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What do all those fancy insurance words mean?
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Check out our glossary of terms for a little help.
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What insurance companies does Termshop.com work with?
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In order to offer you the best quality insurance for a great
price our agents search the top insurance carriers in the
country. They sift through the results to weed out the companies
with unsatisfactory financial strength and claims paying
ability. With the exception of our Non-Medical product, all of
the carriers we quote have a rating of A++ to A- from
A.M. Best Company. |
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Why is there a difference between the Preferred and Standard rates?
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The insurance companies reserve their Preferred rates for
applicants who are the healthiest. Things like Smoking habits,
prior health issues, family history, height, weight, Blood
Pressure, Cholesterol, and activities will ultimately determine
your insurance rating. This is similar to how your driving
record influences your car insurance rates. |
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What should I do if I currently have insurance?Back
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If after running a quote for yourself you feel that you could save
money by obtaining a new policy through our agents, by all means you
should request an application. You should NEVER cancel your existing
policy before you have applied and BEEN APPROVED for new coverage.
The process takes approximately 4-6 weeks and MUST be completed
before you cancel your existing policy, should it be in your best
interest to do so. A licensed agent will review your case and help
you make the best decision based upon your individual situation. |
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Once I obtain my policy, will my rates go up if my health
deteriorates? |
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Absolutely not! Once you have your policy the rate is guaranteed for
the length of the term regardless of your health status. This is all
the more reason to obtain coverage now while your health is not a
factor.
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Do I have to take a medical exam in order to apply for a policy?
What does it entail?
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That depends on how much coverage you are looking to obtain. If you
are looking for up to $250,000 in death benefit and are not
interested in taking a medical exam you should apply for our
Non-Medical product. Should you be looking for more than $250,000 in
death benefit then yes a medical exam will be required. The medical
exam is a quick and painless process performed at no cost to you. It
can be scheduled at your home or office whichever is more convenient
for you and takes approximately 25 minutes. |
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When will my coverage be effective?
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If you apply for our Non-medical coverage, the policy can be in
force the moment you are approved. For our other carriers each
company has their own set of rules. In some cases you will receive
conditional coverage once you submit your application along with the
first payment.
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How do I pay for the insurance?
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Your premiums can be paid annually, semi-annually, quarterly, or
monthly. Some companies will allow you to pay premiums automatically
from your bank checking account. If you are applying for our
Non-Medical coverage you will even be able to pay your premiums via
credit card. |
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What if I change my mind after I am approved and pay for my policy?
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Depending on your state of residence you will have up to 30 days to
change your mind and receive a full refund. Your agent will be able
to explain more thoroughly. |
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How is Termshop.com able to offer such great savings?
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Insurance rates have come down over the last few years because
people are living longer and insurance companies have been able to
control their expenses. It has now become much more affordable to
have quality coverage from a reputable insurer. By maintaining a
relationship will all the major insurance companies and using our
state of the art technology, we are able to search the vast sea of
polices to find you the best prices for term coverage. |
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Will an agent be calling me?
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Yes, once you choose your policy and request an application. A
licensed insurance agent will contact you to discuss your decision
and walk you through the rest of the process. |
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How long do I need the insurance coverage for?
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Many factors make up the length of time you need the coverage for. A
good place to start is to think about how long your beneficiaries
will need to rely on your income. For example a spouse might be
dependant upon you until you would normally retire, where as your
children might depend on you until they graduate high school or
college. If you are purchasing this policy to cover the payment of
your mortgage should something happen to you, then attempt to cover
yourself for the at LEAST the length of the mortgage. |
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Does my spouse need coverage?
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More than likely the answer is yes. If your spouse is currently
working then it would be wise to insure them as well to cover their
income and earnings potential. In the case of a “Stay at home”
spouse there are many things to consider such as, child-care costs,
final expenses, time out of work for the surviving spouse. |
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If I decide down the road that I want permanent insurance, can I
convert my term policy?
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Nearly all the policies handled by our agents can be converted
to permanent insurance at various times throughout the term.
Your individual agent will be more than happy to discuss this
feature with you.
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