Easily Apply for Term Life Insurance


Make Applying for Insurance as Easy As Possible

Answer These Five Questions to Speed the Shopping Process
And Get The Amount and Type That Is Right For You

Business woman shopping for term life insurance on her laptop during a quick break.

First, congratulations for reviewing your life insurance needs. We believe in life insurance and want everyone to have the right amount of coverage.

We also feel it's our duty to make the process as easy as possible for you to get the coverage you need, even if you buy it from someone else.

Before even filling out a form, calling a number, or meeting with an agent, we recommend that you first answer the following five questions by yourself.

  • 1

    Who do you want to protect?

    If something happened to you, who do you want to protect? Make a list. Is it your spouse? Your children? A niece or nephew? Insurance companies call these important people your "beneficiaries." Literally write down their names, ages, addresses and date of birth. You will need this specific information when you apply for the coverage.

  • 2

    How much coverage do you want?

    There are many different answers to this question and they tend to be very personal. One approach is to decide which financial stresses you would like to potentially alleviate for those you love, if you died prematurely. You may want to pay off the remaining mortgage on a house. You may want to fund college for your children or a niece or a nephew. Perhaps you want to leave money for a charity. List the possible gifts you would like to leave for others.

  • 3

    How much coverage can you afford?

    Most people think that life insurance costs more than it really does. One recent study found that 44% of Millennials overestimate the cost of life insurance by five times the actual amount.* Can you spend $100 per month for insurance? Can you spend $200 per month? You'll be surprised how much coverage you'll get by spending in that range.

  • 4

    How long do you need the coverage?

    Term life is generally sold in durations of 10, 15, 20, and 30 years. That said, many carriers sell policies in many different durations. Each carrier will generally price the policy so that you keep the policy only for that length of time. At the end of the duration, the carrier will generally offer to extend the policy, but at significantly higher rates. Before answering, think back carefully to the second question — the purpose of your coverage. If you want to make certain that your child can pay for college and he or she is 15 years old, you may only want a 10 or 15-year term life policy. If you just bought a house with a 30-year mortgage, you may want a 30-year term policy. You get the idea! This is a hypothetical scenario and each individual's situation should be evaluated independently.

  • 5

    What are your personal key facts?

    Apply for the insurance you need in the shortest possible number of sessions, calls, or visits by having these important and frequently required pieces of information in front of you:

 

Term life coverage amount and duration

Driver's license number and expiration date or other form of ID information

Social Security Number

Current residential address and prior address, if you have lived at your current address less than 6 months

Accurate list of current medications, if you take any

Accurate assessment of your health history

Name and address of your primary care physician

Date of your last of visit or physical

Annual income

Net worth

Information on any current life insurance coverage you may own, such as your policy number and company name

Beneficiary information including full names, either date of birth or Social Security number and address of each person

If you plan to pay the monthly premiums by EFT, have your bank routing number and account number ready to set up.

 

Download a printable version of this worksheet today

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Also, did you know you can apply online for our term life in about 15-20 minutes?

BPD #39595


Important Disclosures

Insurance Products: NOT FDIC or NCUAA Insured NO Bank or Credit Union Guarantee.

Product features, riders and availability may vary by state. The Critical Illness Benefit rider is not available in CT

Nassau Re does not provide individual tax advice. Please consult your personal tax advisor for assistance.

The ability to apply for coverage online or over the phone directly with Nassau Re licensed agents for Safe Harbor Term is available in all states except CA, ME, and NY at this time.

Guarantees are based on the claims-paying ability of the issuing company.

Phoenix Safe Harbor Term and Phoenix Safe Harbor Term Express (ICC14PPTL, 14PPTL) are issued by PHL Variable Insurance Company (PHLVIC) (Hartford, CT). PHLVIC is not authorized to conduct business in Maine and New York.