSURE your children's education will not be compromised
• To PREVENT leaving a financial burden such as unpaid debts and liabilities
• To COVER final burial and funeral expenses

By planning ahead and obtaining life insurance, it will provide your loved ones with peace of mind knowing that you gave them a final "Gift Of Love" if the unforeseen was to happen.

How Much Life Insurance Should I Buy?
The amount of life insurance coverage that is needed will vary from one person to another. Some key things to consider when determining how much life insurance you should buy are:

• Amount of income that need to be replaced
• Remaining mortgage balance(s)
• Outstanding consumer debts and loans
• Children's education fund

I Have Life Insurance Through Work, Do I Still Need To Have My Own Policy?
There are two major misconceptions about having a group life insurance policy through work:

1. The coverage amount is typically one to two times your salary. Most of the time, this will not be sufficient to cover all your liabilities. By obtaining a personal life insurance policy outside of work, you can ensured that you have locked in enough coverage before its too late as rates are higher as you get older.
2. You are most likely not going to be covered if you lose or change your job.

I Have An Existing Policy But I Need More Coverage, What Should I Do?
As you go through different stages of life, you may need to obtain more life insurance coverage. You can either choose to replace the existing one if it make sense or leave it as is and apply for another policy. One of our agents can help you determine how much more coverage you will qualify for based on your current situation.

Why is iQuoteZone.com different from other automated quoting website?
A life insurance quote is merely an estimated premium amount that one can expect to pay based on information gathered. There are a lot of factors that can affect the accuracy of a quote. An automated quoting website may give you an initial quote that appears low but many times end up higher due to factors that it did not considered. Our "human experience" quoting process will ensure that you receive the most accurate quote possible.

How does iQuoteZone.com's quoting process work?
After you have submitted your Request For A Quote, one of our friendly and knowledgeable agents will contact you back to go over your specific needs, budget and any additional criteria that is need to be considered before preparing a quote for you. Your agent will then COMPARE quotes from over a dozen carriers that we represent and will help you determine the best plan for your family. Once you have decided on a particular plan, your agent will then help you start the simple application process. Many times we can start the process right over the phone. It's that simple!

MEDICAL QUESTIONS

Will There Be A Medical Exam Required?
It will depend on the type of life insurance and the death benefit amount that you would like to apply for. In general, a policy that is fully underwritten with a physical medical exam will cost less than a “Non-Medical” policy. A medical exam consist of a simple blood test and urine sample. The examiner can visit you at your home or work whenever it is most convenient for you. The whole process typically takes less than 30 minutes.

How Do I Get Prepared For My Exam?
If possible, we recommend that you schedule the medical exam for the morning. You should limit any active activities 24-48 hours before the exam. Within 8-10 hours before your exam, you should avoid caffeine beverage and fast (not eat) and limit to only drinking water.

Do I Have To Pay For The Exam?
No. The examiner will not ask you for any payment. They are paid by the insurance companies to perform your exam.  The result of your medical exam is confidential and will not be disclosed to the examiner.

 

TERM v.s. PERMANENT QUESTIONS

What Is The Difference Between A Term and Permanent Policy?
The main difference between a permanent policy and term life policy is that a permanent policy is designed to provide a lifelong protection. Permanent policies can also be used as an alternative “financial vehicle” to accumulate cash value on a tax-deferred basis. With a permanent policy, you will not have to worry about your policy ending due to a term period as long as you continue to keep your policy current.

Can I Convert My Term Policy Into A Permanent Policy?
In general, yes. Most term life insurance policy can be converted into a permanent policy typically within 3 years (or less) of the date when your term policy was issued. It will be a “straight across” conversion meaning that the ORIGINAL face amount, health class risk will remain the same. Your CURRENT age will be used to determine your new premium amount for your permanent policy. Medical exam is NOT REQUIRED if you are within the term conversion eligibility period. Speak to one of our agents to see if you term policy can be converted before it is too late. There's no cost or obligation to review your policy.

APPLICATION QUESTIONS

How Do I Get Started?
If you are ready to apply for a life insurance policy, then fill out our “Request A Quote” form and one of our licensed agents will contact you promptly to discuss the best type of policy for you based on your specific needs and budget. Your satisfaction is 100% guaranteed.

How Long Does It Take To Process My Application?
This will depend on the type of policy and insurance carrier that you applied for. Of course, a policy that does not require a medical exam will generally be approved faster than a fully underwritten policy. For non-medical policy, it can be as fast as 72 hours and for fully underwritten policies, it can take up to 45-60 days. Our agents will keep you updated throughout the underwriting process.

What Is Involved With The Underwriting Process?
When your application have been submitted, the insurance carrier will make a determination based on many variables such as your lab result, medical history, driving records, etc, The insurance carrier may even request a personal history interview with you to confirm your current health conditions. Your agent will notify you if this interview have been requested from the insurance carrier.

Will I Have Any Coverage While My Application Is Being Processed?
Most insurance carrier does offer coverage temporarily while your application is going through the underwriting process. Typically, for temporary coverage to begin, the initial premium will be processed and the medical exam must been completed. Guidelines will vary from each carriers but one of our licensed agents will provide you with complete details from the carrier that you actually applied for.

Can I Receive A Refund If I Change My Mind?
Absolutely YES! At anytime during the application, underwriting and delivery process, you have the right to cancel the policy and received 100% refund of your premium. Most carriers even allow a FREE LOOK PERIOD of at least 10 days (or more) for you to look over the policy AFTER it has been delivered. At the comfort of your own home, for ANY reasons you feel that the policy is not right for you, simply contact your agent to help you obtain a complete refund.