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A Smarter Way to Buy Life Insurance
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Life Insurance for the Stages of Life
Frequently Asked Questions

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Life Insurance Medical Exam Tips
Factors That Determine Insurance Rates
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Frequently Asked Questions

Why should I choose Spectrum Direct?

At Spectrum Direct, our goal is to provide access to accurate term life insurance rates simple and easy and without the hassle. We represent several highly rated insurance companies that will provide you with a wide range of options to meet your specific needs.

Each month our friendly, knowledgeable and professional staff assists thousands of people seeking quality life insurance from highly rated insurance companies they can trust, by offering free, no obligation accurate life insurance quotes that are competitively priced and our process makes applying easy.

Our team of licensed term life insurance specialists asking the right questions will provide the information you need to make an intelligent and informed decision to help protect those you love while offering the personal service you deserve. Our goal is to answer your questions and help you find term life insurance coverage at a price that works with your budget. We'll take care of all the details of the life insurance application process and even arrange for the medical exam — all at no cost to you!

The bottom line is Spectrum Direct will provide you with excellent service with no hassles and no pressure. Your application can be started over the phone, we handle all of the details.

What companies does Spectrum Direct represent?

Click here to learn about the highly rated companies we represent.

How much life insurance do I need?

Many experts suggest buying a life insurance policy equal to 10 to 20 times your annual income. While annual income is an important factor in determining your needs, it's not the only one. Click here to estimate your life insurance needs using our coverage calculator.

Do I have to take a medical exam to get life insurance?

No. Spectrum Direct offers a wide selection of products that do not require a medical exam. However, by taking a medical exam you can often save money on your premiums. If a medical exam is required it is at no cost to you and takes place in the comfort of your home or office. It usually takes less than 30 minutes.

Can I get the results of my medical exam sent to me?

Yes, you can generally get the results of your life insurance medical exam sent to you after your policy is issued. A few companies provide you with a copy of the medical exam results along with your policy. Others require a letter from the insured and then will forward your results.

How long does it take to get a policy?

Policies which require a medical exam typically take 4-7 weeks after your application is submitted to get your policy. However, if you decide to purchase a no-medical exam product you can often get the policy within 24 hours.

How does a life insurance company evaluate my health?

There are three elements to the evaluation of your health when underwriting a life insurance application.

  1. The health questions you answer on the application form. It is very important that you answer these questions fully and accurately in order for the life insurance company to have complete information. Our experience tells us that clients receive the best offer when the insurance company receives complete information. If information is withheld or inaccurate information is given, the offer the insurance company can give you will tend to be less favorable.
  2. A routine physical. Some policies require a medical exam to evaluate your current health. This is performed by a medical professional at your convenience in the privacy of your home or office. Items such as pulse, blood pressure, height and weight and information received through urinalysis, etc. are covered. The physical exam is simple and takes less than 30 minutes.
  3. Medical records. When you complete an application for life insurance, you are asked to sign a medical release form. This form permits the insurance company to receive a copy of your file from your doctor or doctors. In this way, your medical history can be reviewed.

We pay all the expenses for things such as the routine physical as well as fees paid to doctors for copies of medical history files.

The process of evaluating your health is quick and easy for you but is quite thorough.

Spectrum Direct puts forth its best effort to get you the best offer possible based on each individual's health status.

What is "Term Life Insurance"?

Term life insurance is one of the most popular types of life insurance. As the name implies, term life insurance provides protection for a specified "term" period which is typically from 5 to 30 years. In the event premiums have been paid and an insured individual passes on within the specified term, the policy will pay a tax-free death benefit to your designated beneficiary.

What is "Permanent Life Insurance"?

Permanent life insurance is a policy that can be kept as long as you live, provided that premiums are paid as required to keep the policy in force.

There are 3 types of permanent life insurance:

  1. Whole Life. This is the original permanent insurance product. It features fixed, level premiums, a fixed face amount and internal cash value accumulation crediting interest and/or dividends based on the insurance company's general account investment performance.
  2. Universal Life. An offshoot of Whole Life, Universal Life builds internal cash value and has been around for about 20 years. Also known as Flexible Premium Adjustable Life, the face amount and premium payments are often very flexible helping policy holders to adjust their coverage and premiums based on the stage of life they are in. Interest credited to the cash value account is based on the general account investment earnings of the life insurance company. This is generally an interest rate declared each year.
  3. Variable Life. A permanent insurance product that builds internal cash value which is invested in a separate account managed by well known mutual fund families. In fact, many of the investment options available in a Variable Life policy are "clones" of some of the most famous mutual funds operated in identical fashion by the exact same fund manager.
Can I convert my Term Life policy to Permanent Life Insurance?

Any time during the period for which your term life insurance policy is in force, and you are within the conversion period, you may convert it to a permanent type of life insurance without providing evidence of insurability at the time you exercise your conversion rights. The conversion period varies from policy to policy. Some policies allow you to convert for the first five years, some through age 75, etc.

This is a very important provision of a term life insurance policy and it is also a feature that is very important for the policy holder to understand. Virtually every term life insurance policy we know of contains a standard conversion provision that permits the policyholder to convert to any permanent life insurance product available from the issuing insurance company.

It is important to be able to convert to a permanent policy at some point in the future because permanent life insurance policies, although they have higher premiums, build internal cash value and therefore, generally have a lower total net cost of coverage than pure term life over a period of years. Also, permanent life insurance policies have level premiums that never increase. Term life insurance will eventually go up in price (once you have reached the end of your rate guarantee period). At older ages, term life insurance premiums can become very expensive because there is no internal cash value to help offset the cost of coverage.

Am I obligated to continue the policy for the term of the contract?

No. The owner of a life insurance policy may terminate it at any time. Typically, the insurance company will pro-rate a refund if you have paid, for example, an annual premium, and then cancel before the passage of that year.

Can minor children be the beneficiary of my life insurance policy?

Yes, you can make minor children the beneficiary but a life insurance company will only make the proceeds available to the legal guardian or other such legally empowered entity of such a minor.

Do I need to name a contingent beneficiary?

No, you do not need to name a contingent beneficiary. If you do not name a contingent beneficiary, and the primary beneficiary is deceased at the time of the insured's death, the life insurance benefit will be paid to the estate of the insured.

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