1. I already have life insurance. How can I cancel the policy?
Insurance is a typically a month to month contract. It depends on the type of policy. If it is term, and you stop paying, it will usually cancel after 30 days. If it is a cash accumulation policy, such as whole life, the accumulated cash may continue to pay until that cash is depleted. If you have accumulated cash value, you may be able to cancel the policy and receive the cash value. NEVER cancel any policy without the advice of an insurance professional.
2. I want to replace my policy with a new policy. What should I know?
NEVER cancel an existing policy until you have been issued a replacement policy. You have to be sure you can qualify for a new policy. You need to submit a new application for whatever you want to buy, and when that policy is issued, then you can cancel the old policy.
3. I lost my policy. How do I get a copy?
Call the insurance company and request a copy. They can find your information with your name, address, social security number and birth date. If you’re not sure of the insurance company’s name, it will be on billing statements you receive, or on your bank statement if the payment is automatically deducted.
4. My company pays for an insurance policy on me and receives the death benefit if I die. Will this policy allow them to advance the death benefit if I am eligible because of a health crisis.
5. How does the cost of this new insurance, the insurance I don't have to die to collect, compare to all the insurance advertisements I see on TV and the internet?
It's actually very reasonable and sometimes cost less than similar, outdated life insurance. A 40 year old male or female, non-smoker, in good health, can get $100,000 coverage for about $20 per month.
6. I have health issues and have had difficulty getting insured in the past. Is there a way I can be covered with this updated life insurance?
First of all, there is no cost to apply. It is no more difficult to qualify for this updated life insurance than it is for the outdated life insurance. We see many folks who have had serious health issues in the past get approved simply because those health issues occurred years ago. More recent health issues may be approved with an increased premium. Don't be hesitant to apply. The worst that could happen is that you are declined.... and it cost you nothing.