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Life Insurance Frequently Asked Questions (F.A.Q)
We understand the purchase of term life insurance is not an impulse purchase.
You have personal and financial needs to consider in order to provide
your family with the best term life insurance coverage. We've compiled
a list of frequently asked questions that may help in your decision making
process. If you need more information, please complete the online quote
and request for application. There is no obligation to purchase anything
and a licensed insurance agent will contact you to discuss this term life
product.
Most Frequent Answers:
Can I get a free quote
online?
Yes! Click here to get
your free quote now. Additional information will be required before your
policy can be issued. A licensed agent will contact you to tell you what
further information is needed before the policy is issued.
What kind of additional
information could be required?
Like
other insurers, Liberty Life Insurance Company could require that you
provide a urine and blood specimen, your medical records, a resting electrocardiogram,
motor vehicle record, and/or a telephone interview.
What kind of rates do
you provide to smokers/tobacco users?
Tobacco
users will be rated using the "Preferred Plus Tobacco" class
and the "Preferred Tobacco" class, and "Standard".
What is the difference
between Preferred Plus Tobacco and Preferred Tobacco?
Preferred
Plus Tobacco |
Preferred
Tobacco |
|
| Cholesterol | 225 or less, non-fasting, no treatment history and a ratio of4.5 or under | 270 or less, non-fasting, no treatment history and a ratio of 6.0 or under |
| Blood Pressure | 135/85 or less, untreated | 140/90 or less, untreated |
| Family History | No immediate family history of death or disease by cancer or cardiovascular death of disease prior to the age of 60(parents, siblings) | No more than one (1) parent or sibling history of death from cancer and/or heart/artery disease before age 60 |
| Height/Weight Limits | Within 110% of average height and weight table | Within 120% of average height and weight table |
| Standard Risk | Mandatory | Mandatory |
| Drug/Alcohol Use | No history of abuse | None |
| Hazardous Avocations or Hobbies | No participation | No participation |
| DUIs, Reckless Driving and Moving Violations | No DUIs or reckless driving last 5 years, and no more than 1 moving violation during the last 3 years | No DUIs or reckless driving last 3 years, and no more than 3 moving violation during the last 2 years |
| Felony Arrests | None | None |
| Private Piloting and Military Personnal | No participation | No participation |
| Travel and Residency | No intention to travel to or reside in underdeveloped or unstable countries as defined by the US State Department | No intention to travel to or reside in underdeveloped or unstable countries as defined by the US State Department |
| US Citizenship or US Residency | US citizenship or US resident for 5 years with a permanent visa | US citizenship or US resident for 5 years with a permanent visa |
How much life insurance
do I need?
The
amount of life insurance you should have depends on your particular situation.
There are two primary factors to consider. The first is dependents children,
your spouse, relatives and others who may count on you for financial support.
Second is your current financial situation - your assets and liabilities.
Things you should consider:
1) If you
are married...
What kind of lifestyle do you want to provide for your family?
Would your non-working spouse have an income if you died?
Would your working spouse have to "retire" to raise your children
if you died?
How would your death affect savings for your children's college expenses?
Do you have special needs to prepare for, such as a handicapped child
or a child who will never be self-supporting?
How much will your family need for your final expenses? The average funeral
in the U.S. is nearly $6,000*.
Does your spouse have the resources to pay for expenses until Social Security
benefits begin? If you qualify, it usually takes 3-6 months to begin receiving
benefits.
Will your parents or other extended family members depend on your family's
support in the future?
2) If you
are divorced...
Does your divorce agreement stipulate that you keep a certain
amount of life insurance for your ex-spouse?
Does your divorce agreement stipulate that you are responsible for your
children's education?
Did you retain financial responsibility for your home?
Even if your divorce agreement doesn't require it, how much will you need
to leave your children for their inheritance and to cover your part of
their college costs?
Does your spouse have the resources to pay for expenses until Social Security
benefits begin? If you qualify, it usually takes 3-6 months to begin receiving
benefits.
Will your parents or other extended family members depend on your family?s
support in the future?
3) If you
are single...
Has a relative co-signed on your mortgage or any other large
loans?
Do you have any friends or relatives to whom you want to leave money?
Have you bought a house with a domestic partner, and have you agreed that
each person's share of the mortgage is to be paid off upon his or her
death?
Do you want to leave money to a charity or other nonprofit organization?
4) Your Assets
What are your current savings?
Do you have any current life insurance policies, life insurance provided
by your employer, or veteran's insurance?
What other assets do you have that your family could sell or cash in to
pay expenses after your death?
What Social Security and pension plan survivor's benefits will you receive?
5) Your Liabilities
What are your current savings?
Do you have any current life insurance policies, life insurance provided
by your employer, or veteran's insurance?
What other assets do you have that your family could sell or cash in to
pay expenses after your death?
What Social Security and pension plan survivor's benefits will you receive?
*National Funeral Directors Association, 1999 Price List Survey