For Quick-Issue, insurance companies typically phone you to confirm your application responses. If you qualify, the insurance can go into effect immediately with a few companies but is more often available in 7-10 days.

Alternatively, if you do not qualify for Quick-Issue life insurance, ChoiceQuote will show you the Guaranteed Acceptance plans available to you.

Note: Quick issue life insurance is not available in all states and there are minimum age requirements. You can find plans that are available to you by completing Personalized Quote.

** A waiting period typically exists since the last treatment and the wait period may vary by company.

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What is Permanent Life Insurance?

Most Guaranteed Acceptance and Quick-Issue insurance plans are of the type called "permanent insurance." Typically, the policy is a Whole Life plan which means that the protection is meant to be in existance for the insured's lifetime and the premium or cost of insurance is guaranteed not to change. Whole Life plans have a saving feature called "cash value." Cash value begins to accumulate after the plan has been in force for a specific number of years (the cash value feature varies by insurance company). The protection, sometimes called the face amount or benefit, is constant, for example $10,000 for life to the beneficiary (see exception at What is Guaranteed Acceptance Insurance below where the benefit begins gradually). Some Quick-Issue plans are term insurance (see What is Term Insurance below).

The benefit is paid on the death of the insured for any cause and anywhere in the world. Most plans, however, have an exclusion for suicide in the first two years. When the cash value feature begins to show values in the policy, loans may be taken for emergencies or other reasons subject to the provisions of the plan. Benefits may be adjusted to due to misstatement of age, gender, or material misrepresentation or ommision of information.

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What is Term Life Insurance?

Term Insurance is generally the lowest cost insurance, are a for a specified period of time and is the least complicated type of life insurance. It provides insurance protection at a low cost for a specified period of time, such as 10, 15, 20 or 30 years. At the end of the term, you may renew the protection, although premiums may then increase either annually or for a period such as ten years. There is no "accumulation" element, or cash value with term insurance.

Term insurance is ideal for people who have a temporary need for life insurance protection or who need a large amount of coverage, but are on a limited budget. Term insurance can also satisfy the needs of business owners who wish to cover the life of a key employee. Additionally, rather than passing outstanding obligations to your loved ones, term insurance can be used to pay off these debts in the event of the insured's death.

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Why do premiums vary from company to company?

Actually, premiums vary because the insurance company has targeted categories to gain market share, for example ages males 45 to 55 and products such as Guaranteed Acceptance Life Insurance. If you fall outside a target demographic, that company may no longer be competitive or a plan may not be available. It pays to check your classification carefully at Personalized Quote. Also, if you change the data, another company may be quoted.

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Quote Services quotes vary, Why?

Simple. Not all services take the time to classify you based on their best estimate of your probable classification at issue of a policy. Classification inflation caused by asking too few questions can mean that the policy you select may have a much higher premium when issued. So taking the time to get your best estimate of your classification with ChoiceQuote^SM can mean accurately quoted premiums.

Also, the other reason quotes vary is that not all services represent all competitive companies. This occurs because some services elect not to represent certain insurance companies because of marginal service in the past or the quote service may be unable to contract directly with the insurance company. Alternatively, some services represent only the companies where the maximum compensation is available.

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Why is a company not quoted?

If a company does not appear in our quote system it may mean we are not contracted with the company. In some cases this means they are new to the market with competitive premiums and we have not completed the licencing forms. Selected companies do not appear in our database because our experience has shown their service is poor and untimely. Some companies have instructed their agents not to provide quote information and/or comparisons of their premiums over the Internet. Finally, not all companies will contract with all direct-to-consumer companies for a variety of reasons.

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How do you select companies to recommend?

ChoiceQuote^SM selects companies to be quoted based on the following criteria:

1. Superior/Excellent financial ratings in the opinion of the independent insurance company rating service (s) such as A. M. Best, independent insurance analysts since 1899. Many companies also have Superior/Excellent ratings in the opinion of Standard & Poors, Duff & Phelps, and/or Moody's.

2. Dedicated to e-commerce, i.e., accepts application requests generated by the ChoiceQuote's Internet simplified shopping service.

3. First class underwriting of applicants in terms of decision-making and timely processing.

4. And, "yes" an acceptable level of compensation to ChoiceQuote^SM so we can stay in business.

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What is your relationship to the insurance company?

ChoiceQuote^SM and/or its agents represent most major companies offering competitive insurance policies. However, not all companies are represented in all states and not all recognized companies offer competitively priced policies.

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How is ChoiceQuote^SM compensated and how much does ChoiceQuote^SM receive?

ChoiceQuote^SM is compensated solely by the insurance company, and only after you have: 1) selected the company, 2) qualified for the insurance, 3) reviewed the policy and 4) paid the premium. Therefore, the final decision is always in your control. Note, however, that compensation is predetermined by the insurance company not by its agent/brokers such as ChoiceQuote^SM.

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Which policy is right for me?

Individuals who qualify only for Guarantee Acceptance or Quick-Issue life insurance have a limited selection of policies available to them. CQ attempts to list those companies plus their benefits and limitations for your consideration.

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What happens after I choose a quote?

Just follow the simple steps at the end of the Personalized Quote:

1. Complete and email ChoiceQuote^SM the Personalized Quote
   
2. Expect a call from a "service provider" if you have qualified for a Quick-Issue policy to verify selected information from the application.
   

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Is my information confidential?

Yes, by federal and in some cases state law, information you provide to gain acceptance by the insurance company is confidential. It must be kept confidential by the insurance company and may not be released to any third party not a participant in the underwriting process. ChoiceQuote^SM does not release inquiries or give quote request information to any third party. ChoiceQuote^SM may, however, use information provided to advise you of renewals, new products or premium changes, or relevant issues unless your request that we do not. The ChoiceQuote^SM site, in addition, is secure, to further ensure safety.

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How long does it take to get my policy issued?

Consumers are rewarding the most competitive and financially strong companies with a large volume of applications. This "flight to quality" is now overloading companies with low premiums. However, we would expect that most Guaranteed Acceptance and Quick-Issue plans would be sent to you in 7-10 days after CQ has have received your completed application request and the examiner has completed the phone interview (applicable for Quick-Issue policies, only).

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Will an agent visit me?

The direct-to-you ChoiceQuote^SM system has been crafted to optimize ecommerce processing without face-to-face contact which may save you time. All communications are via phone, fax, mail or email. If you wish to speak to a licensed agent, call 800.778.2001

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Are there any other fees or charges for ChoiceQuote^SM services?

No, ChoiceQuote^SM is compensated by the insurance company only after you have made your plan choice and received a policy you find satisfactory. In most states you will have a free look during which you may return the policy for any reason. If premium had been paid, your full premium will be refunded. As a result, the decision is always in your control.

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What about my current insurance?

You should carefully evaluate the cost and benefits of any proposed new insurance against any existing policies to determine which is the best value to meet your objectives. Also, do not lapse or non-pay any existing policy until you have completed all requirements for new insurance you purchase so that the new plan is in effect.

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