How
much life insurance do I need? Unfortunately there is no magic
rule of thumb for determining your life insurance needs. Every family's needs
are as unique as the individuals that help make them up. In evaluating your
life insurance coverage, make sure you consider how much replacement income
your family will need, include the cost of inflation, and account for
anticipated expenses such as college funding, among other factors. The
One-Minute Financial Check-Up can help you understand and estimate what
those needs are. For a complete analysis of your needs, consult an insurance protection specialist.
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What
is Simple Issue Term Life? Simple Issue Term is affordable,
easy-to-understand coverage for all your basic life insurance needs. With
flexible features, Simple Issue Term makes it simple to get protection that
fits your lifestyle. Plus with a simple one-step application process, and no
medical exam, getting coverage is fast and convenient. For more information,
visit the Benefits of Simple Issue Term section of
this site.
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Is a medical
exam required? There is no medical exam requirement
- just answer five simple health questions to determine if you qualify.
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Can my
application be denied? The decision to issue your Simple
Issue Term life insurance policy is based solely on your answers to our
five health questions. It is possible to be denied coverage based on your
answers. If you are denied for Simple Issue Term coverage, you may still qualify for a fully underwritten insurance product. For more information contact us
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When does
my life insurance coverage begin? Your coverage begins once we
have received your signed application (assuming the answers to the health
questions demonstrate your insurability) and first premium payment.
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Will I have
to provide updated medical information during the life of my policy?
No, as long as the required premium payments are made you will not be asked to provide future evidence of insurability during the
policy period.
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Can my
policy ever be canceled due to health or other reasons? No.
Once a policy is issued, the insurance company cannot cancel it during the
policy period for any reason - including health changes - as long as the
required premium payments are made.
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How long
is the policy rate in effect? Once you have been approved and
your first premium is paid, the rate is locked in for ten years.
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What
happens at the end of the specified term? At the end of the 10
year term, your policy will continue if you decide to renew at a new higher rate based on your age and rates then in effect. You will receive a
letter prior to each renewal with the new rate. If you wish to keep the policy in force, simply
pay the new premium. No further paperwork or action is required. If at the end of
the specified term you wish to cancel your policy, simply notify the issuing
insurance company in writing.
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How do I
update my name, address or phone number? Visit the
Policy Changes section to download the Name Change Request Form or
call 800.821.5434.
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How do I
change the policy beneficiary? Visit the Policy
Changes section to download the Beneficiary Change Request Form or
call 800.821.5434.
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Where do I
send premium payments? Call Policy Administration
at 800.821.5434 or mail to Individual Assurance Company, Policy
Administration, 2400 West 75th Street, Prairie Village, KS
66208.
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How do I
confirm receipt of a recent payment? Check your monthly bank
statement, or call Policy Administration at 800.821.5434.
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How do I
notify you of a new bank account for monthly drafts? Visit the
Policy Changes section of this site to download a new Direct
Authorization Direct Debit Form. Complete and sign the form and mail it to
the address provided on the form. Or call Policy Administration at
800.821.5434 for assistance.
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Can I
change my policy's premium payment schedule? Yes. At each
policy anniversary you will have the option to change from an annual bill to an
automatic debit or vice versa.
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Can I
reinstate my policy if a premium is unpaid? Yes. This policy
may be reinstated within three years after the due date of an unpaid
premium. The insurance provider must receive a written request from
the owner, evidence of insurability, and payment of all overdue premiums with
interest.
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How do I
obtain a duplicate copy of a lost policy? Call Policy
Administration at 800.821.5434 or make the request in writing.
Click here for the address.
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What is
underwriting? Underwriting standards and guidelines are used
to determine the eligibility of a person for insurance coverage.
Underwriting standards and guidelines can vary from one life insurance
company to another. The common goal of the insurance industry in applying
underwriting guidelines and standards is that the risks associated with
particular insurance coverage for a particular individual be appropriately
measured. For example, a person who has abused alcohol and drugs may have a
higher risk and a shorter life expectancy than a person who has not. When you
apply for Simple Issue Term life insurance there are medical questions to which
you will be asked to respond. Your truthful answers to these questions are
necessary to enable Individual Assurance Company to examine a number of factors
based on its underwriting requirements and guidelines as to your eligibility
and premium payment. These factors include: current health and physical
condition; medical history; use of tobacco, alcohol and drugs; occupation; age;
and gender (Except in states with unisex rates. Rates for females are lower
than comparable rates for males at a given age since women enjoy longer life
expectancies.)
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Under what
circumstances will coverage stop? Coverage will stop if you
stop paying premiums or if you have made a misrepresentation, provided
false information or omitted information on your application, or on the policy
anniversary following your 80th birthday.
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