Senior Care Plus

Life Insurance - FAQ's & Tips

  • Why should I use Associated Insurance Professionals vs. other alternatives?

    A.I.P. provides a balance of experience and commitment to service that is unique in our industry. We command the attention and accountability of the companies we represent, which helps assure that our clients receive the most competitive pricing and prompt attention to issues that arise. It is our effort to provide personalized service throughout our business relationship. Whether questions prior to applying, concerns during the application process or any other issues that arise once your policy is in effect, we are here to serve you!
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  • What type of policies are included in the proposals you sent me?

    All programs presented are term life policies. They are illustrated on a 10, 15, 20 and 30 year basis. While most term policies are renewable to age 95, the annual premiums may increase significantly after the initial rate guarantee period expires. Many term life policies are convertible to permanent life insurance plans. Most of our companies offer guaranteed premiums for the entire level period, while a few offer a projected level premium with guarantees for a shorter period. This specific detail is illustrated in the proposal. We present all plans for your review so you can determine the best option. We generally recommend the guaranteed products as long as the premium difference is not significant.
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  • How do I tell the difference between Guaranteed and Non-Guaranteed policies?

    The quote information provided includes both guaranteed and non-guaranteed term life insurance programs. The second page of each proposal details the specific attributes of the company's plan. This includes A.M. Best rating, guaranteed renewability, conversion privileges, as well as length of premium guarantees. Carriers offering the longest guaranteed period represent the best value. The asterisk (*) on the enclosed proposals notes the end of the guarantee premium period.
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  • I have never heard of the company recommended. Should I still consider their plan?

    All carriers that we represent are top quality carriers with AM Best ratings of A-, A, A+, or A++. These are considered to be "excellent" or "superior" ratings and signify their strong ability to meet the ongoing obligations to policyholders. Though you may not be familiar with a company's name, we have the greatest confidence in the carriers we recommend and are proud to represent them.
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  • Is price the only thing I should be concerned with?

    With term life insurance there is no cash value, dividends, loans, investment options, etc. to be concerned with. Always find a guaranteed level plan from a carrier with strong financial ratings. Remember when comparing an older policy to a new one, the number of additional years the premium is guaranteed into the future represents an enhancement of value.
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  • How much coverage do I need?

    When determining the amount of coverage you should have, a review of your personal circumstances is necessary. Utilizing our "insurance calculator" accessible via our website can be very helpful in organizing you assets, liabilities and setting goals for your families future needs. A more simplified approach includes calculations based on a multiple of your income. A level generally recommended is eight to ten times your income and then potential reductions from that calculated amount based on your personal financial situation. Elimination of your mortgage or other debts, savings in excess of your retirement plans, a spouse's continued income, and dependents that are of adult age, are all circumstances that can help reduce the necessary amount of insurance your family may need. Do not hesitate to contact us. We look forward to providing you any assistance we can.
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  • Will I always receive the price quoted from the carrier I apply to?

    NO! Each company has certain underwriting guidelines that you must meet to qualify. They are similar with most companies, but certain carriers are more flexible than others. Areas they review include: medical history, height, weight, cholesterol, driving record, family history of heart disease/cancer, hazardous sports, etc. We make every effort to provide you the most accurate and realistic proposal based on your personal circumstance whether via the internet or through a call to our service center. If you do not receive the rate quoted, the company will generally offer an alternative. You may accept it or decline it. There is no cost to you should you decide to decline.
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  • Is a medical exam required?

    A basic paramedical exam is required for most term life programs. The exam is very simple and takes approximately 15-20 minutes. The examiners will typically request a blood and urine specimen, take your blood pressure and ask questions concerning your medical history. Examiners are not licensed insurance agents and are unable to assist with questions regarding your application. Please don't hesitate to contact us with any questions or concerns.
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  • What payment plans are available?

    The premiums quoted are on an annual basis. Other premium options include monthly, quarterly, and semi-annually. The monthly plans are done on an electronic fund transfer basis. Most companies offer you a discount for the annual payment as noted on the premium illustration.
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  • How long does the application process take?

    Once we receive your application and the paramedical exam has been done, approvals typically occur within a four-week period. Longer periods can occur if scheduling your medical exam is delayed or if your medical history from your physician must be ordered. Let us know of any special time limitations and never cancel your existing policy until you are approved.
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  • Should I cancel my current coverage when I apply?

    NO! Coverage is not in force until approved by the carrier selected, you accept the policy and payment is made. You should not cancel your existing policy until you receive our policy and comply with any outstanding requirements, such as payment, delivery receipt, etc. Please remember that if you are replacing an existing policy the suicide and incontestability sections of the new policy will apply. Also, if you plan to discontinue a cash value type policy, you may incur surrender charges and/or have tax consequences. Your financial, legal or current insurance agent should be consulted.
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  • What is the quickest way to get my coverage in force?

    There are several things you can do to help expedite the application process. Using our internet site to apply helps reduce processing time. Be sure to include your email address, which helps us promptly contact you with any additional information requests. Also, a thorough explanation of all "yes" answers on your application, prompt scheduling of your paramedical exam, and a listing of the full name and address of all your physician's help quicken the underwriting process.
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  • What is a conditional receipt?

    For those who want coverage in effect at the time of application, under certain limitations, companies will extend conditional coverage based on the terms outlined in their "conditional receipt". The terms must be complied with prior to conditional coverage, so careful review is imperative if selecting this option. All conditional receipts maintain limits on the amount of coverage conditionally provided and the length of time it is in force. Those using this alternative typically have no other coverage in force and have an immediate need for some protection. 
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