question about insurance agent licensing exam?

Hi,

I’m going to be taking my insurance agent license exam for life and health insurance. I’ve been studying using the PASS package from Able. Is the Pennsylvania test similar to the study package…in that, mostly, you are just memorizing the terms. If anyone has used the Able system, is the state exam a lot like the quizzes and test in the study package?

I haven’t used the ABLE product, but the exams are pretty much the same in all states. You need to know especially the subtle differences between similar terms.

Whole life and term insurance thing again:?

here is my original question

http://answers.yahoo.com/question/index;_ylt=AloaSJ00r.VoSPxXAt2Z2jbsy6IX?qid=20070807141947AAb1AOI

very good answers and i want to explain a bit more. i am 34, my husband is 40. we dont have any retirement investments (for the most part). My concern is with term life ins that what if i get a 10, 15, or 20 yr policy – will i be able to renew for another term without question or by that time will i be subject to questions and medical exams or outright denied ? I just want to make sure either one of us will be alright either way. no kids.

You REALLY need to meet with someone who can help you develop a financial game plan. And then EXECUTE ALL the steps in that plan.

The big question which is very difficult to answer is "What will your financial picture be in 20 (or 30) years?" That includes what will your future expenses (and debts) be at age 54/60 (20 years) or 64/70 (in 30 years). Will you have enough money to retire? Will your debts be paid so that IF one of you dies after age 50, will the other manage? What if that death was prolonged and expensive (as in expensive medical treatments and loss of income)? What if one of you need nursing home or extensive home health care when you are 80?

These are complicated questions but very real ones.

Many term policies are convertible to permanent policies WITHOUT proving you are healthy BUT they are also expensive to convert. Be sure to ask how much the premiums will be if you convert at age 50.

Keep in mind that you CAN own both term and permanent insurance and that there are other kinds of permanent insurance other than Whole Life.

Go meet with several agents and planners. Expect to pay a fee.

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life insurance no physical exam?

if someone gets approved for a $250,000 30 year term policy with no exam but after 10 years died from cancer, should the policy still pay?

he wasnt diagnosed with cancer until 5 years after he had the policy but the Dr said he may have had the cancer for over 5 years

so would that be considered a pre existing condition? even if it wasnt in his medical records when he was approved for the life insurance policy???

SHOULD THE LIFE INSURANCE COMPANY PAY????!!!!!!!!!!!!

Since he wasn’t diagnosed with it until 5 years into the policy, the policy should pay out.

Only way it wouldn’t would be if there is an exclusion in the policy.

I’m trying to decide between 20 vs 30 year term life insurance policy?

I want to buy a Term Life Ins Policy for the purpose of leaving some money for my kids once I’m gone. I am a healthy 55 yr old fem. I’m considering a $250K policy. For a 20-year term it is $59.72/mo. For a 30-term it is $198.52/mo. Let’s assume that I will live beyond the 30 yrs. At that time I will have to buy another term or convert to whole life, and most likely have to get another med exam (at age 75 or 85). Which term policy would be cheaper in the long run? I am considering a smaller policy ($100K) for 30 years at $92/mo to save money. What should I do?

If you want to make sure that you have a certain gift amount to leave to your children you can take 1 of 2 approaches.

1) Buy a whole life insurance policy for the amount you want to give or the amount you can afford. No risk. That $100K or whatever will be there if you die tomorrow or at age 120.

2) Buy the term policy for 20 or 30 years, and take advantage of the lower premium to be sure that you save up for the gift amount you want to leave by the time the term runs out. This is a little more efficient because you can control where you save and can probably get a better return on your money, but you take on a little more risk because the burden is going to be on you to make sure you save that money.

Which is better, Colonial Penn or Garden State Life insurance?

I am looking for a life insurance policy for my father, he is 54 and a non-smoker. I am looking at term life insurance and would like a policy of at least $50,000 with no medical exam. Are both of these companies legit? Has anyone ever dealt with these companies and had a loved one pass? Please share your experiences.

As a disclaimer, I work for Garden State and write for their blog. You can be assured that both are quality life insurance companies that have been around for many years. I don’t know Colonial Penn’s financial rating off of the top of my head but Garden State is "A" rated by AM Best.

RBC and HSBC are also quality companies that offer term life insurance without a medical exam if you just want a some more options.

If your father dies less than 2 years after the policy is issued there may be a delay from any of these companies because they will have to investigate the claim since it would fall within the contestability period. It may take a couple of months for you to collect. If he dies outside of 2 years then you should be able to get your death benefit in only a few weeks.

Switching terms or conditions of life insurance?

Ok, so let’s say I take out a 20 year term life insurance policy then after 13 years I want to convert to whole life. If I’m currently at a 1a rating, do I have to go through medical exams again and risk having my rating changed? In other words, what happens if I have a heart attack between now and then and then want to change policies? Would they then rate me 4c or something and it end a relatively larger amount?

There are "guaranteed renewable and convertable" riders you can add to that term policy, when you first buy it. As long as you’re not increasing coverage, you could convert it to whole life whenever you wanted to, at the predetermined rate. Not the predetermined term rate, the "guaranteed convertable" rate. It will be a lot higher, as the whole rate is higher than the term rate.

They won’t rerate you, unless you want to increase your cvoerage amount.

Life insurance? 10pts?

I am looking for a quick no medical exam required term life insurance, where do I find that at, at a resonable price?

If you can answer "no" to five health questions, you can purchase up to 150,000 of term life insurance with United Home Life with no medical exam required and no restrictions. You can even purchase this on the phone or through the mail with one of their independent agents. A recorded phone interview is required on all applications that are not taken in person.

Where can I find affordable life insurance for sr citizen in-laws?

I read a previous thread suggesting MediCare, but I am not talking about HEALTH insurance. They only have term life insurance tied to current job, and they need to retire. They have no burial policy, and each is worried about leaving the other with burial expenses and debts. I have seen a few ads online, but when you get to the fine print, they seem mostly like scams. They probably wouldn’t get a very good rating if a health exam were required. Probably $15 -$25K max would be the amount needed. They live in Texas if that matters.

I just went through the same thing with my brother. He had recently been diagnosed with cancer. I posted here and got some great responses. The company that helped us was located at http://www.lvhealthins.com Because of my brother’s condition there is a two year waiting period before full benefit will be payable but it is with a great company and the people there at Insurance advisors were great to work with. They listened to our problem and were also able to help me with Health Insurance. It works out well that you are from Texas. They are based in Texas and Nevada. Good Luck

what’s term life insurance/is there any that covers you no matter how old you are or must you die by a certain

age.

If I am not allowed to have whole life insurance due to being on medicaid, can my son purchase a policy on me..are there any he could purchase without me having an exam and a lot of health questions?

can someone make payments to a funeral home so there is something at least before you die to help assist my kids by paying at least a little (I am poor)

First, term life insurance provides coverage for a specific number of years, it does not last forever.

If you are unable to get whole life insurance, it seems term life insurance may be the only option for you.

Yes, your son can buy the policy for you and even pay the premiums. They will probably need your signature to take out the policy.

Yes, there are no medical exam life insurance policies. There is globe life, stonebridge life and term life with no exam coverage that offers up to $250,000 of protection, depending on your age.

If you only need $30,000 or less of coverage to provide for your funeral expenses you may want to consider Globe Life. They offer up to $30,000 of simplified life insurance to people age 78 and under. You can apply online in minutes and get approved for your policy today. There’s no medical exam and Globe Life has more than 2.5 million policyholders.

You can learn more about Globe Life at http://www.term-life-online.com/globe-life-insurance.html

I hope that helps! Best of luck to you.

Term vs Whole Life Insurance?

So for all of you Insurance experts- I have some questions for you!

I understand more about term insurance than I do about whole life. I understand that if I qualify that I can get a Term life insurance policy for a certain amount – for a certain number of years.

BUT with Whole life do you pick your policy amount – say a million or 200,000? I’ve read it is like a bank account. But I don’t understand it!

With term insurance you must qualify by doing their health exam every term and answer their questions every year right?!
But is it true that with whole life once you take the initial health exam then what? As long as you pay the premiums every month you are all good?

What worries me with the term life insurance is say I have a 20 year policy, but I find out that I have cancer during the 19th year they will not renew my policy right? But if I do have whole life then it does not matter because I am locked in as long as I pay my premiums, even though it’s more expensive.

Whole life is like a bank account, where the bank takes 75% of what you put in. NOT a good savings/investment vehicle.

Yes, you pick your policy amount for both term and whole life. Yes, you have an exam at first, and no, you don’t need an exam when your term is up, unless you want to try to get a lower rate. You can buy a term policy for up to 30 years a term. You can buy a "guaranteed renewable and convertable" endorsement on your term policy, which means you’ll be able to renew when that term is up (usually 20 to 30 years) WITHOUT an exam. Or, you could convert it to whole life, WITHOUT an exam.

Term is cheaper. Don’t be sold on gimicky savings/investments. Decide exactly what you want the policy to DO for you, and buy the product that DOES it.

Whole life, variable life, universal life, they make a LOT more commission for the agent, than term life. That’s why so many agents like selling them.

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