Frequently Asked Questions
What carrier do you use for life insurance?
If you click on the button to buy life insurance online or if you use any of the links in at the top of the page (instant term, accelerated term, or Whole Life), then the carrier would be Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI). SBLI has a AM Best rating of A (Excellent), Standard & Poor's rating of: A- (Strong) and Better Business Bureau of A+.
However we are an independent agency and can write policies with the vast majority of insurance carriers. If there is a specific carrier you would prefer to use, most likely we would be able to write a case on that carrier as well. Just send us a text or email at: (847) 414-4503 and we would be happy to get the process started for you.
Should I buy Term insurance or Whole Life?
Most people should have some term insurance in place to help cover the cost of an early death. In the event of an early death; spouses, loved one’s, & business partners may be left with a severe financial burden that can be easily eliminated with an inexpensive term life policy.
Whole Life is a great option for those who are earning over six figures and are already fully maxing out retirement accounts such as IRA’s, 401K’s etc. In addition, it is important that those looking to purchase a Whole Life policy have a relatively high expectation that they will be able to make premium payments for the duration of the policy (10, 15, 20 years, or to age 65).
If you are not financially secure yet but want Whole Life Insurance, we would recommend term insurance in the interim. The term policies we sell online through the link above has the ability to convert the policy into a Whole Life policy. Converting a term life policy allows you to lock in the health class the policy was originally issued with and does not require medical underwriting to convert the term policy into a Whole Life policy. This allows you to lock in your health rating now, so can still obtain Whole Life Insurance later on when you are in the financial position to afford Whole Life insurance later on. Keep in mind that if you did decide to later convert a term policy into a Whole Life through us, the health class would be locked in (such as preferred +, standard, etc.) however they would still price the policy for your age at the time of conversion.
Note: Conversion to either a whole life policy or a universal life policy at any point prior to the earlier of attained age 70 or the end of the level term period. Conversion to universal life is only allowed on face amounts greater than or equal to $100,000 and is not available in the state of CA.
What is the difference between Instant Term and Accelerated Term?
Instant Term allows you to get term instantly online instantly with a decision made in minutes. Accelerated Term allows you to start the application process for buying Term Life Insurance.
Instant Term allows you to apply to benefit amounts up to $1,000,000 (Maximum issue limit on instant term for ages 18-40 is the lesser of $1M or 20 x Income; for ages 41-50: the lesser of $1M or 15 x Income; for ages 51-55: the lesser of $500,000 or 10 x Income)
With Accelerated Term Insurance for clients between the ages of 18-60 and with a death benefit between $100,000 - $750,000, underwriting will be determined via a tele-med exam over the phone (no medical exam required). For clients over 60 years old or for clients applying for more than $750,000 in life insurance, medical exams will be completed by a traditional medical exam scheduled by you, at your desired location (such as your home or work).
Do you typically recommend Instant Term or Accelerated Term Insurance?
In general, we would recommend Accelerated Term Insurance over Instant Term since it is less expensive and you can apply for more insurance with Accelerated Term vs. Instant Term. However Instant term insurance is more convenient and allows you to get coverage much faster than through accelerated term.