If you are considering applying for life insurance, you should also consider submitting a premium check along with your application. Submitting the first modal premium at the time of application may help you secure temporary coverage while your application is in underwriting.
I say “may” because you will still need to qualify for the temporary coverage on a medical and age basis. Most life insurance companies will ask a series of questions about your medical history and your current medical condition. Generally, temporary coverage is available for applicants with no major medical history and those up to age 70.
Some life insurance companies allow temporary coverage up to $500,000 while others will extend coverage up to $1,000,000 (this amount includes any existing coverage you may already have). Start dates and stop dates for coverage also vary by company. For example, Genworth Life Insurance Company’s temporary coverage begins the moment you sign the application and Temporary Insurance Application Agreement, and submit your first premium. American General Life Insurance Company’s coverage begins only after you’ve done both of the above and taken your paramedical exam.
Temporary coverage can be a tremendous benefit to you when applying for life insurance. The added peace of mind may be well worth the initial premium outlay. Plus, the insurance company will return your premium to you if your application is declined for any reason or if you simply decide not to accept their policy offer.
Please contact us for more information and consider your options carefully.