Frequently Asked Questions About Life Insurance
If others depend on you in whole or in part for their financial security, you might be considering looking into life insurance. When you do, it’s not uncommon to run across unfamiliar terminology and processes. As part of our mission to support your financial security, we’ve gathered some common questions about life insurance. Check out the answers below to help you feel more confident when you think about buying life insurance.
What is term life insurance?
Term life insurance is a form of life insurance that provides financial protection for a set time, or term, such as 10 or 20 years. If you die before the term is up, your beneficiary receives the benefit, usually tax free.1 That money can be used however needed, without restrictions. Term life insurance is one of the simpler and more popular ways to provide a financial safety net for loved ones.
What is the life insurance application process like?
When you apply for life insurance, information is usually needed about your health and other factors to enable the insurance company to decide whether to take on the risk of insuring you. This information could be collected online through various data sources with your permission, through phone calls or a visit with a medical professional, or a combination of these methods. Once the insurance company receives and reviews your information, you get a decision on whether you’re approved for the coverage.
How much does life insurance cost?
The cost of life insurance is determined by many factors: your age, gender, and health are considered when you apply. Most Americans overestimate the cost of life insurance by at least 3 times,2 so it may cost less than you think. And because life insurance costs less when you’re younger and healthier, there may be no better time than now to get started.
What are the advantages of HPSO-sponsored group life insurance?
As a HPSO-insured, your group buying power has been used to negotiate members-only rates from New York Life Insurance Company. HPSO group insurance is portable, so you can keep it no matter where you work. Once your coverage is in place, you can’t be singled out for a rate increase, regardless of changes in your health. New York Life Insurance Company does reserve the right to change rates, but may only do so for all members of your class.
Can I apply for term life insurance for my family?
Yes, your family can typically apply for coverage. For example, with HPSO coverage, your spouse or domestic partner under age 65 is eligible to apply. Unmarried, dependent children up to age 21 (25 if full-time students) also qualify for coverage on your policy.
While no amount of money could replace you, it can be comforting to know that if the worst were to happen, your loved ones would at least receive help covering the many expenses that would go on without you there.
Easily apply for life insurance online, often with no medical exam
To save you hassle while helping safeguard what matters most, we’ve worked with New York Life to simplify your application process for up to $250,0003 of life insurance.
- Choose your monthly cost and instantly see how much coverage it can buy.
- Apply online in minutes – in most cases, applicants under age 50 applying for $250,000 coverage or less will not require a medical exam.
- Option to lock in your cost at your current age for as long as 20 years.
Learn more now:5
(No need to provide an email address or phone number to see your cost.)
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Group Policy Form GMR.
1 Please consult your tax advisor for more information.
2 LIMRA 2023 Insurance Barometer Study (https://www.limra.com/siteassets/newsroom/liam/2023/0859-2023-liam-fact-sheet-2023_final.pdf)
3 Typically no medical exam is needed for applicants under age 50 applying for up to $250,000 ($200,000 for Level Term Life). If an exam is required, it will be scheduled at your convenience and at no cost to you. Higher coverage amounts are available.
4 Including information on features, costs, eligibility, renewability, limitations and exclusions.
Frequently Asked Questions About Life Insurance
If others depend on you in whole or in part for their financial security, you might be considering looking into life insurance. When you do, it’s not uncommon to run across unfamiliar terminology and processes. As part of our mission to support your financial security, we’ve gathered some common questions about life insurance. Check out the answers below to help you feel more confident when you think about buying life insurance.
What is term life insurance?
Term life insurance is a form of life insurance that provides financial protection for a set time, or term, such as 10 or 20 years. If you die before the term is up, your beneficiary receives the benefit, usually tax free.1 That money can be used however needed, without restrictions. Term life insurance is one of the simpler and more popular ways to provide a financial safety net for loved ones.
What is the life insurance application process like?
When you apply for life insurance, information is usually needed about your health and other factors to enable the insurance company to decide whether to take on the risk of insuring you. This information could be collected online through various data sources with your permission, through phone calls or a visit with a medical professional, or a combination of these methods. Once the insurance company receives and reviews your information, you get a decision on whether you’re approved for the coverage.
How much does life insurance cost?
The cost of life insurance is determined by many factors: your age, gender, and health are considered when you apply. Most Americans overestimate the cost of life insurance by at least 3 times,2 so it may cost less than you think. And because life insurance costs less when you’re younger and healthier, there may be no better time than now to get started.
What are the advantages of HPSO-sponsored group life insurance?
As a HPSO-insured, your group buying power has been used to negotiate members-only rates from New York Life Insurance Company. HPSO group insurance is portable, so you can keep it no matter where you work. Once your coverage is in place, you can’t be singled out for a rate increase, regardless of changes in your health. New York Life Insurance Company does reserve the right to change rates, but may only do so for all members of your class.
Can I apply for term life insurance for my family?
Yes, your family can typically apply for coverage. For example, with HPSO coverage, your spouse or domestic partner under age 65 is eligible to apply. Unmarried, dependent children up to age 21 (25 if full-time students) also qualify for coverage on your policy.
While no amount of money could replace you, it can be comforting to know that if the worst were to happen, your loved ones would at least receive help covering the many expenses that would go on without you there.
Easily apply for life insurance online, often with no medical exam
To save you hassle while helping safeguard what matters most, we’ve worked with New York Life to simplify your application process for up to $250,0003 of life insurance.
- Choose your monthly cost and instantly see how much coverage it can buy.
- Apply online in minutes – in most cases, applicants under age 50 applying for $250,000 coverage or less will not require a medical exam.
- Option to lock in your cost at your current age for as long as 20 years.
Learn more now:5
(No need to provide an email address or phone number to see your cost.)
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Group Policy Form GMR.
1 Please consult your tax advisor for more information.
2 LIMRA 2023 Insurance Barometer Study (https://www.limra.com/siteassets/newsroom/liam/2023/0859-2023-liam-fact-sheet-2023_final.pdf)
3 Typically no medical exam is needed for applicants under age 50 applying for up to $250,000 ($200,000 for Level Term Life). If an exam is required, it will be scheduled at your convenience and at no cost to you. Higher coverage amounts are available.
4 Including information on features, costs, eligibility, renewability, limitations and exclusions.
