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
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.
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.
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.
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.
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.
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.
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.
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.
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.