18 Questions to Ask When Getting Term Life Insurance Quotes

10. Do I need to get a medical exam to buy life insurance?

Not necessarily. The life insurance industry is working to make buying life insurance easier and this includes eliminating the medical exam for qualified applicants.

If you want to get life insurance and skip a medical exam, when you run term life insurance quotes on Quotacy, choose one of the No Exam or Instant Coverage policy options. These options will appear for you in the quoting tool if you’re eligible based on the information you provided.

Some other companies we work with have accelerated underwriting processes as well (faster coverage and no exam necessary) but as of now you don’t find out if you qualify until after you apply and their underwriters evaluate your application. Your Quotacy agent will reach out if you’re eligible.

Learn more in our blog here: What Is No Exam (Accelerated Underwriting) Life Insurance?

11. Will my military status change the premium rates that I’ve found?

Our nation’s proud military members are automatically enrolled in the Service Members Group Life Insurance program (SGLI). However, if you are serving, you also have the option to purchase additional insurance for extra protection for your family. Pacific Life is one company we work with in particular that excels at offering coverage to members of the military.

12. How will my current health or medical history influence my term life insurance quotes?

There are some health situations that—even though they will make it more difficult to find the right policy—will not necessarily make you uninsurable.

Quotacy is a life insurance broker, therefore, we have access to multiple life insurance companies, not just one. Not all insurance companies underwrite the same. There is where we can help you. Even if you have a medical issue, we can shop the different companies we work with to find the one that will treat your application best.

Learn more in our guide: Life Insurance with Pre-Existing Conditions

13. I have a criminal record. If I become insured, will my life insurance premiums even be affordable?

It depends.

Insurance companies tend to balance your criminal history—including the type of crime and the length of your criminal record—with your current health, employment, and financial status. Overall, the less severe the crime and the more time that has passed since it was committed, the more affordable your premiums.

14. I declared bankruptcy in the past, will I find term life insurance quotes that will fit my budget?

Insurance companies have different financial requirements for applicants, and these may also vary according to how recently your bankruptcy occurred. Bankruptcy does not necessarily mean you can’t be insured.

We suggest at least waiting until your bankruptcy is finalized before shopping for a life insurance policy.

15. I have a poor driving record. Am I insurable?

A record of unsafe driving will definitely impact your premium rates, but if you have not had major issues in the past five years, you may have a good chance of finding great term life insurance quotes.

Life insurance companies do not underwrite driving records the same way. As a broker, Quotacy can help match you to the company that will be most lenient with your adverse driving history.

» Compare: Term life insurance quotes

16. Which type of life insurance is best for me: term or permanent?

Term life insurance is the best solution in most circumstances. It’s incredibly affordable and can be customized to fit your needs.

You can buy term insurance for 10 – 40 years, whatever makes the most sense for you.

Individuals buy term insurance so they have protection in place during key periods in which their loved ones would experience the most financial devastation if the provider were to die prematurely. Ideally, the need for term life insurance would end when the term expires, like, for example, when your mortgage is paid off and your children are grown and independent.

Permanent life insurance is more expensive than term, but that’s because it has the added feature of cash value accumulation and it lasts your entire lifetime.

Permanent life insurance is a good option if you are of high net worth and want to leave your heirs money to pay estate taxes so they don’t have to sell off valuable assets to pay the tax bill. It’s also a good option if you plan on spending your retirement savings in your golden years and still want to leave behind an inheritance or money for final expenses.

Learn more in our guide: Term versus Permanent Life Insurance

17. How much life insurance do I need?

Life insurance needs vary by your circumstances. Do any of the following pertain to you? The more that do, the more life insurance you need.

Are you married?
Do you have a mortgage?
Do you have children?
Do you plan on paying for your children’s college education?
Is your spouse a stay-at-home parent?
Do you own a business?
Do you have debt that becomes someone else’s responsibility if you die?
Do you take care of any aging or dependent relatives?
Is your estate large enough to wind up owing taxes?

Term life insurance is very customizable. How much you need depends on your family circumstances, your goals, and budget. The “right amount” for your family may be $100,000 or it may be $1,000,000.

Try out our free life insurance needs calculator to help you determine the right amount. See cost estimates instantly, too. No need to even give away any contact information.

» Calculate: Life insurance needs calculator

18. Do I need life insurance even if I have some through my employer?

Group life insurance offered through an employer is a great benefit. Companies are not required to offer their employees life insurance, so if yours does be sure to take advantage of it.

However, what some people fail to realize is that you need to be employed by the company when you die for the death benefit to kick in. If you ever leave your job, or get sick and wind up in the hospital and are terminated from your job, then your group policy is no longer active.

We always recommend getting individual life insurance in addition to a group plan, especially if you have a family. While the $50,000-$100,000 in coverage that the group plan offers would certainly help your loved ones if you died, it might not be enough.

Have more questions about life insurance? We have lots of information. For answers to frequently asked questions about term life insurance, head over to this page: Term Life Insurance FAQs. For answers to frequently asked questions about permanent life insurance, head over to this page: Whole Life Insurance FAQs.

Ready to get life insurance? Head over to our term life insurance quoting tool. No contact information required to see pricing. You can view quotes online instantly and apply right online when you’re ready.