Frequently Asked Questions
Ten times your annual income is a good place to begin. Most families will suffer a financial setback in the event of a “breadwinner’s” death. Therefore, companies will allow the working insured to purchase 10 to 20 times their annual income depending on their age. For example, if the insured makes $100,000 a year, they can qualify for a policy between $1,000,000 and $2,000,000 to ensure financial security for your beneficiaries. Ages 65 and up may be limited to 5 times of your annual income.
The non-employeed spouse will usually be able to purchase up to 50% of the insurance the working spouse has on his/her life. These maximums will vary by company. This coverage can be beneficial to the surviving family members because it allows for the survivor to make career changes and time to care for the family after the death of a parent/spouse.
There is no cost to apply. The exam and application process is paid for by the insurance company. You are not obligated to pay for anything.
Once you decide on your coverage, we will set a date and time for your medical exam. This exam can be done at your home or office and it is free. The entire process can be tailored to fit you schedule.
Each company has their own health class criteria. While similar in most areas, certain factors can yield significant fluctuations in pricing. This is where Insurance 360 can assist you in choosing the company and coverage best suited for you. Our 30+ years of experience allows us to help you choose a company that addresses your specific needs. For example, if you have a family history of cancer or if you are on blood pressure medications, we know which company will be more likely to offer better rates.
All companies that we represent are rated by independent financial rating services such as A. M. Best, Standard & Poor’s, and Moody’s. These independent rating services evaluate the overall financial strength of the company and Insurance 360 can provide you with the most current rating available.
Insurance 360 is privately owned and operated by Scott Harper. Scott has been at the forefront of the life insurance industry since 1983, and is widely recognized as a “customer first” professional. Private ownership allows Insurance 360 to move quickly to leverage the constant change of market conditions and pricing, resulting in savings for our customers. Please feel free to call our owner, Scott Harper, or any of our staff at 800-327-2866 to discuss your specific needs.
Being comfortable with your insurance advisor is very important and that’s why our relationships span decades. The reason you should shop and compare prices, is that you may find that your existing agent may be tied to one insurance company or limited with the choices he/she has to offer. With over 30 years of experience, Insurance 360 is on the forefront of competitive life insurance prices and options. Our staff has been well trained to help you with your pricing options, whether you are in prefect health or have a few health concerns. Ultimately, comparison-shopping is the best way to get the best prices. We are confident that when you compare us to others, we will be your agent for life.
Your policy will be written with a top insurance company such as Transamerica, Prudential, or American General. Insurance 360 is the agent that represents the insurance company.
The company will be insuring your life and providing coverage. Insurance 360 is the agent that represents the insurance company. Your beneficiaries can contact either the insurance company directly or call our office. Either way, assistance will be provided to the beneficiary to insure your benefit is paid in a timely manner.
Our experience and expertise ensures that you will get the best prices possible based on your unique needs. The individual insurance company (not the agent or broker) sets the prices for your personal policy based on your individual health, habits, and additional factors. The life insurance company will determine the price on your policy after looking into your medical history and other factors. At Insurance 360, we price you as accurately as possible based on the initial information you provide to us. The skill lies in finding the best price based on all factors. Our experience and industry knowledge works in your favor.
Your premiums are fixed for 10, 15, 20, or 30 years. At the end of the initial period the premiums take a big jump in price; however clients have several options. At any time within the initial term period, clients can shop other options and try to extend their coverage with a new health exam. Depending on your age and the specific policy, you may have the option to convert to a permanent policy without a new medical exam. Some clients may decide to continue the current policy and pay the increased premiums, but the most important thing to remember is that it is your decision. We will be happy to assist you with finding the best options for your specific needs.
Depending on the policy you choose, the rates are guaranteed, 10, 15, 20, or even 30 years.
No. Your policy cannot be cancelled except for non-payment of your premium.
Unless you or your beneficiaries choose otherwise, the death benefit can be paid in one lump sum. Other settlement options are available.
No. Once your policy is in force, the company cannot cancel or change your policy assuming full disclosure was provided at the time your application and exam.
Typically, each company will have 4 rate classes that are considered “preferred plus” to “standard”. Most companies start your underwriting at the standard rate class and begin adding or subtracting credits and debits based on your individual health factors. For example, if you have not used nicotine in 10 years, have an excellent family history, no alcohol or drug abuse, but take medication to control you depression, you would very well qualify for the “preferred” rate class.
Our staff will ask you a series of questions that will help us deliver an estimated price for your coverage. The specific criteria will differ from company to company, so it is our job to help match you with the company that will give you the best rate based on your specific health history. Every company is different, so this is why our 30+ years of experience will be beneficial with your insurance purchasing decision.
Most companies will treat the use of cigars, chew, pipe smoking, and nicotine gum the same as if you smoked cigarettes. However, one well known insurance company will still give you a non-smoker rate even if you use nicotine products as long as you don’t smoke cigarettes. This company can actually save you up to 50% on your term insurance cost per year when compared to other companies.
The first thing you should be aware of is that any new policy will have a new suicide period (normally 2 years) and a new contestability period (normally 2 years). If you are replacing a term policy with a term policy, be sure to compare the guarantees, convertibility, company strength, as well as price.
Please remember that there are no guarantees that you will be offered a new policy. Do not cancel anything until you secure your new coverage and confirm that the new policy is in force.
Never terminate an existing policy until your new coverage is in force.
Even if you have some health concerns, we can often find a policy for you. The real question is at what price? The good news is that over the last 30+ years, we have the expertise to shop for coverage with a number of big-name, quality companies. Depending on your health concerns, we know which companies are likely to do the best job with your health issues. Often, we will request a preliminary inquiry from various companies so you will have a better idea what price you can expect before you take the time to complete your medical exam.
Most companies have similar policy rider options. These options can vary with age and coverage. Some of the typical rider options are waiver of premium, accidental death, children’s term riders and accelerated death benefit.
Wavier of Premium – If totally disabled, the insurance company will continue to make your premium payments on the policy. See policy provisions for specific details.
Accidental Death Benefit – This is an extra death benefit that is paid in addition to the actual face amount of the policy. See policy provisions for specific details.
Children’s Term Rider – This rider provides a small policy on the insured’s children in the event of their death. See policy provisions for specific details.
Accelerated Death Benefit – This feature advances a portion of the death benefit if the insured is diagnosed with a specific illness that is expected to result in death within 12 months. See policy provisions for specific details.
We hope these answers have helped you in your decision.
As always, please feel free to contact one of our staff and we will be happy to walk you through the process.