Answers To Your Most Important Questions
Our goal at The Millay Group, Inc. is to simplify your search for life insurance by offering a better way to compare rates and shop for policies at affordable prices. If you cannot find an answer to your query below we invite you to contact us and allow a member of our friendly and knowledgeable staff to assist you.
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General questions about our services
Many life insurance experts suggest buying a policy that is 5 to 20 times your annual income. Several factors must be considered, including how much annual income your family will need and for how long, future financial obligations, including college tuition and mortgage payments, and additional funds needed to pay final expenses. Coverage amounts vary depending on your family’s particular needs and goals. Please review our income replacement calculator Click Here
What type of policy should I buy, term life or universal life?
Term or universal life policies with term-like premiums are generally designed and priced for some specific period of time. Universal life plans can be priced and designed to last the rest of your life. Price and how long you will need the coverage are considerations that will help you make this decision.
Is a physical examination required?
Most of the policies we offer require a paramedical exam. This is done at the insurance carrier’s expense and generally consists of a brief medical questionnaire. Height, weight and blood pressure readings as well as blood and urine specimens are also required. Depending on the amount of coverage, an EKG may be necessary. The examination is completed through a company approved by the insurance carriers. Most of the time, it can be done at your home or office.
How is my health class determined?
Every life insurance company considers many factors such as your medical history, blood pressure, cholesterol, smoking history, motor vehicle report, family history, the results of your paramedical exam and other criteria as determined by an underwriter. These will ultimately determine the rating classification for which you qualify.
How long does the entire process take?
Based upon our experience, the average time frame, once your completed application and physical exam have been received, is 4-8 weeks. If the underwriter orders your past medical records, it could take longer.
What payment options are available?
You may be billed directly on an annual, semi-annual or quarterly basis. You may also pay monthly with an automatic deduction from a designated checking account.
Can my policy ever be cancelled due to my health?
Once a policy has been in place the insurance company cannot cancel it because of changes in your health. However, the company does have the right to cancel the policy if premium payments are not received on time or if information on the application is found to be inaccurate.
Cigarette smoking does result in higher premiums. Most companies require at least one or two years of no tobacco or nicotine use to qualify for nonsmoker rates. We do work with companies that allow nonsmoker rates for those who use other forms of tobacco or nicotine products such as cigars, pipes, chewing tobacco and stop-smoking aids, as long no cigarettes have been used in the previous twelve months.
When does my life insurance coverage begin?
Your coverage begins once the the policy has been approved by the underwriter and the insurance company has received your first payment and all outstanding signatures/requirements.
If I am replacing an existing coverage, when can I cancel my current policy?
Do not cancel any existing policies until you have received confirmation from the insurance carrier that your first payment and all other requirements have been received and your new policy is in place.
How do I know the company I have selected is a good company?
All insurance companies are rated by A.M. Best, one of several independent financial rating services. They have sixteen different rating categories. The insurance companies are evaluated on their overall financial strength and liquidity and are given a grade of A++ to S. The Millay Group, Inc. requires that the companies we represent have a financial rating of A- or better.
Call one of our licensed agents toll free at 1-800-580-4393. We will discuss your needs and ask you a few questions to help us give you an accurate quote. We will explain the process and if you wish to apply we will send you all the necessary paperwork to get started.
Questions about Term Life Insurance
How long do the premium rates stay the same?
The insurance companies we work with offer level premium products for ten, fifteen, twenty, twenty five or thirty years, depending on your age.
What happens after the level premium period?
Usually coverage can be continued beyond the level premium period, though the rates will increase. Most of these products are designed and priced for the specific level period. Some companies may offer a conversion option prior to end of the level period, depending on your age.
Does term life insurance offer any cash value?
Generally no. Term or universal life policies with term like premiums are designed to be as cheap as possible for some specific period of time. Some policies do offer a return of the premiums after the level period, for an additional cost. Contact us for details.
Some carriers offer universal life plans with rates similar to term insurance rates.
What is return of premium (ROP) term life insurance?
Some of our carriers offer level premium term policies that will return the premiums you have paid after the level period is over if you are still living. There is an additional cost for this type of plan. Contact us for details.
What payment options are available?
You may be billed directly on an annual, semi-annual or quarterly basis. You may also pay monthly with an automatic deduction from a designated checking account.
Call one of our licensed agents toll free at 1-800-580-4393. We will discuss your needs and ask you a few questions to help us give you an accurate quote. We will explain the process and if you wish to apply we will send you all the necessary paperwork to get started.
Questions about Universal Life Insurance
What is universal life insurance?
Universal Life is a form of permanent life insurance protection. If your Universal Life insurance is in force at the time of your death, policy proceeds will be paid in accordance with the terms of the policy to the beneficiary you designate. Universal Life policies offer a valuable death benefit and provide the opportunity to build cash values that you can borrow or withdraw. Policy loans incur interest charges and withdrawals are subject to surrender charges during the surrender charge period. Also policy loans or withdrawals will reduce the death benefit.
What are the advantages of universal life insurance?
Universal life insurance combines a death benefit with the ability to accumulate a cash value. Policy expenses are deducted from each premium payment and the remaining premium is credited to the cash value from which the cost of the life insurance is deducted. As long as there is sufficient cash value, you can temporarily stop or skip premium payments. Interest is then credited on the cash value and under current tax law, can be tax deferred. You can borrow or withdraw from your cash surrender value. In addition, universal life offers the flexibility to make higher premium payments when you have extra cash on hand or lower payments when you don't. Policy loans incur interest charges and withdrawals are subject to surrender charges during the surrender charge period. Also policy loans or withdrawals will reduce the death benefit.
What effect will a withdrawal or loan have on my universal life policy?
Generally, a loan or withdrawal will reduce the death benefit by the amount you take from the policy. Most of the time loans can be repaid to reestablish the original death benefit, but a withdrawal cannot. On loans, interest is charged each year on the amount you borrow and can either be paid by you or added to the loan. Be aware, policy loans and withdrawals can dramatically affect the long term performance of the policy. Policy loans incur interest charges and withdrawals are subject to surrender charges during the surrender charge period. Also policy loans or withdrawals will reduce the death benefit.
Some carriers offer universal life plans with rates similar to term insurance rates.
What payment options are available?
You may be billed directly on an annual, semi-annual or quarterly basis. You may also pay monthly with an automatic deduction from a designated checking account.
Call one of our licensed agents toll free at 1-800-580-4393. We will discuss your needs and ask you a few questions to help us give you an accurate quote. We will explain the process and if you wish to apply we will send you all the necessary paperwork to get started.
Do you still have some unanswered questions?
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If you have any questions that aren’t addressed here, or if you just want to open up a dialogue, please don’t hesitate to give us a call, or email us. We take pride in helping our customers understand all their options and move forward with the best plan available so give us a call any time.