Term Life Insurance – Frequently Asked Questions

What policies are included in the proposals I received?

We offer term life insurance plans on a 10, 15, 20, and 30 year basis.  Premiums are guaranteed throughout the duration you choose.  Most policies can be renewed after the plan duration up to age 95 or converted to permanent life insurance plans.  Please note that annual premiums may increase remarkably after the initial guaranteed period expires. Your family deserves to have the best life insurance coverage available.  We will present you with all the options so that you will be able to choose what is best for you and your family.

What other factor should I be concerned with other than the price?

Price is one factor when looking for term life insurance, but a few others are also worth your consideration. You want to look at the financial strength of the life insurance companies.   Their financial strength and tradition of paying client claims reflects their ability to provide for your family in the future.  This is why we only offer the life insurance companies with the highest ratings to you.

You also want to consider the number of years on your policy.  Keep in mind that the number of additional years of a new policy adds value.  If you are comparing a new policy with an old one, remember that these additional years of coverage represents a significant financial value to your family and increased peace of mind to you.

Is a medical exam mandatory when applying for term life insurance?

A basic paramedical exam is mandatory for most term life insurance programs.  We will schedule this exam at your convenience, at no cost to you.

The exam only takes about 15 to 20 minutes.  It will include answering a few questions, a blood pressure reading, and obtaining a blood and urine sample.

Please keep in mind that medical examiners are not licensed life insurance agents and will not be able to answer questions related to life insurance coverage.  If you have any questions throughout the application process, please feel free to talk to us.  We are happy to help you with any questions you may have.

What are available payment plans?

Your quote will include premiums on an annual basis.  Other options include monthly, quarterly, and semi-annually.  Annual plans usually represent the best value.  Most companies will offer a discount for annual payment.

How long does it take to process the application?

The average time from completion of application to approval is four to six weeks.  This may take longer if there is delays in scheduling of your medical exam or if your medical history has to first be ordered from your physician.

As you begin the application process, talk to us about any special time limitations you may have.  Never cancel your existing policy until your application is approved and its requirements, such as payment, are met.

Should I cancel my current coverage when I apply to one of Sense Financial’s companies?

No.  Coverage of your new policy is not in force until all of the following occur:

  • Your application is approved
  • You accept the policy
  • Your payment is received

Do not cancel your existing policy until you receive approval, accept the policy, and comply with the requirements of your new policy.  Some of these requirements may include:  payment, delivery receipt, etc.

If you are replacing an existing policy, please remember that the suicide and incontestability sections of your new policy will apply.

If you plan to cancel a cash value-type policy, surrender charges and/ or tax consequences may occur.  Please consult your current financial, legal, or insurance agent in this matter.

We are happy to answer any additional questions you may have prior to and throughout the application process.

How can I get my coverage in force faster?

You can help us process the application faster by following these tips:

  • Use our internet site to generate your free, no-obligation quote
  • Provide your email address so we can promptly contact you
  • Give thorough explanations of all “yes” answers on your application
  • Schedule your paramedical exam promptly when we contact you
  • List the full name and address of your physicians

This valuable information will help the underwriting process run smoothly.

What is a conditional receipt?

A conditional receipt may be available to you once you submit your application and make your first premium payment.  The conditional receipt signifies a temporary contract of coverage by the life insurance company during the application process, if you are deemed eligible by their underwriting process.

This coverage is only in force if you meet eligibility requirements and make your first payment on your premium.

If you are deemed eligible for the policy you applied for, the conditional receipt extends coverage before your actual policy is issued.  Again, you must meet eligibility requirements and pay the premium before this coverage is in force.

All conditional receipts have limits on both the amount of coverage and the length of time it is in force.

Those who want or need immediate protection may receive this limited coverage at the time of application, if the terms are complied with prior to receiving it.  Please review the terms of conditional coverage if this option is of interest to you.