Please be patient while we create a copy of this decision for you...
| Name | Description |
| General Policy Terms | How satisfied are you with the basic coverage offered by this policy? |
| Cancellation by Insurer | Although prohibited in some states, does this plan have a provision allowing the insurer to cancel your policy upon written notice to you? |
| Cancellation for Non-Payment | If the insurer cancels your policy due to non-payment, is there an acceptable timeframe for receiving the written notice and for appealing the cancellation? |
| Coverage Duration | How does the timeframe this coverage is in force and any disqualifying events fit your needs? |
| Coverage Maximums | Does the amount of available insurance meet your current and future needs? |
| Coverage vs. Cost | Comparing the coverage this policy offers, is it offered at a competitive price? |
| Meets Your Need | Evaluate the degree to which this insurance policy meets your overall financial, health, life and liability needs both now and in the future. If you are not sure, ask a professional. |
| Policy Renewal | Is the plan or policy guaranteed to renew regardless of your current or future health status? |
| Term Type | Evaluate the different policy types (Level, Decreasing, Return of Premium, etc.) and determine if provided coverage is appropriate for you. |
| Insurance Agent | How would you rate your insurance agent's overall helpfulness and knowledge? |
| Agent Helpfulness | How would you rate the agent's understanding of your situation and ability to provide solutions from which to choose? |
| Agent Knowledge | Is the agent knowledgeable and able to answer all your questions? |
| Agent Relationship to Insured | Evaluate your reason for considering this policy; is it for emotional reasons, do you feel obligated due to a friendship or does the policy really compliment your financial goals? |
| Agent Status | Does the agent represent one company or many companies? With limited access to other insurers, premiums could be higher. |
| Insurance Provider | How would you rate the overall interest, information and support the insurance provider has given you? |
| Affiliations | Does the insurer have affiliations with other business concerns (e.g. business partnerships and working relationships) that might translate to reduced premiums? |
| Claims Processing | How easy is this insurer's overall claims process? |
| Company Rating | How is the insurer rated by the standard rating services? |
| Recommendations | How would you rate the experience of others attempting to collect benefits from this insurer? |
| Cost | How do you rate the overall cost of this insurance coverage? |
| Cost Management | Evaluate the options available to you to reduce your overall cost of coverage. |
| Association Discount(s) | Evaluate any discounts given to policyholders for belonging to associations. (e.g. AARP, Alumni Association, Professional Associations) |
| Backdating/Save Age | Does the policy allow for backdating or "save age" to reduce premiums paid (e.g. typically 6 months, maximum)? |
| Cancellable Policy | If this is a cancellable policy, does the fact that the insurer can cancel the policy at any time and return any advance premium fit within your health and financial planning goals? |
| Conditionally Renewable Policy | If this is a conditionally renewable policy, do the conditions under which the insurer is allowed to terminate the policy or increase premiums meet with your health and financial goals? |
| Conversion Options | Are there conversion options for this policy? |
| First to Die | Does your policy contain a "first to die" clause which will pay the death benefit upon the death of the first of two listed on the policy? (You will only pay for one policy instead of two.) |
| Guaranteed Renewable Policy | If this is a guaranteed renewable policy, evaluate the premium cost and age limits against your personal needs. |
| Optionally Renewable Policy | If this is an optionally renewable policy, evaluate the optionally renewable date to determine its appropriateness for your situation. (The optionally renewable date could result in policy cancellation or a premium increase.) |
| Reinstatement Provision | Does the policy have a reinstatement/restoration provision in case you miss a payment? |
| Replacement Option | Does the policy provide for replacement without having to show evidence of insurability? |
| Waivers for Impairments | Evaluate any waivers for impairments (sometimes called "impairment rider") and determine the appropriateness for inclusion in the policy. |
| Premiums | Rate your overall cost of insurance. |
| Affordability | Evaluate your ability to afford premiums based on current income. |
| Payment Frequency | Does the insurer provide payment intervals which meet your needs (monthly, quarterly, semi-annual, etc.)? |
| Payment Options | Does the insurer provide various payment options (EFT, check, credit card, etc)? |
| Payment Source | Have you evaluated the best way to pay for this coverage, whether it be cash from your income or cash from income producing investments? |
| Premium Amount | Rate the premiums being charged for this policy or plan. For higher limits and health risks, you would expect to pay a higher price. |
| Coverages | How well does the coverage offered by this life insurance policy fit your overall needs? |
| Child Insured to Age | At what age is child coverage terminated? |
| Coverage of Children | Does the optional amount of coverage for premature death of a child (child rider) meet your needs? |
| Handicapped Dependents | Does the policy cover dependents who, after reaching the limiting age, are dependent on the insured and incapable of self-support due to a physical or mental impairment? |
| Inflation Protection (IBR) | Does this policy allow you to purchase increases in insurance coverage without having to show insurability? |
| Waiver of Premium (WP) | Does the policy have a Waiver of Premium provision in the event of total disability? |
| Policy Features | Evaluate any limits placed on you due to policy definitions, eligibility or limitations. |
| Policy Considerations | Evaluate policy provisions to determine their impact on your out of pocket costs, coverage limits, or other policy terms. |
| Accelerated Benefits | Does the policy allow tax-free access to death benefits in the case of terminal or chronic illness? |
| Change of Occupation | Will the insurer modify the policy premiums when considering a change in occupation? |
| Conversion Privilege for Dependents | Does the family policy allow a family member, who no longer meets the definition of "family member," to take out a conversion policy without having to show evidence of insurability? |
| Free-Look Provision | Depending on the state, is the timeframe in which you can examine the policy before forfeiting any premiums paid reasonable for your circumstance? |
| Misstatement of Age | Upon misstatement of age at time of application, will this plan adjust premiums up or down to reflect your correct age? |
| Policy Fee | Rate the policy fee charged. |
| Policy Eligibility | Do you fit the eligibility requirements for this policy? |
| Basic Eligibility | Given your known risk factors and your current or anticipated health situation, how do the policy eligibility requirements fit you? |
| Age Criteria | Are you within the required age range for this insurance policy? |
| Health History | Does your health history affect your ability to acquire this protection? |
| Income Minimums | Evaluate your income relative to your expected premium payment. Insurers will only issue policies to those who can afford the premiums. |
| Mental Conditions | If you have a prior or existing mental condition, are this policy's qualification criteria appropriate for your situation? |
| Occupational Risk | To what extent does your current occupation disqualify you for insurance or raise the premiums beyond affordable limits? |
| Pre-existing Conditions | How well are pre-existing conditions covered by the plan? |
| Adult Conditions | To what extent are adult related pre-existing conditions covered by the plan? |
| Child Conditions | To what extent are children's pre-existing conditions covered by the policy or plan? |
| Waiting Period | How reasonable are any waiting periods for your pre-existing conditions? |
| Recreational Risk | To what extent do your recreational activities affect your ability to obtain coverage with this provider? |
| Risk Class | Evaluate the risk class the insurance company used to determine your eligibility for insurance and resultant premiums. Others might put you in a lower risk class with a savings in premium costs. |
This site is intended as an informational tool only and should be used in consultation with appropriate professional advisors.
Please be patient while we create a copy of the 'Choose a Term Insurance Policy' scenario for you...
