Frequently Asked Questions About Buying Life Insurance Coverage.
Q – Who is BuyLifeInsurance.Miami?
BuyLifeInsurance.Miami is a collaborated effort between South Florida based independent life insurance brokerages Decision Tree Financial, Atlantic Coast Brokerage and Ample Insurance. Our mission is to help consumers their options when it comes to insurance so they can make the best buying decisions possible.
Our owners have over 60 years of experience working in the financial services and insurance industries in the Sunshine State.
Q – Why should I work with BuyLifeInsurance.Miami?
We understand that you have a choice as to who you will work with in making insurance purchases. We believe that if we can provide you with valuable resources and information that allow you to be confident in your insurance decisions then you will want to work with us. Our goal is to help you get the best coverage, from the best company at the best price.
Q – What companies does BuyLifeInsurance.Miami represent?
We represent a majority of the companies licensed to sell life insurance, disability insurance and long-term care insurance. There are a handful of companies that we do not represent you will see on our term life insurance quote engine because they require their agents to sell only their products. We are an independent insurance agency and represent our clients best interest.
We include the prices of policies offered by captive insurance agent companies because we believe you should know the published rate of all carriers for each product and health class. That being said, if one of those companies is the best option for our client, we have relationships with agents who work for those companies and will introduce them to you so that they can get you that product.
Again, our mission is to help you get the best coverage, from the best company at the best price in the hopes that if we do right for you, you will share our site with others.
Q – Your website is BuyLifeInsurance.Miami. Why do you sell other insurance coverage?
We believe that having proper life insurance coverage is the foundation for any comprehensive financial plan. We also understand that a financial plan is only as strong as its weakest link and there are other coverages people should own to protect their family and business financial interests.
Our owners are Certified Financial Planners and Chartered Financial Consultants and are therefore trained to look at the big picture when it comes to a person’s insurance portfolio.
We allow our clients to determine the type of relationship they will have with us. If they just want to address their life insurance needs or any other coverage, that is what we do. However, we want them to understand that we can do a lot more for them if that is desired.
Q – Do you work solely with South Florida residents?
We are based in the Greater Miami area and are involved in its community. However, because we do such a good job helping our clients, they refer us to their family and friends and we end up working with people all over the country, as well as some ex-patriots overseas.
Q – 10-Year Term, ROP Term, To Age 121 and Simplified Issue. What do these mean?
Term life insurance is guaranteed for the “term” of the contract. For example, a 10-year term policy has a price guarantee for 10-years meaning that, as long as you pay the premium, the life insurance company will not change your rate. After the “term” is over, the rate is subject to change (typically substantially) at which time the insured should take out a new policy if they still need coverage and IF they are still insurable.
“ROP” stands for “Return of Premium.” These types of term policies typically require more premium than non-ROP term. However, if the owner keeps the policy for the length of the term period and the insured is still alive, then they will receive their premium back.
“To Age 121” is a term policy that has a price guarantee to age 121. As long as the policy premium is paid, the insurance company will not change the rate.
“Simplified issue” term insurance doesn’t require a medical exam. These type of life insurance policies are typically more expensive than term life insurance that do require medical exams but for people that fear getting stuck in the arm by a needle, they can be worth the extra cost.
Q – How do I buy a policy?
To buy any life or health insurance policy, you will work with one of our agents in one of several ways. You can set an appointment and meet with an agent at one of our locations. Once the best product is determined, the paperwork needed to buy the policy can be completed then.
You can also meet with an agent over the phone or through web meetings. The agent will discuss your needs and work with you to determine what policy best meets your needs. Applications may be filled out electronically requiring your digital signature or they can be filled out and mailed to you for you to sign.
You can contact us here to set an appointment with an agent.
Q – How much life insurance do I need?
For income replacement, the general rule of thumb is you should have your annual salary/earnings that would be lost should you pass away times the number or years to retirement.
For example, if you are 35 years old making $100,000 per year and plan on working to age 60, you would want to have $2,500,000 in coverage.
There are other reasons for owning life insurance such as buying out business partners, creating a legacy and protecting assets that may change the amount of coverage you should own.
When you talk to an agent, they will help you to understand the amount you should have and you can buy the amount that makes sense for you..
Q – How long should I have life insurance coverage?
It depends. Life insurance purchased to replace an income during ones working years should be held as long as a person is working or has accumulated enough assets to provide the desired income to their beneficiaries.
Life insurance used to create an estate should be held for the insureds entire life. Life insurance purchased to replace a lost pension or social security income should an insured passes away should be held as long as the beneficiaries need the coverage in order to replace their lost income which could also be the insured’s entire life.
Many times life insurance is used to satisfy several needs.
Having a conversation and discussing your objective with a knowledgeable agent can help determine what policy is best as well as any potential exit strategies that may be able to recapture the premiums you paid into the policy.
Q – Can I change my policy if I already have coverage?
Sometimes it makes sense to replace your insurance policy. Maybe you insurance needs have changed, maybe there is less expensive coverage.
When replacing an insurance policy, we make sure that it is in your best interest. If we do, we fill out a state required replacement form during the application process stating the reason for the change. If a new policy is approved, you can then cancel your existing policy.
Q – I got a quote on your site but after I applied, my premium was more. Why?
Our term quote engine will provide you with each life insurance company’s published rate for various health and age classes.
If your health is better or worse than what you stated when you received your quote, the actual premium you pay may be lower or higher. It will be the rate stated on our quoting software based on the health class final underwriting gave to you.
Other factors that can change a life insurance rate include driving history, family health history and credit scores.
Our agents will find out if any factors pertaining to your situation may change your rate or make one company which appeared to have a higher rate a better solution.
Q – I have had some health issues in the past and have been declined. Can you find me coverage?
There is a good chance we can. We represent many companies that insure people with less than perfect health. Cancer survivors, diabetics and heart patients have all been able to get coverage. It depends on factors such what illness you have had, your current treatment plan and if your health is stable.