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Term life insurance Frequently Asked Questions

Find out how you get the best services and rates


Etermlifeinsurancequote.com Benefits

Choosing a term life plan
Enrolling in a term life plan
Membership issues


Will I find better rates for a given term life policy if I shop around? 
No.  Making sure to compare apples and apples (age, area, health status, etc), you will get the best term life rate for a given plan right here when you run your term life insurance quote.  The carriers do not offer discounts to certain agents or quoting services so you can feel confident that the best rates are here at one site across multiple carriers and plans.

Do you charge any fee for your service? 
No.  Independent agents like us receive a commission from the carrier similar to travel agents.  This commission is the same for all agents so there's no reason to go somewhere else.  This commission allows us to provide cutting edge quoting and membership capabilities but at absolutely no cost to you.

Why should I go through Etermlifeinsurancquote.com versus a local agent or another online quoting service?
If the rates are all all the same, why not take advantage of our quoting engine which combs the major life carriers and plans and narrows it down to the best priced and most affordable term life plans that meet your requirements.  Take a look at our life insurance article database.  Read through some of the articles and you'll quickly realize that not only do we bring a wealth of experience and guidance to empower you, but our information is clearly about giving you the edge when choosing your life plan.  Take a spin and you'll realize we're trying to help you...not ourselves. 

Will you help me after I'm accepted and enrolled on a term life plan?
Of course.  We're with you through the life of the policy.  Not only can we help with choosing a plan and enrollment, but we're also here for membership issues that arise later on.  Probably the biggest one is re-evaluating your chosen plan and life insurance needs to make sure you're well taken care of at the best possible term life rate.

Are you impartial in helping with the term life process?
This is probably the most important benefit we bring.  You'll feel it throughout the site and our extensive list of term life articles.  So often, the biggest key to any purchase is the ability to know the company is acting in your best interests...as if you were them.  We are independent agents...not captured agents.  If we just wanted to increase commissions, we would be offering whole life.  You'll see that's definitely not our take because we don't feel it makes sense.  You are in the driver seat.  We just gave you a brand new race car and we're happy with whatever plan and rate that car takes you to. 

Choosing a term life plan

How do I compare whole and term life insurance?
We probably have 3-4 articles (term versus whole, why term, term and investing, etc) on this site dealing with this comparison.  The condensed version is that it's hard to justify the much higher premium for whole life insurance for what you get.  If you get life insurance for your entire life...you're going to pay dearly for it.  It's like a health plan that has zero deductible and no out of pocket.  It sounds great but you'll pay so much to have it that it doesn't make sense.  That's not insurance.
How much term life coverage is enough?
Think of term life as a way to replace income over a long period of time.  This is a good start to getting to an answer for this question.  We recommend that you read our "how much term life" articles and also take a spin at  the Term Life Planner tool that we have provided in that order.  This should give a great deal of guidance (which is our job after all).
What's important when comparing carriers?
Can they pay?  It's that simple.  We want strong life insurance agency ratings for the carriers and based on this, we have narrowed down the options quoted on our site to the strongest and best-positioned carriers on the term life insurance market.  You'll also find the three major rating agencies next to each plan to further help in this comparison. 
How do I know what Health Class I should quote?
This is probably one of the tougher questions as it's a term that's specific to life insurance.  We have more in depth information at our Term life health class article.  This page will break down the major categories that life companies consider when underwriting a policy.
What impact will smoking have on qualification and rates?
It will increase your rates.  The life insurance companies usually require that a person be smoke free for a period of time (1 year to 3 years on average) before they will offer a better rate.  We discuss more detail at our term life insurance and smoking article.  Some carriers might be more flexible and we're happy to help you narrow the options.  The online quoting tool automatically takes into account smoking when it provides the best rates.
What if I'm in poor health?
First, take a look at our Health Class article since it's pretty amazing how many people can qualify for some underwritten coverage.  If not, High risk or no medical life insurance provides a back-up option although, at a higher cost.  Let us know about your situation and we can use our experience to provide guidance as to which way to go.
Should I replace my existing term life insurance plan?
There are many variables to evaluate with this question.  It's mainly a question of cost per dollar of coverage.  On one hand, term life rates have dropped significantly but there's a cost to applying at a higher age.  There's also the question of whole life versus term life plans.  This is really where a licensed term life insurance agent life us becomes crucial.  Check out our Replacing existing life insurance article to start.

Enrolling in a term life plan

Once I submit my application, then what happens?
We'll go through the paperwork to make sure there's nothing that will slow it down.  We'll quickly submit it to underwriting.  The life insurance company will either set-up a phone interview and/or a paramedical exam.  The paramedical exam company will arrange a time and place (they typically come to you) with you for the exam.  We are now in the underwriting process which we help with during the entire process.  The carrier will then either make an offer for coverage or defer/decline coverage.  We can help with your options at this point as well.
What's involved with the Paramedical exam?
The life insurance paramedical exam is a good part of the application and enrollment process for term life insurance.  We give more detail at our term life paramedical exam article, but essentially it usually consists of a blood panel, basic measurements (height/weight, blood pressure, etc) and a medical history/status interview.  The exam is mobile so they come to you at a time and place of your choosing.  It usually takes around 20-30 minutes and can work around your schedule.
Do I submit money with my term life application?
We strongly recommend you submit the first premium with your application as it has a bearing on when the life insurance coverage effective date begins.  If payment is submitted, you may have temporary conditional coverage if the application is ultimately accepted and coverage is offered.  Otherwise, it can push the effective date out further.  Unfortunately, we have seen situations (anything can happen if you do enough policies) where applicants have passed away during the underwriting process and did not submit payment.  There's no downside since you have a 10 day free look period to request cancellation from when the carrier gives written notification for a full refund.
Is there a discount for certain payment options?
Generally speaking, you will pay a slight bit more for a shorter payment period (i.e. monthly is more expensive than quarterly which is more expensive than annually).  Each carrier with have their own payment options.  Term life insurance rates have dropped so much that it might not make a such a difference in your choice.  You can check with us during the enrollment and application process to go over the options and cost.
How long does the application process take?
The paramedical exam is usually scheduled 5-10 days after the application is submitted and sometimes faster depending on your schedule. 
The paramedical exam is subject to availability on both sides.  After this exam, we usually have an answer back in another 7-10 business days depending on the particular carrier.  All together, it's best to assume 2-4 weeks to fully process.  This is why the conditional temporary coverage and initial premium submittal is so important. 

Membership Issues

What if I need to file a claim?
First, you should contact us.  We'll walk you through the process.  When filing a life insurance claim, especially during the period after losing a loved one, it's critical to have a trusted guide.  Most carriers require two documents: 1) proof of death such as a death certificate of physician statement; and 2) a claimant's form...essentially the form that the beneficiary completes to initiate the benefit process.  Again, this is the time to use our valuable experience during a very difficult time.

Will etermlifeinsurancequote.com help me after the enrollment?
Of course.  We're not just here to choose and enroll in an affordable term life insurance plan...but we're with you for the life of the policy.  Feel free to contact us about changes to policy information such as beneficiaries, addresses, etc.  More importantly, we're here to review your term life rates and amounts to make sure you have the best deal on the market.  Things changes (especially in this market) and the trend has been down so you can always come to us for an impartial evaluation of your life insurance mix.

What are the different payment options?
Most carriers offer standard billings, auto-deductions from a checking account, and the advent of payment by credit cards may be approaching.  You can usually choose an annual payment, bi-annual, quarterly, or monthly payment.  We recommend the auto-deduction only because it has the lowest lapse ratio compared to a standard mailed billing.  Addresses change and due to the infrequent billing of an annual term life premium, it may miss you.  Auto-deduction avoids this issue.

Can my term life insurance policy be cancelled due to health issues?
Term life insurance plans quoted on the site are Guaranteed Renewable.  This means it can only cancel due to non-payment of premium.  There is a 2 year Contestability Clause which comes into play the first two years of the policy if there was fraud of misrepresentation during the application/enrollment process.  We address this and more at our Things not to do on the term life application article.

After my term runs up, what will the cost be and can I renew?
Term life companies may offer the ability to buy more term coverage when the term ends but the cost will be higher as it's based on the age at that time.  Age is the leading driver of term life rates.  This is why it's important to plan and purchase the correct amount of term and length of term up front while you have lower rates based on a younger age.  We are here to help analyze your life insurance needs and find the cheapest way to safely address them.


The How's, When's, and Why's you need to purchase affordable term life insurance at the best possible rate. It's all right here and if you have additional questions, please feel free to contact us                          


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DISCLAIMER   -   Information provided on this page is intended as a general overview.  Your situation regarding life insurance may be different and we strongly          
 recommend speaking with a license life insurance agent.  This information is solely the opinion of etermlifeinsurancequote.com and may not be suitable for you.