Frequently Asked Questions
What is an Insurance Quote?- A rate quote or illustration is an estimate of what the premiums of an insurance policy will be. They are provided by the insurance company, broker or agent. They are not guaranteed. The actual premiums and coverage will be based on age, gender, health history, certain underwriting criteria, state of residence, and tobacco usage.
- If I compare your rates to other companies, will I find the same life insurance policy for less through a
different life insurance quote service, agent, or broker? - No. Provided the quote is from the same insurance carrier (for example: Prudential, MassMutual, Met Life etc.) and uses the same risk class, the rates will be the same because the life insurance companies, not agents or brokers, set the pricing. 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 the full range of life insurance products not just the basic "Term" insurance. So, if pricing is consistent, no matter where you purchase your insurance from, your decision will come down to who can help you the most. Call Beamalife today!
- If Beamalife does not charge customers for their services, how do you make money?
- Our mission is to help consumers learn about life insurance and to help them protect themselves and their families' future by developing a solid insurance or financial plan. If you decide to choose us as your insurance broker and we complete the process of providing you with a policy, we are paid by the insurance company.
- Is there a money-back guarantee?
- Yes. If at any time during the application process you change your mind for any reason whatsoever, you will receive a full refund, no questions asked. This guarantee continues until ten full days after your policy is delivered to you.
- How much life insurance is enough?
- Some industry experts give the generic answer of "10 Times your Annual Income." This answer does not apply to everyone. People have different insurance and savings needs and many people have limits on their financial spending abilities, in addition, not everyone understands the different insurance policies available.
There are several factors to be considered:
- Which type of policy would be best for you?
- How much can you afford to pay for insurance each month?
- Do you own your own home? What is your remaning mortgage?
- What is your existing outstanding debt?
- How will your children pay for college?
Does your spouse have enough savings for their retirement if something happens to you?
Without knowing the answers to these basic questions, no company can accurately define your needs. They may be able to quote basic rates based on your medical information but Beamalife can provide the full range of insurance types, unlike other "Term Insurance only" websites.
There is no generic answer to this the question. An accurate response to this question would be to find out your current position in life. Are you in your mid-twenties, starting a new career, recently married with a child on the way? Are you in your mid-thirties, well established in your career and seeking a secure retirement plan? In your 40's seeking an accelerated retirement program within a fixed number of years?
Each of these circumstances has different, interchangeable solutions. Rather than making an inaccurate assumption which may or may not be correct or, more importantly, provide misinformation which might cause you to make a bad decision, we want to provide you with what factors should be considered and give you a basic starting point for your research. Once you have answered these questions, call the Beamalife team and let us help you to choose the proper coverage for your individual requirements.
- Can I get life insurance if I am not a citizen of the United States?
- Most insurance companies request that consumers have a valid green card and have been a permanent resident for at least one year in order to provide you with coverage. However, certain companies do offer insurance to individuals who have temporary visas such as: H1b, H4, L1 and individuals with student visas and a valid Social Security number. Individuals who hold temporary visas usually receive the "Standard" underwriting classification for term insurance, (which will usually result in higher premiums). Even if an individual were seeking permanent life insurance it would be very difficult to obtain the "Preferred" class rating. Please contact one of our sales specialists for further details regarding your specific circumstances.
- 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 life insurance, your premiums will be higher if your current or past medical history contains significant health concerns. Depending on the frequency and severity of your medical condition, most insurance companies have some form of insurance available.
While it may be possible to obtain life insurance, your premiums will be higher if your current or past medical history contains significant health concerns. Depending on the frequency and severity of your medical condition, most insurance companies have some form of insurance available.
That's why the information you provide during the initial application process is so important. 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. Due to the length of time the Underwriting process can take, (up to 4-6 weeks), having all pertinent information in the beginning allows Beamalife to customize our coverage requests to the various insurance companies to seek the best price and a successful approval process.
- What does an underwriter do?
- Underwriters decide if insurance is provided 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 information in insurance applications to determine whether a risk is acceptable and will not result in a loss. Insurance applications often are supplemented with medical reports, reports from data vendors, and actuarial studies. Underwriters then must decide whether to issue the policy and, if so, determine the appropriate rating class and premium to charge.
- What does it mean when my Health Rating Class was downgraded during the Underwriting Process?
Will I have to pay more? - If the underwriters determine that either a medical condition exists or other factors revealed during the evaluation process have placed you in an "Elevated Risk" class, your premiums will increase. That is why completing the application as accurately as possible allows Beamalife to quote rates that will be the closest match to your final premiums. 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 in order to keep the premiums similar to the original quote.
- Does Smoking or Tobacco use affect my Life Insurance rates?
- Life insurance rates for individuals who use tobacco products (smoking, chewing tobacco etc.) are often much higher than someone who does not; 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 and a test of nicotine levels is part of their routine blood screenings.
- What is the Medical Examination Process?
- Most insurance companies now require a medical exam. They are fast, easy and convenient. There is no cost, 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. They include a blood test, blood pressure reading, height and weight measurement, urine specimen, and may include an EKG. The examiner will also ask a series of questions about your health and family medical history. The whole process takes about 20-30 minutes.
Depending on your specific circumstances (e.g. age, amount of insurance, medical history, etc.) the insurance company may require additional testing or information. These requirements do not apply to all applicants. Other requirements that may be included are: Chest X-ray, Treadmill Test, Attending Physician's Statement, Medical Records and a Motor Vehicle Report.
- What are Health Rating Classes? Who determines what class I'm in? Do they affect my insurance
premiums? - During the process of applying for life insurance, each carrier considers a variety of factors to determine whether you present an elevated health risk which will affect how much your premium will be. The people who perform this task are called Underwriters. Once these factors have been evaluated, you are assigned a rating or health class. Each carrier differs in terms of how each rating factor is reviewed and weighted, but all use sophisticated techniques, specialists and a broad range of statistics to determine the level of risk you represent. The lower your health rating class is, the higher your premiums will be.
Here are some of the specific factors:
- Blood Pressure
- Cholesterol Level/Ratio
- Family Medical History Hazardous Activities
- Mental Health/Depression
- Driving Record
- Credit History
- Travel Habits
- Height/Weight
The factors used by each insurance company, and the methods in which they "rank" them varies based on each company's underwriting policies. There are four main health rating categories in the Non-Smoking Class and two in the Smoking Class.
The difficult part is that each insurance company has its own unique title for the different categories, making it much more confusing. As an example, here are some Health Rating Class Titles for the Best Class Available in the Non-Smoking Category:
- Elite-Plus Non smoker
- Preferred Best Non Smoker
- Preferred Elite
- Preferred Elite Non-Tobacco User
- Preferred-Plus
- Preferred-Plus Non Tobacco
- Premier No Tobacco
- Select Preferred
- Super Preferred
- Super Preferred Non Smoker
As you can see, when you are comparing rates, the titles can be confusing. Premiums for individuals who do qualify for these rates are the least expensive. Only a very small percentage of people qualify for this class.
Here are some of the Health Rating Class Titles for the Second Best Class Available:
- Preferred
- Preferred Non-Nicotine
- Preferred Non-Smoker
- Preferred Non-Tobacco
- Preferred Plus No Tobacco
- Preferred-Plus Nonsmoker
Again, the names are similar but they are still different depending on the company, you may also see that some of the names are extremely similar to those in the first class. Usually only having one mild health concern can result in you being assigned to this class, being slightly overweight but in otherwise excellent health for example.
Here are some of the Health Rating Class Titles for the Third Best Class Available:
- Non Smoker Plus
- Preferred No Tobacco
- Select Non Nicotine
- Select Nonsmoker
- Standard Plus
- Standard Plus non Tobacco User
- Standard Plus Nonsmoker
- Standard Select
Most applicants for life insurance fall into either the second or third class, you may start to see a trend in the titles, with each class having some specific key words that are used to identify which class they are in.
Here are some of the Health Rating Class Titles for the Fourth Best and Final in the NON Tobacco Class:
- Non-Smoker
- Non-Tobacco
- Standard Non-Nicotine
- Standard No Nicotine Use
- Standard Non-Smoker
- Standard Non-Tobacco User
These are usually assigned to individuals with more severe or multiple medical concerns.
The following Health Rating Class Titles fall under the Smoking Category, in most cases, due to the relation between smoking and its adverse health effects, there is a significant increase in premiums if Tobacco use is identified, either through the application or from medical test results.
Here are some of the Health Class Rating Titles in the Best Smoking Class are:
- Preferred Nicotine
- Preferred Smoker
- Preferred Tobacco User
- Standard Plus Tobacco
Here are some of the Health Class Rating Titles in the Second Best Smoking Class:
- Smoker
- Standard Nicotine
- Standard Smoker
- Standard Tobacco User
- Nicotine
- Tobacco
Based on the above breakdown of classes and titles, it's easy to see why so many people are confused about this topic. The insurance companies have many internal uses for these product descriptions, but becoming familiar with the keywords associated with each category is important. You may receive different rate quotes for what seem like the same product but the subtle variations in the name can mean an increase in the premium. This is just one basic area associated with buying insurance; that is why you need the expertise of the Beamalife team to help guide you through this confusing maze of information and choices.
- 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. A table rating is a percentage increase above the standard rate, it may last for 20 years and then cease or the company may specify how long the rating will last.
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.
- 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.
- How do I apply for life insurance through Beamalife?
- The process is quite simple, you begin by either completing the quote request form located on our home page or you may choose to contact one of our Sales Specialists at (866) 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 insurance by the company selling the product).
- 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.
- 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.