May 23, 2016

Frequently Asked Questions

If you’re purchasing a Life Insurance policy without any experience, you may end up having many questions and concerns. We are almost certain that you wouldn’t want to purchase an insurance product without knowing everything about that policy. The best way to feel confident about a purchase is being completely informed about it. In order to fully understand Life products, TermLifeApp created this page with Life Insurance terminology definitions and frequently asked questions. If you don’t see your question on this page please feel free to reach out to us either by phone, email or the contact form below the questions.

Life Insurance

Are the quotes accurate?

YES – We get real-time information from insurance carriers to ensure all rates are up-to-date and accurate!

Can I do everything over the Internet, or do I need help over the phone?

We will be more than happy to help you with this process over the phone at any time you have trouble. If you don’t run into any issues, you should be able to complete the application on our secure website and e-application, and we will submit your application to the insurance company applied to. We will then contact you with your selected plan details and will need to complete and sign any necessary documents.

Do I have to provide personal information to get a quote?

NO – We do not require you to provide personal information to receive a free, instant quote. We don’t receive any confidential information until you choose to apply for an insurance policy!

Do I need to get a medical exam before completing the application process?

YES – This is an easy process as a medical examiner comes to you for a quick exam.

How can I pay my Life Insurance premiums?

The most common way to pay for your policy is to auto-draft directly from your checking account. You can choose if you want to pay monthly or semi-annually. You can also pay by annual electronic payment or paper checks. Each insurance carrier has different payment options to meet your needs.

How do I apply for Life Insurance?
  1. Run your custom instant life insurance quotes by using our calculator – click here.
  2. OptionalAfter selecting “Compare Now,” we give you the option to analyze your health – using “Health Analyzer” – in order to see if you can qualify for the products quoted.
  3. Compare the actual policies with actual prices and select one that best fits your needs by either Requesting a Consult or Applying directly online using our secured online application.
  4. If selected to “Apply” directly online, you will need to verify your email address through Docusign. After verifying, you are redirected to the application page. Fill out the required fields on the application and click “Finish.”
  5. Our insurance specialists will be in contact with you to assist you with the rest of the application process.
How do I get a quote?

Click “Get Started” on the top of our screen and you will be redirected to our instant and free quote system!

How long does it take to get a quote?

INSTANTLY. It takes only about 1 minute to submit your policy preferences and you will receive rates from the top insurance carriers instantly.

How long will it take for my policy to be in force?

The average processing time to be approved for a life insurance policy is 2-6 weeks. Insurance companies process applications differently and some are faster at processing. Your process may also be delayed if you have a complicated medical history.

How much Life Insurance do I need?

Figuring out how much life insurance you need requires an analysis of your current and future financial responsibilities as well as the resources your family could tap.

Some future obligations may include what it would cost to help your surviving family members meet immediate and ongoing needs such as funeral costs, taxes, food, mortgage expenses, clothing, utilities, and any future obligations like retirement and college planning.

All your financial obligations is the approximate amount of life insurance that you will need. If you’re confused, no need to worry. This is the reason why many individuals turn to insurance professionals to assist them with finding how much life insurance is actually needed.

How will I keep track of my application process?

You will be assigned to one of TermLifeApp’s insurance specialists as soon as you submit an online application or request a paper application. We will closely work with you to ensure your application process goes through smoothly and minimize any issues that may arise.

Should I buy Term or Permanent Life Insurance?

It’s hard to say because it depends on your own circumstances and financial goals.

Generally, Term Life Insurance offers the greatest coverage for the lowest initial premium and is a great solution for individuals with a temporary need or a very limited budget.

Permanent Life Insurance might make more sense for individuals looking for lifelong protection, or if the option of accumulating tax-deferred cash values is attractive to you. Permanent Insurance is primarily used in Estate Planning.

Or you can choose to buy both! A combination of both term and permanent insurance is often the right answer.

What are the different types of permanent life insurance?

Permanent Life Insurance has 3 main types: Whole, Universal, and Indexed Universal Life Insurance.

Whole Life Insurance provides you with the certainty of a guaranteed amount of death benefit and a guaranteed rate of return on your cash values. And you’ll have a level premium that is guaranteed to never increase for life. Another valuable benefit of a Whole Life policy is the opportunity to earn dividends. Dividends give you the opportunity to receive an enhanced death benefit and cash value growth.

Universal Life offers adjustable premiums that give you the option to make higher premium payments when you have extra cash on hand or lower ones when money is tight. Universal Life also allows you, after your initial payment, to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums. You also can reduce or increase the death benefit more easily than under a traditional Whole Life policy.

Indexed Universal Life provides death benefit protection and the opportunity to build your cash value based on the increases of market indexes. Even if these indexes dip, you are still safe with a guaranteed minimum interest rate. Some key features include death benefit protection, greater growth potential than traditional universal life policies, guaranteed not to have a negative index crediting rate even in a down market, and flexibility on how you want to pay your policy premiums.

What do I need to consider when naming my Life Insurance beneficiaries?
  • Always name a contingent, or secondary, beneficiary just in case you outlive your first beneficiary.
  • Select a specific beneficiary rather than having the proceeds of your life insurance paid to your estate. One of the great advantages of life insurance is that it can be paid to your family immediately. If it is payable to your estate, however, it will have to go through probate with the rest of your assets.
  • Be very specific in wording beneficiary designations. Saying “wife of the insured” could result in an ex-spouse getting the proceeds. Naming specific children may exclude those born later. If your child dies before you, do you want the proceeds to go to that child’s children? Changing the beneficiary designation is easy, but you have to remember to do it.
What does the exam involve?

Typically, it involves a quick blood draw, a urine sample, a blood pressure reading, and height and weight measurements. Some insurance may require additional testing.

What happens if I fail to make the required premium payments?

If you miss a premium payment, you typically have up to a 31-day grace period during which you can pay the premium with no interest charged. If you own a term policy and fail to pay your premium within the grace period, your insurance company will typically terminate the policy. If you own a permanent policy and fail to pay your premium within the grace period, your insurance company, with your authorization, can draw from your policy’s cash value to keep the policy in force. In some flexible-premium policies, premiums may be reduced or skipped as long as sufficient cash values remain in the policy. However, this will result in lower cash values and a shortened coverage period.

What is underwriting?

Underwriting is the process by which an Insurance carrier examines, accepts or rejects insurance risks so as to charge the proper premium for the coverage. The insurance company’s review a current insurance physical, past medical history, financial records and will conduct a telephone interview.

Why do I need Life Insurance?

Life Insurance is the best way to protect your family and provide a financial peace of mind in case anything were to happen to you. If you have financial dependents, you may want to consider insurance to maintain their current standard of living under any circumstance.

The Company

Are we affiliated with any insurance companies?

NO – We are Truly Independent. We offer the top insurance products from several different companies, giving you the best options available. Be Careful – Most insurance agents only offer products from a specific insurance company.

Is TermLifeApp licensed?

YES – Our insurance professionals are licensed in all 50 states and D.C, providing Life products to clients nationwide.

What are the advantages to buying from TermLifeApp over any other website?

TermLifeApp prides themselves in providing an easy and simple way to apply for Insurance from the comfort of your own home. We are NOT a lead generating website. Your personal information remains confidential and is not sold to other entities. We are here to help you during this process by providing support and answers to any questions that may arise.

Who can I contact if I have any questions?

A TermLifeApp representative can be reached by calling (973) 771-9100 or by emailing: info@TermLifeApp.com

Who is TermLifeApp?

We’re an Independent Insurance Agency providing the fastest and easiest way to apply for Life Insurance. Powered by a team with over 20 years of Life Insurance experience, we streamlined the Life Insurance application process by allowing individuals to access their personalized instant quotes, compare & select the best policy and apply right on our website. Our team is licensed in all 50 states and District of Columbia, serving clients all over the nation. We also offer Disability Insurance for individuals that want to protect their income in case they cannot work and make a living.