Q & A: Buying a Life Insurance Policy
How do I buy life insurance on someone else?
We often get individuals who want to buy life insurance and then also want to purchase a policy on someone else, such as their spouse or child. To purchase two separate policies, first run a quote on yourself and apply, then run a quote on the second person and apply. It’s perfectly fine to start an application on someone else, but they ultimately need to be the one who confirms their health with the insurance carrier and schedule the exam. When applying online for someone else, it also may be a good idea to use a separate email, one that is used most often by the person whom you are applying for in case we need to communicate directly with him/her.
What are the advantages to buying from Quotacy over other online sites?
Privacy, control, speed, and honesty. You’re in control; we are here to help when you need us rather than trying to influence your decision by suggesting complicated or overpriced policies to benefit our bottom line.
If I have a financial planner or insurance agent already, can I still use Quotacy?
Yes. There are many fee-based financial planners that do not solicit life insurance and refer their clients to Quotacy.
Can I buy a life insurance policy for a child?
Yes. Many people buy a rider (normally under $8 a month) that covers every child in the family.
Can I apply online, or do I have to fill out a paper application and send it in?
You can start an application online, we can email you a PDF to fill out, or you can call and speak with a live person to take your application over the phone. We want you to select the application process that fits you best.
Once I apply, how do I keep track of my progress?
Quotacy will keep you informed with text updates, emails, or phone calls; whatever is best for you.
How do I pay for my life insurance policy?
The most common way is to auto-draft directly from your checking account. This can be monthly or semi-annually. An annual electronic payment or paper checks are additional options. Each insurance company has different methods they accept, but there is sure to be one that fits your needs.
Can someone else pay for my life insurance policy?
Yes. The insurance companies like to know who and why for the sake of preventing fraudulent transactions, but you can definitely have someone else pay for the policy if it meets the insurance company’s guidelines.
Do I need to get a medical exam before getting accepted for a life insurance policy?
Yes, but we make it easy by coming to you for the quick express exam. There are a few insurance companies that offer life insurance without an exam. If you would like to learn more, please contact us for details and pricing on life insurance that doesn’t require an exam.
What do they do for the exam?
The express exams that life insurance companies require are very basic. Typically, it involves a quick blood draw, a urine sample, a blood pressure reading, and height and weight measurements. The exam can take place in the comfort of your own home. Some insurance may request additional testing, but these are the typical requirements.
Can I talk to a live person for help?
Yes, absolutely! We want you to be able to ask questions and buy life insurance on your terms. Some prefer to do everything on their own, others like the comfort of knowing a real person is there to help.
How long does it take for my policy to be in force after I apply?
On average, 2 to 6 weeks depending on the insurance company you apply with. Some are faster than others at processing applications. If you have a complicated medical history, the timing can be delayed while researching your risk factors.