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James R | Question about purchasing term life insurance while awaiting a universal policy..? |
I recently applied for univeral life insurance. Can I purchase term in the meantime..?
..In other words, can I purchase term life insurance while awaiting confirmation of my universal policy - with the same insurance company (I know I will be approved for universal because of my good health). Please, informed answers only. Thanks everyone. |
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seaportma
|
Are you concerned that you might die before the UL policy is issued?
You might have provided a check for the first one or two months of premium payment, along with you application for life insurance. If so, you should have gotten a "conditional receipt". This means that if you die before the UL policy issued, and if the insurance company would did not have a basis to reject your application for a policy, you do have a certain amount (if not the entire face amount) of life insurance.
You can apply for term insurance -- but if you apply for term after you applied for the UL, you probably wouldn't get the term policy until after you get the UL policy. |
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Financial JUSTICE
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Yes you can purchase term insurance while waiting to see if you qualify for universal life insurance, but you seem to purchasing life insurance randomly without knowing the real truth behind them.
I don't know what your life agent said about universal life insurance, but here's the real truth about universal life insurance:
1) You are covered for the rest of your life.
2) It builds cash value.
3) The insurance element is always increasing term insurance, meaning premiums goes up every year.
4) As time goes on, less and less of your premiums goes into the cash value and more into the insurance. Eventually, all your premiums are paying for the insurance and none goes into the cash value.
5) If you think its expensive now, in later years, this life policy will be very expensive.
6) Depending on your settlement option upon your death, your beneficiary may or may not get the cash value, but is guaranteed to get the death benefit.
Now you know the real truth about universal life, here are some facts about term insurance.
1) Premiums remain level for certain period of years.
2) It does not build cash value, so you have control on where you want to save your money.
3) Depending on the company, you may have guaranteed annual renewable term. This is when your level term insurance expires and you can renew it without having to take another medical exam.
If I were you, I would buy a 20-35 year term insurance, then cancel the universal life insurance, and then open a Roth IRA account and setup a systematic investment plan with it. |
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insuranceguytx
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There may be more to your question than I can read into it.
Yes you can apply for a term policy too. Having that policy issued will probably take as long (or longer) than with your Universal Life policy. You will also have to reveal on the application that you are waiting on a UL policy.
It sounds like you really need to think about and talk over your insurance strategy with someone - like a financial planner.
Good Luck
* |
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Mark S
 |
Yes you should be able to apply and receive term insurance on top of the UL. Read the below link on UL policies. It shouldn't take any longer than the UL policy. If the term policy is the same amount as the UL, then it should be faster- you have already been underwritten for the UL.
My concern is why you needed the insurance in the first place. Do you have family that depends on your income? How well have you planned for your financial future? Are you getting the highest return on your investments? Did your agent check this out for you prior to you purchasing the policy? If not, you may be undercovered and/or paying too much for the UL policy.
Insurance is all about what you want to do for your family should you pass- do you want them to live the same, worse or better than they are right now? |
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Donna C
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You will probably have to go though nearly the same underwriting procedures that you went though to get the universal life policy especially if it is for the same amount and with the same company. So that means it will be issued after the first one anyway. Also did you make the first payment. If you did you received what we call a conditional receipt. You will have coverage as if the company was going to issue the policy.
If you are worried about it taking so long, you might call your agent and ask the reason for the hold up. Sometimes the reason is because they are waiting for a copy of medical records from your doctor. If this is the case, you might be able to call the doctor and hurry him or her up. Or they have not received the medical report from your examine( if you had one) or someone in the home office has not put the OK stamp on it. In any of these cases your agent can find out what the problem is. Give him a call. |
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Kaushik A
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Hi James,
Yes,definitely you can buy another Term Life policy besides Universal one,if you can afford to. |
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huskerred
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do not waste your money on that universal crap. It builds cash value, but it is NOT YOUR MONEY IT IS THE INSURANCE COMPANIES MONEY that is why they want you to buy that junk |
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