Frequently Asked Questions
1) What is a life insurance quote?
A rate quote or illustration is an estimate of what kind of life insurance premiums the policy holder can expect to pay. They are provided by the insurance company, broker or agent. Life insurance quotes are not guaranteed, but rather, are an extremely calculated and researched estimate based on the information you provided during the initial buying process. The actual premiums you pay and coverage you receive will be based on age, gender, health history, the past experiences of a respective insurance company, driving history, tobacco usage and other underwriting criteria.
2) If I compare your rates to the rates offered by other companies, will I find the same life insurance policy for less through a different life insurance quote website, agent, or broker?
If the quote is provided by the same life insurance carriers (such as Prudential, MassMutual, Met Life or any other insurance company) and uses the same risk class, the rates will be the same. The life insurance companies themselves set the pricing, not agents or brokers. In fact, BeamaLife encourages comparison shopping because we believe our licensed sales team, informative product descriptions and easy-to-use website are a step ahead of the competition. We provide a full range of life insurance products – not only basic term life insurance – with expert advice and unparalleled service.
3) If BeamaLife does not charge customers for their services, how do you make money?
We receive a finder’s fee from the carriers directly. This is why we are completely unbiased and objective with our life insurance solution recommendations – regardless of what company you choose, we will be paid (as long as you are approved). Also, our bigger mission, beyond remuneration, is to help consumers learn about life insurance, and to help them protect their futures, as well as the futures of their families, by developing a solid life insurance protection or superior financial plan.
4) Is there a money-back guarantee?
Whether you are declined or approved for a policy, you can always get your money back. If at any time during the application and underwriting process you change your mind, and for any reason, you will receive a full refund – no questions asked. This guarantee will remain anywhere fro ten to thirty days after you receive your policy.
5) How much life insurance is enough?
There are two ways to calculate how much life insurance is enough.
1. Human Life Value: This method looks at your income and age and estimates how much your family would lose if you were suddenly passed away. For example, let’s say you are 40 years of age and make around $100,000 a year. If you were to die, your family could ultimately lose more than $2.5 million. This would therefore be a good ballpark amount for your life insurance policy.
2. Need-Based: This method involves estimating your family’s financial burden going forward and basing your insurance policy on that. A need-based calculation would focus on the amount of money your family would truly need to maintain your home, commuting costs, grocery bills and handling other necessities.
At the end of the day, it comes down to what you can afford. You may need a $1 million policy based on these calculations, but you may not be able to pay the premium that come with having a policy that big. So it is ultimately better to buy less coverage – in the $500,000 to $750,000 range, even – than to go without. You can always add on to your policy later in life if your finances allow you to do so. No matter what, we at BeamaLife want to make sure your family has some sort of coverage the day you die, and we take your finances into consideration when searching for a policy.
6) Can I get life insurance if I am not a citizen of the United States?
Most insurance companies request a valid green card and demand proof of permanent residency for at least one year in order to offer you coverage. However, certain companies do offer insurance to individuals who have a temporary visa such as an H1b, H4, or L1, or individuals with student visas and a valid Social Security number. BeamaLife has a separate division of advisors that specialize in the foreign national and non-citizen market. In fact, we have been serving this community for over 15 years, and know exactly which carriers can help this special clientele. Please contact one of our life insurance specialists at (877) 972-3262 for further details regarding your specific circumstances.
7) I need life insurance but I have some health conditions. Can I still qualify for affordable life insurance?
While it may be possible to obtain a life insurance policy, your premiums will be higher if your current or past medical history reveal significant health concerns. Depending on the frequency and severity of your medical conditions, most insurance companies have at least some form of insurance available to both suit your coverage needs and their risk protection needs.
That’s why the information you provide during the initial application process is so important. We act as the liaison between you and the insurance company, so the more information you provide us with, and the more transparent you are, the better your chances will be of getting approved. You see, when information that was not submitted on the initial application is revealed during the underwriting process, it further delays the research into finding the correct policy for an elevated-risk candidate. Providing inaccurate information only holds you back from getting the coverage you need. We at BeamaLife are plugged into the underwriting guidelines of various life insurance carriers, and we know which carriers can help certain medical conditions (as well as which companies will not consider such prospective clients). We pride ourselves on our placement ratio of clients with medical conditions – we even have insurance programs for those who have been denied multiple times. Please contact one of our life insurance specialists at (877) 972-3262 for further details regarding your specific medical condition.
What does a life insurance underwriter do?
Underwriters are the people who process and analyze each case. They decide if insurance is to be provided for a prospective client, and under what terms. They are needed to identify and calculate the risk of loss from policyholders, establish who receives a policy, determine the appropriate premium, and write policies that cover this risk. Underwriters analyze the information gathered from insurance applications (such as lab reports, medical examinations, application forms, and our notes) to determine whether a risk is acceptable and will not result in a loss. Insurance applications are often supplemented with medical reports, reports from data vendors, and actuarial studies. Underwriters then must decide whether to issue the policy and, if they choose to do so, determine the appropriate rating class and premium to charge.
9) What does it mean when I’m told that my health rating class was downgraded during the underwriting process, and will I have to pay more because of this change?
If the underwriters determine that an existing medical condition or other factors have placed you in an elevated risk class, your premiums will increase. Some of these factors include blood pressure, cholesterol levels and ratio, height, weight, family medical history and others. That is why completing the application as accurately as possible allows BeamaLife to quote rates that will most accurately reflect the premiums you’ll likely pay. We will contact you if a rate class has changed and the amounts we quoted are no longer the same. We can also work with you to adjust the type or amount of coverage you would like in order to keep the premiums similar to the original quote.
10) Do smoking and/or tobacco use affect my life insurance rates?
Life insurance rates for individuals who use tobacco products such as cigarettes or chewing tobacco are often much higher (I mean really high!) than they are for someone who does not. This is due to the increase in health problems associated with tobacco use. In most cases, life insurance companies require that you be smoke-free for at least one year for standard underwriting class, and anywhere from three to five years for preferred class. If you are chewing tobacco and not smoking, BeamaLife might able to get you a non-smoker rate. We can also get you a non-smoker rate if you are an occasional cigar smoker. Please call (877) 972-3262 to speak with one of our specialists if this situation applies to you.
11) What is the medical examination process?
Most insurance companies require a medical exam. They are fast, easy and convenient, and do not cost you anything to you. You choose the best time and place, including evenings or weekends, and they are usually done at your home.
The exam is conducted by a licensed paramedic or medical doctor, and will include a blood test, blood pressure reading, height and weight measurement, taking of a urine specimen, and may also include an EKG. The examiner will ask a series of questions about your health and family medical history. The whole process takes no more than 20-30 minutes.
Depending on your specific circumstances (amount of insurance, medical history, etc.) the insurance company may require additional testing or ask for additional information. These requirements do not apply to all applicants, though. Other requirements that may be included are chest x-rays, treadmill test, attending physician’s statement, medical records and a motor vehicle report.
For those who would be interested, BeamaLife also offers no-exam life insurance policies as well. Please call (877) 972-3262 to speak with one of our specialists if you would like to know more about them.
12) What are “Table Ratings” and “Flat Extras”?
These are rate increases that are added to normal premium amounts to address situations or previous medical conditions that may represent an elevated or substandard risk for the insurance company. Each is defined below:
Insurance companies sometimes use a “Table Rating” to calculate your premiums. If you have a pre-existing health condition or one that is uncovered during the medical examination the insurance company may increase the premiums for life insurance based on the increased or “sub-standard” risk.
Most companies may also add a “Flat Extra” to the cost of a policy. Typically a flat extra is used for people who have had a serious disease in their medical history, or perhaps a recent DUI, it basically addresses the fact that there may have been a previous condition or issue that that no longer exists but creates an elevated risk based on the history of the applicant. These are similar to table ratings in that they usually have a time period associated with them (only for 5 or 10 years) and then they are no longer charged.
13) Will my life insurance policy ever be cancelled because of health reasons?
Your policy will never be cancelled by the insurer because of a change in your health: as long as the premiums are paid the policy will remain in effect. You, as the insured, may cancel the policy whenever you wish for any reason.
14) How do I apply for life insurance through BeamaLife?
The process is quite simple, you begin by either completing the life insurance quote request or you may choose to contact one of our life insurance Specialists at (877) 972-3262. We will then review your information and search from over 100 of the highest rated insurance companies to find the best products and rates for your needs. After assisting you in choosing the best plan we complete the application process, schedule the medical examination, guide you through the underwriting process and deliver the final policy. (Provided you are approved for life insurance by the company selling the product).
15) How long does the application process take?
The length of the process depends on many factors, but you can generally expect to receive your new policy 4-6 weeks after submitting your application.
16) Who do I make my check out to?
All checks are made payable to the individual life insurance company that will be chosen during the selection process. We do not accept checks made payable to BeamaLife.
BeamaLife is not an insurance company, but we do offer a full range of life insurance solutions from all of the major insurance companies. We can find you options for whole life insurance, universal life insurance, return of premium term life insurance (as well as traditional term life insurance), college savings, retirement planning, long term care insurance, disability income insurance, and fixed annuities. We are a nationwide company and licensed in all 50 States and the District of Columbia.
17) If I’m not happy with the carrier after a few years, what do I do?
Your responsibility and your loyalty are to your family first. If an insurance company is not performing to your standards, then you have the right to fire them. Remember, you can cancel on them, but they cannot cancel on you. So if you are unhappy, contact us, and we will facilitate the cancellation. More importantly, because you are our client first and foremost, we will be the one to find you another carrier whose services better suit your needs. Having said that, we at BeamaLife only represent the best, so it is quite unusual for people to cancel their policies with us.
18) If I can no longer afford my life insurance policy, what do I do?
Life insurance is paid on a month-by-month or annual basis, so it is possible to do something about the situation quickly. First, give us a call and we will help you cancel your policy without any hassles. And more importantly, we will accommodate your new budget in helping you find coverage that works for your adjusted finances. Remember, it is better to have less coverage than you did before, than to have no coverage at all (which would be 10 times costlier to your family if you passed away).
19) Does BeamaLife keep my personal information safe?
Absolutely. As a licensed insurance agency in all 50 states, we are required to abide by federal and state legislation regarding the privacy of client information. We comply with the mandates of HIPAA (Health Insurance Portability Accountability ACT 1996) laws. Also, from time to time we conduct audit to make sure our clients’ information is safely guarded. Rest assured, we will protect your personal information with the highest standards of client codes of ethics and in compliance with the laws decreed by regulating authorities.
20) Do I have to pay anything when I submit an application?
In some cases-depending on the insurance carrier you cannot pay your first months premiums
when you submit the application. Sometimes the policy or the insurance company does not want to be liable or take the risk of providing you a death benefit without first underwriting you. However, for smaller coverage amounts and most states, the insurance company requires payment to be submitted with an application. Typically, some policies or carriers will not even consider you until they see payment information. Keep in mind that the insurance not only wants to access your medical history before they approve you but they also look at your moral character, general reputation, mode of living, personal traits, personal life style, and finances in deciding whether you can qualify for coverage.
21) Is everything done over the phone or do I have to come into your office?
You will never have to leave the comfort of your home or office to get life insurance through BeamaLife. We understand that in this fast-paced, ever-changing world most people do not have time to spend two or three hours at an agent’s office or in their homes speaking with an agent. We at BeamaLife cater happily to the needs of the online consumer, and use sophisticated technology to ease the process of obtaining life insurance.
22) Can I recommend friends, neighbors and co-workers to BeamaLife?
Yes. In fact, a big portion of our clients were referred to us by someone who had purchased their life insurance through BeamaLife. All of our clients form part of the BeamaLife family and as such, are always welcome to spread the word to friends, neighbors, and co-workers regarding their great experiences with BeamaLife.
