Wholesale Insurance

Bound Coverage Definition

jonpinney@pinneyinsurance.com (Jon Pinney) — Thu, 29 Jul 2010 19:31:16 +0000

Bound Coverage Definition

The Dictionary of Insurance Terms and Definitions

Binding coverage means that an insurer extends temporary coverage to an applicant during the application process (before his/her application is actually approved). This is a valuable service, since the insurance company often requires several weeks to finish processing an application. The terms of bound coverage can differ from the terms of the policy under application, however.

If an individual were to die while protected by bound coverage (before the policy on his/her life were actually issued) the yet-nonexistent policy would only pay out, provided that the applicant truly qualified for the policy being considered. The insurance company would finish the underwriting process, even though the insured had already died. If the insurer ended up approving the policy, then the policy's beneficiaries would receive the policy's death benefit.

In order to bind coverage, you must include your first premium payment with the submission of your insurance application. Bound coverage relies on the assumption that an applicant will be approved coverage for the rate class under which he/she applies, so the size of the payment that you send in should be equal to the price he/she was quoted at the time he/she requested a life insurance quote.

Life Insurance FAQ

jonpinney@pinneyinsurance.com (Jon Pinney) — Fri, 09 Jul 2010 17:56:52 +0000

Life Insurance FAQ

Frequently Asked Questions about Life Insurance

You've got life insurance questions? We've got answers! At Wholesale Insurance, we understand how confusing life insurance can be. That's why we created a Frequently Asked Questions (FAQ) section. Here you can find answers to many of the questions you have about life insurance.

All questions
The four most common life insurance questions
Application questions
Health questions
Money questions
Privacy questions
Quoter questions
Termination questions

Life Insurance FAQ: Rates

jonpinney@pinneyinsurance.com (Jon Pinney) — Fri, 09 Jul 2010 16:35:06 +0000

What's my rate?

The price of life insurance is discussed in terms of rates because when you buy life insurance, you don't pay for it all at once; you make periodic payments called "premiums" for as long as your policy is in force. (This is a generalization. With some types of life insurance, you can pay all at once, and with some other types, your payments do not need to be periodic.) You stop paying premiums as soon as your policy expires or as soon as your insured dies.

Life insurance rates are calculated based on the mortality risk of the individual(s) being insured and on the value of the policy. If the insured has very poor health, the life insurance rates you pay will be higher. If the policy offers a large death benefit, your life insurance rates will be higher.

With some types of life insurance, such as term life insurance and traditional whole life insurance, the rate you pay is fixed. But with some other types of life insurance, the rate you pay may change. This change may hinge on the age of the insured, the age of the policy, or the amount of cash value you have stored up in your policy.

Your life insurance rates will not change to reflect the changing mortality risk of the insured, however. Once your policy goes into force, the health class of the insured is locked in, so if the insured develops a serious illness like cancer, it will not affect your life insurance rates.

FAQ: Cash value

jonpinney@pinneyinsurance.com (Jon Pinney) — Fri, 09 Jul 2010 16:21:40 +0000

What is cash value?

Many types of life insurance build equity called cash value. The primary significance of this equity is that the owner of a cash value life insurance policy can surrender it and walk away with its cash value. Furthermore, a policy's cash value can serve as the source of a loan for the policyholder, and in the case of universal life insurance, funds can actually be withdrawn directly from the cash value, with no requirement of repayment.

As a general rule, permanent life insurance policies have cash value and term life insurance policies do not.

The interest your cash value experiences depends on the type of permanent life insurance you have purchased. With whole life insurance, your interest rate is fixed from the start of the policy's force. With universal life insurance, a certain minimum rate of interest is guaranteed, but the actual rate of interest will probably be higher than that, and it is subject to change at any time.

Cash value grows not only through interest but through your premium payments. In universal life insurance policies, your premiums go directly into your cash value. In whole life insurance, a portion of your premium goes into your cash value.

FAQ: Universal Life Insurance

jonpinney@pinneyinsurance.com (Jon Pinney) — Thu, 08 Jul 2010 17:06:30 +0000

What is universal life insurance?

Universal life insurance policies can be maintained indefinitely.

Universal life insurance rates increase yearly in concordance with the ever-increasing age of the insured individual(s). However, as with all types of life insurance, the rates are not affected by the changing health of the insured(s).

The financial demand of universal life insurance policies' increasing rates can be offset or even wholly overcome by the growth of universal life insurance's cash value. Cash value is a cash account built into most permanent life insurance policies. It grows through premium payments and generates interest. Cash value in universal life insurance policies can be withdrawn or borrowed against, and it can serve as equity, meaning that the policyholder can surrender his or her policy in exchange for its cash value.

Universal life insurance is unique in that premium payments go straight into the policy's cash value, rather than meeting a specified, regular charge. Therefore, policyholders may pay as much or as little as they please, whenever they please (subject to certain government-imposed maxima). To collect its fee, the insurance company makes periodic charges against the policy's cash value.

Because premiums are not required on any sort of fixed schedule, it is easier for policyholders to neglect a policy of this type than of any other type of insurance. The policyholder must keep an eye on his or her cash value and keep enough in store to meet the periodic charges which the insurer makes.

The interest rate at which universal life insurance's cash value grows is not fixed. Each policy carries a certain guaranteed minimum rate, but the actual rate of growth can be changed at any time by the insurance company. Because its only guarantee of growth is a very small one, universal life insurance is considerably more expensive than whole life insurance.

FAQ: Whole Life Insurance

jonpinney@pinneyinsurance.com (Jon Pinney) — Mon, 28 Jun 2010 18:46:11 +0000

What is whole life insurance?

Whole life insurance is a variety of life insurance which guarantees a death benefit. This is in contrast to term life insurance, which only issues a death benefit if the insured dies during a finite term of coverage.

Whole life insurance may not actually last for the remainder of the insured's life, though. It may, rather, "mature," which is to say that the policy pays its death benefit and terminates while the insured is still alive. The timing of the policy's maturation depends on the growth of its cash value:

Whole life insurance policies build equity called "cash value." Cash value grows through the premiums that the policyholder pays and also through interest, compounded on itself. Because whole life insurance's premiums and interest rate are fixed and guaranteed, the growth rate of the cash value is guaranteed.

Whole life insurance policies are designed so that the cash value will grow to equal the policy's death benefit when the insured reaches a certain age (usually 100, in some cases 125). When the cash value is equal to the death benefit, the policy matures or, in another word, "endows." (No, you don't get to keep both the equity and the death benefit.)

Whole life insurance makes two significant guarantees: it guarantees the growth rate of its cash value, and it guarantees a death benefit. Those promises are pretty expensive to make (especially guaranteeing the cash value's interest rate, which may be locked in for the better part of a century). As a consequence, whole life insurance is significantly more expensive than either term life insurance or universal life insurance.

FAQ: Term life insurance

jonpinney@pinneyinsurance.com (Jon Pinney) — Thu, 17 Jun 2010 19:02:17 +0000

What is term life insurance?

Term life insurance is the standard life insurance product.

With term life insurance, your policy remains in force for only a certain duration (1–30 years, depending on the policy). If the insured dies during your policy's term of coverage, then the policy's beneficiary receives an indemnity called a "death benefit," and the policy terminates.

The policy's owner must make periodic payments called "premiums" in order to keep the policy in force during its term of coverage. Failure to pay the required premiums results in the policy terminating prematurely.

In the event that the insured outlives the policy's term of coverage, the insurance company pays no death benefit. This is the distinction between term life insurance and its alternative, permanent life insurance. The owner of a permanent life insurance policy can maintain his/her coverage for as long as it takes to get a death benefit.

Term life insurance is the simplest and cheapest of life insurance policies. It is sufficiently simple that to start shopping, you need only determine how large a death benefit you require and how long a term of coverage you require. Then, with but a few keystrokes, you can compare life insurance rates from the top insurers in the nation, and even apply online. Here are a few hyperlinks to guide you through the process:

FAQ: Term period

jonpinney@pinneyinsurance.com (Jon Pinney) — Thu, 17 Jun 2010 18:59:54 +0000

What "term period" should I select?

When you buy life insurance, it is best to reach for a balance between safety and cost.

It is safer to buy term life insurance with a long term period rather than to buy a series of policies with short terms of coverage. This is because your life insurance policy's premiums are locked in under the rate class you held when the policy first went in force. If you developed a terminal disease in year one of a 30-year policy, you could keep paying Preferred rates for the next 29 years. On the other hand, if you developed a terminal disease in year one of a 5-year policy, you may not even be able to obtain new coverage after those five years elapsed. At very least, your rate class would be must poorer and your premiums much higher.

It is cheaper to buy term life insurance with a short term period, though. As the foregoing example illustrated, the insurer takes on less risk when it issues a short-term life insurance policy, so it doesn't need to charge as much. Since our life insurance needs tend to change as our lives progress, it makes good sense to buy short-term life insurance in order to meet the needs of the present.

A compromise

You can get the security of long-term life insurance and the cost-efficiency of short-term life insurance buy carrying multiple term life insurance policies at once. Life insurance needs tend to decrease as we age, so may do well to buy a long-term policy that provides a minimal death benefit, a medium-term policy which will provide a bit more, and a short-term policy which will provide a bit more still. If you were to die in five years, all three policies would pay off, and your life insurance needs would be met. If you were to die in 15 years, two of the policies would pay off, and your life insurance needs would be met. If you were to die in 25 years, one of the policies would pay off, and your life insurance needs would be met.

FAQ: Coverage amount

jonpinney@pinneyinsurance.com (Jon Pinney) — Thu, 17 Jun 2010 18:58:08 +0000

What "coverage amount" do I need?

For quick help calculating a coverage amount for your life insurance needs, use our online life insurance calculator.

The amount of coverage you select should be equal to the financial loss which the death of the insured will impose upon you (or your beneficiary). Because human lives don't equate to monetary values, life insurance shoppers often stumble over the task of choosing an appropriate death benefit, but the process of calculating a proper amount of coverage is actually straightforward with a bit of instruction.

First of all, understand that the financial loss that an individual's death may impose does not always correspond to a loss of income. For instance, a homemaker may not earn wages, but he/she can still be insured because the death of a homemaker can bring a great financial loss on a family. How much will it cost to keep the family functioning without the homemaker? Consider the cost of a nanny, a housekeeper, a chef, etc., and you've got an idea of what financial loss is about.

If your family or business already has sufficient assets to cover all or part of the financial loss, you may not need life insurance, or you may need less than you think. If the family in the foregoing example had a lot of investments, they might choose to liquidate their assets in order to pay the costs of the nanny, housekeeper, and chef, rather than buying a lot of life insurance.

For wage-earners, current income is a good clue as to the financial loss that needs to be covered. When evaluating your coverage amount, however, reflect that the wage-earner's current level of income is probably lower than the level of income that he/she will make in ten years. The financial loss for such a person is really greater than a simple multiple of current income, then, and with inflation eating your assets from the bottom up, it's really important to involve such a factor in your calculations.

FAQ: What is life insurance?

jonpinney@pinneyinsurance.com (Jon Pinney) — Thu, 17 Jun 2010 17:01:38 +0000

What is life insurance?

Life insurance is an agreement between you and a life insurance company. Your part in the agreement is to pay certain premiums to the insurer. The insurer's part in the agreement is to provide financial compensation in case the insured life expires while your life insurance policy is in force.

Who receives the financial compensation? It can be one or many people. The policy owner decides who the policy's beneficiaries shall be. The policy owner also decides who the insured (or insureds) shall be.

In order for a life insurance policy to exist, then, there must be a financial relationship between the policy's insured (the individual(s) whose lives are insured) and beneficiary (the individual(s) who receive the indemnity). The beneficiary must incur a financial loss upon the death of the insured. This financial relationship is known as "insurable interest."

How & why insurance works

The reason behind insurance of any kind is that many people are willing to take a small loss (paying insurance premiums) in order to avoid the possibility of a much larger loss (such as the cost of a new car in the event of an accident). Insurance products allow such people to voluntarily share their risk with one another so that no single one of them is exposed to more loss than they can handle.

But what if some participants carry more risk than others? Would you want to pool your risk with someone who has cancer or alcoholism? It may seem that sharing risk with such a person is a bad idea, but the insurance industry offsets this inequity of risk by requiring higher premiums from people who carry greater risk. In any given period of time, the insurance company requires X amount of money to pay out in indemnity, and most of this money comes from the people who introduce the most risk into the collective pool.

In life insurance and health insurance, this means that people who take care of their health and live disciplined, responsible lives can (and must) pay less money for their insurance coverage. Meanwhile, people with pre-existing health problems, people with bad driving records, people with addictions, etc. pay more money for coverage.

FAQ: Medical Exam

jonpinney@pinneyinsurance.com (Jon Pinney) — Tue, 15 Jun 2010 20:57:14 +0000

What's involved in the life insurance medical exam?

The life insurance medical exam is short, convenient, and free.

Within 2–3 business days of submitting your request for online life insurance, an employee of Superior Mobile Medics will contact you to schedule an appointment for your medical exam. In most instances, even weekends and evenings are available for your appointment.

On the day appointed, a travelling nurse will come to your home or workplace to administer the medical exam. The life insurance medical exam takes only about 20–30 minutes to complete. Here's what it entails:

You will be weighed and measured.
Your blood pressure will be checked.
A blood sample and urine sample will be taken.

If these conditions are intolerable to you, you may prefer to shop for one of our no-exam life insurance policies. Simplified issue, guaranteed issue, and graded benefit life insurance require no medical exam.

The life insurance medical exam assists your insurer in determining your rate class. The cost of no-exam life insurance is significantly greater than for ordinary types of life insurance because the insurer takes on a great deal of uncertainty when it issues a policy on an unexamined individual.

FAQ: Rate class determination

jonpinney@pinneyinsurance.com (Jon Pinney) — Tue, 15 Jun 2010 20:28:01 +0000

How is my rate class determined?

When your application arrives at the life insurance company, it is passed to a special employee known as a life insurance underwriter. The underwriter's job is to assess your mortality risk and assign you to a rate class (health class) which reflects that risk.

When evaluating your mortality risk, the underwriter will consider the information you provided on your application and the results of your life insurance medical exam, as well as your medical history and your family history. No, you don't need to send in these materials; part of the underwriter's job is to contact your health care provider and request these records for himself or herself. (The time spent waiting for these requests to be filled is the primary reason why the underwriting process takes as long as it does.)

The underwriter might not stop at just reviewing your medical records, however. If your rate class remains in question (and if your policy is large enough to merit further investigation) the underwriter may consider your driving record, your credit history, and anything else that gives him/her a clue as to your life expectancy.

In choosing a rate class, the underwriter follows guidelines created by the life insurance company. For example, the company might dictate that any breast cancer survivor must undergo regular screenings for a period after remission before being considered for standard rates.

Underwriting guidelines differ from one company to the next, so a thorough understanding of the guidelines for each company will best point to the insurer with the lowest rates. At Wholesale Insurance, we pride ourselves on our underwriting expertise. We specialize in hard-to-place cases and can help you find the best life insurance rates possible.

Discount for spouse?

jonpinney@pinneyinsurance.com (Jon Pinney) — Wed, 09 Jun 2010 22:02:02 +0000

Do I get a discount if both my spouse and I apply?

That’s a reasonable question, since for some types of insurance, you can get better rates by insuring multiple assets under a single company. For life insurance, however, there is no special discount.

Usually, it's more cost effective to shop for coverage for each individual separately. The cheapest insurer for you might not be the cheapest insurer for your spouse, after all. By shopping for each of you separately, we at Wholesale Insurance can get the cheapest life insurance rates for everyone.

Some insurers offer spousal riders and child riders which you can attach to their products to extend your policy's coverage to your spouse and/or children. Unless these riders are joint-and-survivor insurance riders, however, it is still usually cheaper to shop for each individual's coverage separately.

Joint-and-survivor life insurance (also called joint life insurance, survivor life insurance, second-to-die life insurance, and last-to-die life insurance) insures multiple lives under a single policy and pays a death benefit only when the last of the insureds passes on. It's cheaper not only because it provides just a single death benefit for two lives but because it only pays off in the unlikely event that both of the insureds die during the term of coverage.

Discount for paying annually?

jonpinney@pinneyinsurance.com (Jon Pinney) — Wed, 09 Jun 2010 21:46:52 +0000

Do I get a discount if I pay annually?

Technically, no, but buying a life insurance policy on a yearly payment plan is less expensive than buying one on a semi-annual, quarterly, or monthly payment plan. It makes sense that processing fewer payments costs the insurer less. And when the insurer saves money, it passes the savings on to the customer in order to win a competitive edge.

Oddly enough, though, quarterly premiums are by far the most expensive (for term life insurance, at least). Semi-annual is not far behind, however. The reason for this increased expense is that policies on these two payment schedules are more likely to lapse due to nonpayment; it's just not natural for people to make regular payments on a 3- or 6-month period. When policies lapse, both the insurer and the policyholder lose. The insurer takes a hit because it loses the business of the former-policy owner.

Monthly automatic payment from a checking or savings account is the cheapest choice if you do not want to pay annually.

At Wholesale Insurance our online quoter indicates both the monthly and annual payment plan prices, so you can compare the difference in a flash. (Remember to multiply the monthly rate by twelve, though, for a correct comparison.)

Do you take credit cards?

jonpinney@pinneyinsurance.com (Jon Pinney) — Wed, 09 Jun 2010 18:56:16 +0000

Do you take credit cards?

We don’t take any money from customers at all, and that includes credit cards.

The company that takes your money—the financial company that actually insures you—is called a life insurance carrier. That's the company that receives your premium payments, and while most life insurance carriers do not accept credit cards, some do.

For the first premium payment (your life insurance contract is not binding until you've made this payment), most carriers require a check drawn on a bank account. Thereafter, you can opt for automatic payment (automatic withdrawal).

The general eschewal of credit cards does not betoken that you may not purchase life insurance on credit, however. In fact, borrowing money to pay insurance premiums is so common that there's a term for it: "premium financing."

If your life insurance policy is a cash value policy, its cash value can be used for premium financing. Just take out a policy loan and apply that money against your future premiums. (If yours is a universal life insurance policy, then you can use your cash value to pay premiums without taking on any sort of debt. Universal life insurance allows cash value withdrawals, which don't ever have to be repaid.)

Why do I need to apply?

jonpinney@pinneyinsurance.com (Jon Pinney) — Wed, 09 Jun 2010 17:14:31 +0000

Why do I need to apply? I already know how much life insurance I want.

Yes, you know how much coverage you want, but the insurer doesn't know whether it wants to sell that much coverage to you—or even if it wants to sell you any life insurance at all.

If the insurer does decide to sell you life insurance, it's going to require some time to determine at what rate it can afford to extend you coverage. It usually requires 4–6 weeks for the underwriters at the insurance company to request and review your medical history, family history, and anything else it needs to determine what your rate class should be.

If you are in good health, you can obtain temporary coverage to protect you while you wait for the insurer to complete its underwriting. This is known as "binding" coverage.

After it determines your rate class, the insurer calculates your life insurance rate by factoring in your age, your sex, and how much coverage you want. Then it makes you an offer, and the ball's back in your court. Are you going to accept the offer?

Actually, there is an alternative to the lengthy application process. Guaranteed issue life insurance does require you to fill out an application, but it involves no medical inquiry and no underwriting. You can have your policy in force in a matter of minutes.

What happens at the end of my coverage?

jonpinney@pinneyinsurance.com (Jon Pinney) — Wed, 09 Jun 2010 16:38:22 +0000

What happens to my 10-year term policy after 10 years?

When your life insurance policy's term of coverage is ended, you have several options. The first and simplest option is simply to let the matter drop: you pay no more premiums, and you have no more coverage.

Another option, if offered by your insurer, is to renew your coverage. What this means is that you can buy a new term life insurance policy without having to prove your insurability anew. Your new policy's term and face amount will be the same as before, and your rate class will be the same as before as well, so if you were a "preferred plus" for the original policy, you will be a "preferred plus" for the new policy. This does not signify that your rates will be the same as before, however. When you renew a life insurance policy, even though your rate class is the same, your rates will be higher than before because you are older now.

Another option is to convert your expired term insurance policy into a permanent life insurance policy. If you choose to convert, you won't get to pick just any type of permanent policy; you can only choose from the options which your insurer is offering at the time your term policy expires. The conversion options offered at the time you buy your original term life policy may not be the same ones offered later, when your term of coverage is expired. It is industry standard for life insurance companies to offer one or more conversion options.

A final option is to start shopping anew. Look for a new life insurance policy, of any shape or size, and buy the one that best meets your needs.

Will I get money back afterward?

jonpinney@pinneyinsurance.com (Jon Pinney) — Wed, 09 Jun 2010 16:26:21 +0000

Will I get any money back at the end of my term?

With ordinary term life insurance, no, you won't get any money back if the insured survives until the end of the term of coverage. Many life insurance customers find this satisfactory, since all they wish to purchase is financial protection, and money spent is money gone.

However, if you purchase return of premium life insurance (ROP life insurance), a variation on ordinary term life insurance, then at the end of the term of coverage, you will be refunded all of the premiums that you paid for the policy. How can the insurance company make any money on return of premium life insurance? As will all types of insurance, the company invests your premiums and takes its profit from the positive returns on its investments.

Naturally, in order that the insurer's returns on your return of premium policy be large enough to cover the costs of administrating the poilcy, return of premium policies must be more expensive than the norm. This does not make for exorbitant rates, nevertheless. We may find you ROP life insurance rates in the neighborhood of just one and a half times your cheapest term life insurance rate.

Why am I still considered a smoker?

jonpinney@pinneyinsurance.com (Jon Pinney) — Wed, 09 Jun 2010 16:11:29 +0000

I quit smoking 3 months ago, why am I still considered a smoker?

To be considered a non-smoker for life insurance purposes, it is essential that you abstain from smoking for a significant duration. If not so, every human being would be a "non-smoker" except while he or she was actively smoking. That may seem like a silly distinction, but in fact, many smokers quit for short periods of time and then return to smoking.

Suffice it to say that three months is not a long enough abstention to qualify a person for non-smoker life insurance rates at most life insurance companies. Each insurer sets its own minimum requirement for non-smoker life insurance rates, based on its own medical knowledge and financial capacity. One year without smoking is a common benchmark. Some insurers set the bar at three-to-five years.

Currently, at least one of the insurers with whom we contract awards a non-smoking rate class to occasional smokers or smokers who have only recently quit. If you smoke, be sure to inform us of your smoking habits forthrightly so that our efforts to find the most competitive insurer for your particular circumstances can be efficacious and you can have the lowest life insurance rates possible.

What if I replace my coverage?

jonpinney@pinneyinsurance.com (Jon Pinney) — Tue, 08 Jun 2010 21:30:52 +0000

If I am replacing coverage does the new company cancel my existing coverage

No, your new insurer won't cancel your old life insurance coverage for you. But you or we can do it. If you decide to cancel your existing policy, hold off until after your new policy is issued and in force. It would be terribly regretable to find yourself vulnerable to an unprotected death because of a delay in your application process or a denial of coverage.

If both your existing and future policies are cash value life insurance, then you should be elligible for a tax-free Section 1035 Exchange. If this is the case, we'll handle all the required paperwork for you. A Section 1035 Exchange allows you to transfer all of the cash value from an existing cash value life insurance policy to a replacement policy, without exposing your gains to income taxes and without treating the cash value transfusion as a premium.

The latter point is of significance because federal regulations place limits on how much may be paid in premiums per year before a life insurance policy loses its tax-advantaged status.

It is wise to review the life insurance market periodically in order to see whether replacing your coverage can save you money. Life insurance rates drop as life expectancies rise, and the market has come out with cheaper products as time passes.

Wholesale Insurance

Bound Coverage Definition

Bound Coverage Definition

Life Insurance FAQ

Life Insurance FAQ

Frequently Asked Questions about Life Insurance

The four most common life insurance questions

Application questions

Regarding applications

Regarding the application process

Health Questions

Money questions

Regarding cost

Regarding coverage

Regarding other finances

Privacy questions

Quoter questions

Termination questions

All questions

Life Insurance FAQ: Rates

What's my rate?

FAQ: Cash value

What is cash value?

FAQ: Universal Life Insurance

What is universal life insurance?

FAQ: Whole Life Insurance

What is whole life insurance?

FAQ: Term life insurance

What is term life insurance?

FAQ: Term period

What "term period" should I select?

A compromise

FAQ: Coverage amount

What "coverage amount" do I need?

FAQ: What is life insurance?

What is life insurance?

How & why insurance works

FAQ: Medical Exam

What's involved in the life insurance medical exam?

FAQ: Rate class determination

How is my rate class determined?

Discount for spouse?

Do I get a discount if both my spouse and I apply?

Discount for paying annually?

Do I get a discount if I pay annually?

Do you take credit cards?

Do you take credit cards?

Why do I need to apply?

Why do I need to apply? I already know how much life insurance I want.

What happens at the end of my coverage?

What happens to my 10-year term policy after 10 years?

Will I get money back afterward?

Will I get any money back at the end of my term?

Why am I still considered a smoker?

I quit smoking 3 months ago, why am I still considered a smoker?

What if I replace my coverage?

If I am replacing coverage does the new company cancel my existing coverage