TermLifeMax always believes in the transparency of our work and in providing term life insurance online to help consumers find the best suited insurance policies. Because the folks at TermLifeMax are committed to providing you with an honest, straightforward life insurance experience— we’ve dedicated a portion of our website to some commonly held misconceptions. On this page, we do our best to give you the information you need so you will feel less like a rookie and more like an expert.
Medical Exam VS Non-Medical Exam
What’s this non-medical life insurance I have heard about? Should I just go ahead and apply for a standard term life insurance policy that requires a medical exam? Or should I purchase life insurance that doesn’t require a medical exam? We are providing you an opportunity to request an application for term life insurance online.
Medical Exam: Traditionally, to lock-in the very lowest rates on life insurance, you have to let a nurse check you out. Doesn’t sound so bad, right? Unfortunately, we don’t mean on the street—you need to have a medical exam. The good news is the insurance company will pay for the exam and in most cases, they can send the nurse to your home or office. When an insurance company is given the privilege to screen you, it allows them to assess your insurability and offer you optimal rates for your individual height, weight and health profile.
Non-Medical Exam: It’s all in the name—non-medical life insurance allows an applicant to purchase life insurance without being poked or prodded during a medical exam. The truth is, the medical exam isn’t all that bad. But in many cases, a non-medical insurance policy can be purchased over the phone with a licensed agent. So, these policies can be an excellent fit for people with jam-packed schedules or those who need coverage in a flash—maybe because they have been court-ordered to buy life insurance during a divorce.
As always, the road less traveled has some caveats worth considering. These policies typically have maximum coverage amounts of $300,000 to $500,000. What’s more, although non-medical life insurance has come a long way in recent years with respect to pricing, a general rule of thumb still applies. If the insurance company is unable to investigate your health with a medical exam, the premiums tend to be higher.
So, dear consumer, the choice is yours. Our goal is to insure as many people as possible. If you don’t mind a medical exam—we say go for it. But if you don’t have the time or interest, don’t let a mini-physical hold you back.
What the heck is mortgage insurance, anyway? Does it make your mortgage payments? What does it have to do with life insurance?
“Mortgage Insurance” is a marketing-driven term cooked-up by bankers and insurance folks. In the banking world, mortgage insurance is often required to fund a loan. The problem is, the insurance protects the lender—not the consumer. Without bogging you down with lots of boring details, mortgage insurance protects the lender against the consumer defaulting on the loan. On the life insurance side, using the term “mortgage insurance” is confusing because it’s really just plain-old life insurance—usually term life insurance.
Don’t get us wrong. Life insurance coverage specifically geared to protect your mortgage is vital to secure your family’s future. The benefits from life insurance can be used to pay a mortgage. But in the end, mortgage insurance is just standard life insurance coverage with a different jingle. We don’t want you to get caught up in the confusion. Let our experts design a plan that encompasses all your needs, including your mortgage. And next time one of your friends brags about their mortgage insurance policy—try not to laugh. It will be our little secret.
Life Insurance Professionals Wear Socks With Sandals
Hey, how did this get in here? Well, since it’s already on the page—life insurance professionals, on the whole, do not wear socks with sandals. Doing so may give people the wrong idea about our qualifications. They may think we offer guided tours or computer programming. So far, we just sell life insurance—and we specialize in term life insurance. Also, wearing socks with sandals could increase our body temperatures and may even lead to sickness. We want to be in the office, bringing peace of mind to the world one policy at a time, as much as we possibly can.
Life Insurance Rates
So who determines life insurance premiums, anyway? Can the polite sales representative you are working with help you get a better rate? How important are your answers to health questions? No worries, leave everything on TermLifeMax we will give you a real picture of premiums via our quote engine for term life insurance online.
Life insurance rates are based on the proposed insured’s insurability—or how much risk the life insurance company assumes by insuring the individual. So the bottom line is and always will be: life insurance companies determine the rates of premiums—not your agent. A person’s insurability is based on how healthy they are. If a person is extremely healthy, they have high-insurability, and may be able to obtain life insurance at a low-cost. If a person is not so healthy, they may still be able to obtain life insurance, just at a higher cost. The life insurance company of course makes the final decision about eligibility for coverage.
When working with a lovely sales representative at TermLifeMax, it’s hard not to get swept away by the honey-rich sound of their voice and entrancing text of their emails. This much we know. Still, it’s important to give the most realistic picture possible of your health so they can give you an accurate quote. Basically, a licensed life insurance agent asks health questions and provides an estimate of your insurability. But the medical exam and the life insurance company provide the ultimate determination. Some individuals pursue a non-traditional policy without a medical exam, but in this case, the life insurance company is still calling the shots. Lucky for you, our TermLifeMax professionals do all the heavy lifting when it comes to life insurance shopping, so all you have to do is sit-back and tell your story. If only shopping for clothes could be this easy.
You have a friend who already purchased life insurance coverage, but she may have missed one, teeny-tiny, little premium. The friend isn’t you or anything, wink-wink, but you need to know what to do next so you can help her out.
So life got in the way of your life insurance premium? It happens to the best of us. The first thing you need to know is that your coverage is not automatically cancelled the next day. You still have time to make-it-right and save your coverage.
When it comes to term life insurance, you have a 30-day grace period to pay the late premium. As long as the payment is made before the grace period expires, the policy remains in-force and everything is hunky-dory. On the permanent life insurance side of things, you potentially have longer to rectify the situation depending on the cash-value of the policy. The premiums you miss will be deducted from the cash-value, thus reducing the overall cash-value. For example, you could forget to pay your premium for 6 months and not loose your coverage if your cash-value is great enough. We don’t necessarily recommend such an approach, but to each his own. Now go out there and save your policy!