Frequently Asked Questions (FAQs)
About Life Insurance
Life Insurance Questions,
Term Life Insurance Information,
Life Insurance Policy Information
You've got life insurance questions? We've got answers! At WholesaleInsurance.net, we understand how confusing life insurance can be. That's why we created a Frequently Asked Questions (FAQs) section. Here you can find answers to many of the questions you may have about life insurance.
Click on the links below to get answers to the most common life insurance questions.
23 Frequently Asked Questions About Life Insurance
- Who will see my personal information?
- What happens if I decide I want more or less coverage two years from now?
- What happens if I lose weight or quit smoking after my policy is issued?Can I just let them know for a lower or non smoker rate?
- What is the process?
- Why does the carrier care about my other policies?
- Will you be contacting my employer?
- If I am replacing coverage does the new company cancel my existing coverage?
- Why are the rates lower now than for my policy I purchased 10 years ago even though I am older?
9. Who will see my personal information?
A. The information contained in medical and financial records will be held in confidence and will be used only for the purpose of determining if you qualify for the insurance coverage you are seeking. Your information may be reviewed and assessed by a qualified staff consisting of medical directors, underwriters, underwriting assistants or other related employees involved in the submission, receipt or evaluation of insurance applications.
10. What happens if I decide I want more or less coverage two years from now?
A. If you want to lower your life insurance coverage please let us know and we can assist you in completing a policy change form and submitting it to your life insurance company. If you want to increase your coverage, please call us so we can make sure you obtain the most competitive rates. Increasing death benefit almost always requires going through the underwriting process again.
A. Every company has different time requirements relative to smoking and weight loss. When you lose weight, quit smoking, or have any other positive change in your health, please let us know so we can help you obtain the best rate.
A. You chose the plan and amount of death benefit and apply on line or call us for assistance at (800)823-4852. We will call you to assist you in filling out the application and to schedule your exam. Once you've completed your exam and signed and submitted your application, the insurance company underwriters evaluate your health by reviewing your exam and lab work and looking at the medical records provided by your doctors. They also look at your financial needs for insurance and consider any hazardous avocations you participate in. Once the underwriter determines your "risk" the company makes an offer to insure you at a specific rate. We communicate that rate to you, provide you with alternatives and answer any questions you may have. The policy selected is then issued by the insurance company and we send it to you.
13. Why does the carrier care about my other policies?
A. All life insurance policies being applied for or in force are considered in the underwriting process, particularly the financial underwriting process. The existence of large amounts of insurance may also affect the insurance company's access to reinsurance.
14. Will you be contacting my employer?
A. No.
15. If I am replacing coverage does the new company cancel my existing coverage?
A. No. If you decide to cancel your existing policy you need to do so yourself, but DO NOT DO SO until after your new policy is issued and in force. If you are eligible for a "tax free exchange" of your policy, we will handle all required paperwork.
16. Why are the rates lower now than for my policy I purchased 10 years ago even though I am older?
A. Life insurance is a very competitive business and competition and improved life expectancies have driven rates down.
