Term life
online quote
- Temporary life insurance
temporary life insurance for those quick needs
There are two general needs people have when they want "temporary life
insurance".
Common needs for short term:
- Waiting for underwriting on fully underwritten life insurance
- Cover specific and short periods of times
We'll look at both of them.
You can quote coverage for either here:
The first need will be embedded in the full enrollment process for standard
life insurance.
It's probably best to speak with an expert advisor at 800-710-0455 or by
email since the bigger
policy is more important.
Let's look at both options.
Temporary term life or short term life for a specific need
This is pretty common.
Usually, it just means a short duration need.
Here are some common examples:
- Finish off remainder of mortgage
- College completion
- During divorce or other legal proceedings
- Relating to business contracts with key person
The potential list of temporary life needs are as numerous as there are
people.
Usually, a quick amount of 5 year term fits the bill.
5 year term is generally the smallest amount of term.
You can even get this with no medical exam to turn it around pretty up
to $500K.
Quote the
temporary life insurance plans and rates here.
You can focus more on cost with this short duration unless you have health or
lifestyle considerations.
Let us help in that case since we can save you quite a bit with some
guidance up front.
No medical exam works best here since the turn around is so fast compared to
standard coverage.
You can quote those plans as well here:
Let's look at the other use of temporary coverage.
Temporary life while in underwriting
An interesting part of the life insurance enrollment process is the
securing of temporary life insurance while in process.
Having some type of protection immediately goes a long way towards the peace
of mind that you are
purchasing through life insurance.
Let's look a little closer at how temporary life insurance works.
The effective date is an important part of the life insurance enrollment
process for many reasons.
Of course the biggest impact is that it dictates when you are actually
covered for protection.
Most people may think "What does it matter...now or a few weeks from now".
Unfortunately, we have seen situations where it does matter and the result
can be catastrophic especially in light of the fact that the insured person was
in process to purchase life insurance.
It's almost depressing in such a situation which is why we recommend our
clients to enact the temporary life insurance featured offered by most carriers.
So what's involved?
First, it's different from carrier to carrier but let's look at some
common elements of temporary life insurance.
There's usually a quick medical questionnaire to address the more serious
health issues that might prevent you from qualifying even for temporary life
insurance.
The amounts allowed are usually capped at a certain amount.
It may be less than the full policy that you are applying for or there may
just be a hard cap on the amount which you can receive temporary life for.
For example, if you're applying for $1M in life benefit, temporary life
may not be available.
The
life policy effective date is usually the signature date on the temporary
life insurance application and agreement.
This may be different from the full life insurance application date.
There's also commonly a stop date during which this temporary life exists.
This means that if the stop date is 90 day maximum, the coverage will not
extend beyond 90 days after the effective date.
Again, this is meant as a temporary life insurance benefit just to cover you
while you're in underwriting for the full policy.
It's not designed to go beyond that point.
It's also not in addition to your underwritten policy and/or other life
insurance benefits.
This means they will subtract other policy benefits due to you from the total
amount of temporary life insurance for which you apply.
If you are approved for your fully underwritten life insurance policy,
that policy will generally replace the temporary life insurance policy and
premiums paid will be applied to the fully insured policy on a pro-rated basis.
Standard clauses such as mis-representation, fraud, and suicide are usually
contained in the temporary life application and agreement.
Payment is an important part of the life insurance contract and temporary
life is no different.
Some applicants will submit their completed application but no payment if
allowed by the carrier. This usually means that the proposed insured is not
protected during the underwriting process.
The underwriting process can take weeks if not months so we strongly
recommend that you submit payment with your
life insurance application.
You have at least a
10 day free look period from when the carrier delivers a policy to you to
can cancel the policy never effective for a full refund so there's no reason not
to.
You never want to be in that situation where the unforeseen happens and you
pass away during the underwriting process without the protection of temporary
life insurance.
As a good life insurance agent, we can't let you take this un-needed risk at
800-710-0455 or by
email.
Of course we're happy to help you find the best rate and option for YOUR
health status:
Again, there is absolutely no cost to you for our services. Call
800-710-0455 Today!