In general Term Life insurance is the lowest priced type of life insurance
coverage available and usually offers the largest coverage amount for the
premium cost. It is designed to provide coverage for a specific period
of time and usually has a coverage period of 5-30 years. Guaranteed level
term life insurance, which is the most common type of coverage, provides
a guaranteed level death benefit along with a guaranteed level premium
cost. An individual's need for coverage usually dictates the period of
coverage chosen. The death benefit chosen is usually determined by financial
obligations like a home mortgage or need for future funds in the event
of death. Examples of future needs would be replacement of future income
or college education needs. In the event of the death of the insured individual
the beneficiary would receive the death benefit (insurance coverage amount).
In addition, most term life insurance plans have many optional benefits
available like money back riders (Return of Premium), spouse and child
riders, and accelerated death benefit riders. For questions regarding what
is right for you, please call us at 408-358-1136. Thank you for choosing
Quote Insurances.
Return to TopWhat Is The Money Back Rider (Return of
Premium)?
Truly one of the greatest values
in life insurance today. The Return of Premium rider will provide a guaranteed
refund all of the premiums you have paid on your term policy plus any optional
riders, minus any benefits that may have been paid during the policy period. If
no benefits have been paid during the policy period, you will receive a full
refund of all premiums you have paid at the end of the policy term, Guaranteed.
If the policy is cancelled before the initial term period the refund will be
prorated based on the length of time the policy has been in force. A detailed
prorated schedule is included in all policies.
At Quote Insurances we understand that the quoting process for life insurance
can be confusing. We want to ensure that you have all the tools necessary
to understand the entire term life insurance quote process, including your
rate class. Your rate class is based on several factors, including, personal
medical history, family health history, height, weight, occupation risks,
and dangerous hobbies (aviation, hang-gliding, etc.) an applicant may participate
in. The rate classes ranges from Super Preferred to High Risk Rated based
on these factors. The chart below will help guide you through this confusing
process and is designed to give you a general idea of how you can be classified.
If you are unsure of your rate class, have a health concern, or need help
getting you term life insurance quote, please contact us at 408-358-1136
or e-mail us at contactus@quoteinsurances.com
Category
Best / Preferred
Plus
Preferred
Standard
Plus
Standard
Physical / Mental Impairments and Medical
History
No health impairments allowed. No
personal history of cardiovascular disease or diabetes.
No health
impairments allowed. No personal history of cardiovascular disease or
diabetes.
Some minor health impairments
allowed.
Some health
impairments allowed. Can have personal history of certain medical
conditions.
Blood
Pressure
No current or past history of
blood pressure treatment. Current and average readings in the past two years not
greater than 140/85.
Currently
well controlled with current and average readings in the past two years not
greater than: 150/90
Currently well controlled with
current and average readings in the past two years not greater than: 150/90 -
age 60 and younger, 155/95 - age 61 and over.
Currently
well controlled with current and average readings in the past two years not
greater than: 155/95 - age 60 and younger, 160/95 - age 61 and
over.
Family Medical History
No cardiovascular disease or
cancer in either parent or siblings before age 61.
No
cardiovascular death of either parent before age 61.
No more than one cardiovascular
death in parents before age 61.
No more
than one cardiovascular death in parents before age
61.
Personal
Driving
History
Not available if 2 or more moving
violations in last 3 years, or if any DUI in last 60 months.
Not
available if 3 or more moving violations in the last 3 years except with flat
extra, or if any DUI in last 60 months.
Not available if 3 or more moving
violations in the last 3 years except with flat extra, or if any DUI in last 24
months.
Not
available if 3 or more moving violations in the last 3 years except with flat
extra, or if any DUI in last 24 months.
Use of Tobacco or
Nicotine
Products
No use in the past 36
months.
No use in
the last 12-36 months.
No use in the last 12-24
months.
No use in
the last 12 months.
History of
Cancer
Depending on company, only
available on certain types of skin cancer.
Only
available on certain types of skin cancer.
Coverage may be available based on
specific cancer history.
Coverage
may be available based on specific cancer history.
Cholesterol
Readings
Levels may not exceed
220.
Levels may
not exceed 250.
Levels may not exceed
285.
Levels may
not exceed 300.
Cholesterol /
HDL
Ratio
May not exceed
4.0-5.0.
May not
exceed 6.0-6.5.
May not exceed 7.0.
May not
exceed 7.5-8.0.
Substance or
Alcohol
Abuse
No history of substance or alcohol
abuse.
No history
of, or treatment for, abuse in past 10 years.
No history of, or treatment for,
abuse in past 7 years.
No history
of, or treatment for, abuse in past 7 years.
Hazardous Activities
(i.e. Sky diving,
Hang
gliding, Rock climbing, Scuba diving, Aviation
etc)
Commercial airline pilots
accepted. Private pilots - may qualify with aviation exclusion. Available
only if no flat extra premium would be required.
Commercial
airline pilots accepted. Private pilots- flat extra may apply depending on
experience. Available; however, may have flat extra.
Commercial airline pilots
accepted. Private pilots- flat extra may apply depending on
experience. Available; however, may have flat extra.
Commercial
airline pilots accepted. Private pilots- flat extra may apply depending on
experience. Available; however, may have flat extra.
Residency-
Citizenship
Must be a US resident for past 3
years and either a US citizen or have permanent Visa/ Greencard.
Must be a
US resident for past 3 years and either a US citizen or have permanent Visa/
Greencard
Must be a US resident for past 2
years and either US citizen or have permanent Visa/ Green card.
Must be a
US resident for past 2 years and either US citizen or have permanent Visa/ Green
card.
Height and Weight Table
Category
Super/ Preferred
Plus
Preferred
Standard Plus
Standard
50
145
154
164
189
51
149
159
169
193
5'2"
153
164
174
197
5'3"
158
169
179
204
5'4"
162
175
185
209
5'5"
166
180
190
215
56
170
186
202
220
57
176
192
204
225
58
182
197
207
230
59
188
203
213
235
510
193
209
220
242
511
199
215
226
251
60
205
221
232
256
61
211
227
239
263
62
216
234
245
271
63
222
240
252
279
64
227
246
259
286
65
233
253
266
293
66
238
260
273
300
67
243
266
280
307
68
249
273
287
316
69
254
280
294
325
610
260
287
301
333
611
265
294
309
341
70
272
301
316
349
Return to TopHow Much Life Insurance Coverage do
I Need?
Most Financial Advisors recommend at least 10 times your annual income
for your life insurance coverage. In addition, if you have financial or
business obligations, dependants, or anticipated future needs the amount
may be as high 20 times your annual income. The following chart is an approximate
outline for determining general coverage needs based on age.
Ages
Income
Multiples
20-30
20x Income
31-40
16x Income
41-50
12x Income
51-60
8x Income
61 & Up
5x Income
To determine your recommended
coverage, select your age category and the income multiple from the above chart.
Enter your estimated annual income and income multiple into the calculator to
below for your recommended coverage amount.
What is Level Term Period and what
should I choose?
Choosing a level term period is an individual
choice, although depending on somebodys age, some level term periods may or may
not be available. The factors involved in choosing a term period are as follows:
how long is the coverage needed? Is there a possibility that the coverage will
be needed longer than you think today? Many people feel that currently coverage
is needed for a certain amount of time. However, future needs are often hard to
forsee. We recommend choosing a level term period that makes sense now, but in
the future. If you are unsure if your needs will change, we may suggest a longer
term period. In addition, a longer level term period may have a minimal
increased cost, making the longer period more attractive for a fractional
difference in cost. An example might be, you think you may only need a 20 year
level term, but a 30 year term is only a few dollars more per month.
Generally a medical exam is
required for most life insurance companies. This process can be completed at
your home or any other convenient location. The exam takes about 15-30 minutes
and is conducted by a licensed paramedical or medical doctor and is at no cost
to you. An exam generally involves a blood and urine specimen, blood pressure
reading, height and weight measurement, and sometimes a series of questions
regarding your medical history, including questions
regarding medical conditions, surgeries, medications, or other treatments you
may have had. He or she will also ask the names and addresses of physicians
and/or hospitals that have treated you. You may wish to make a few notes in
advance to save time during the exam.
All information obtained during the examination is
strictly confidential and is sent to the insurance company as part of your
application for life insurance. You can request a copy of the lab test results
directly from the insurance company, or you may send a letter with your
application. To request your results by letter, write to the insurance company
asking for a copy of your lab test results. Please include your name, address,
the date and your signature.
Most companies provide conditional (temporary)
coverage at the completion of the medical exam provided a premium payment is
made when the application is mailed. This temporary coverage is subject to the
conditions outlined in the conditional receipt.
NOTE: If you are replacing an
existing policy and to ensure that you do not lose any coverage, it is very
important to continue your current coverage until a new policy is approved at a
satisfactory premium.
If you would like the conditional coverage during
the time your policy is being underwritten, you may include your first premium
payment with the application. In most cases, coverage will start after the
medical exam is completed. However, if you prefer to wait until your policy is
approved, your first premium payment will be due once we confirm your policy.
Your coverage will start once the premium is received.
How Can I
be Sure I am Purchasing Life Insurance from a Reputable Company?
All insurance companies are rated by several financial rating services, including A. M. Best, Standard & Poor's, Fitch, and Moody's. Insurance carriers are evaluated on their overall financial strength and are assigned a rating. Each rating service maintains their own rating system. We only represent companies that are rated highest by A. M. Best.
Do
the Insurance Carriers Have any Limitations to the Life Insurance Death
Benefit?
Suicide The insurance carrier will provide the
full death benefit in the event of a suicide of the insured, in
the event suicide occurs after two years from the policy issue date.
Incontestability The insurance carrier
will provide the full death benefit and will not contest any information
provided in the application, if the death of the insured occurs after two years
from the policy issue date or reinstatement.
