Question 1

Will I need a medical exam?

Accepted Answer

It depends on the policy and coverage amount. Many term and permanent policies require a medical exam, but some offer simplified or no-exam underwriting — often with a smaller death benefit or higher premiums. Your agent can explain which options are available to you.

Question 2

How do I choose a beneficiary?

Accepted Answer

A beneficiary is the person or entity who receives the death benefit. You can name one or more beneficiaries, and you can usually change them at any time. It's wise to keep beneficiary designations up to date as your life changes.

Question 3

What affects the price of life insurance?

Accepted Answer

Common factors include your age, health, tobacco use, the type and amount of coverage, and the length of coverage for term policies. Generally, younger and healthier applicants pay less. Your actual rate is determined by the insurer's underwriting.

Question 4

What is underwriting?

Accepted Answer

Underwriting is the process the insurance company uses to assess your application and decide whether to offer coverage, at what price, and with what terms. It may involve health questions, a medical exam, and a review of your history.

Question 5

How long does approval take?

Accepted Answer

It varies. Some no-exam policies can be approved in days, while fully underwritten policies may take several weeks depending on exams and records. Your agent can give you a realistic timeline for the option you choose.

Question 6

How often should I review my policy?

Accepted Answer

A good rule of thumb is to review your coverage after major life events — marriage, a new child, a home purchase, a job change, or retirement — and at least every few years to make sure your coverage still fits your needs.

Question 7

Can I replace an existing policy?

Accepted Answer

You can, but replacing a policy isn't always the right move. A new policy may cost more as you age, and you could lose benefits or cash value from the old one. Never cancel an existing policy until a new one is in force. Discuss any replacement carefully with a licensed agent.

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