What is a Life Insurance Quote?

The basic function of our agent is to shop among several Life Insurance companies for the best possible rates and make recommendations to you based on our experience of the business thus acting as an intermediary between you and the insurance company. The rate are generally for people in good health and normal habits.

What term period is right for me?

There are several different reasons for purchasing term life insurance. These reasons tend to suggest a period of time (term period) that would be most appropriate for you. To help with this, we have included a few examples where different time periods might apply. Please don't hesitate to ask our licensed Agents if you need any further help.

5 Year- Generally speaking, the more specific the need for insurance is, the shorter the term period tends to be. For example, if you have a child going to college for four years and no need for the insurance thereafter, a five-year term may be perfect for you. Another example of the need for a five-year term period would be to protect a short-term loan.

10 Year- Let's say that you are a business owner, and you have a key employee that you wish to cover with life insurance. If you don't expect the employee to stay in the same position for more than 10 years, a 10-year term policy may be ideal.

15 Year- Many families choose 15-year term policies to replace one or both of the parents' income(s) in the event of death. This allows the surviving family members to use the death benefit as a replacement source of income. This is especially useful where the children will be self-supporting before the 15-year term has expired, or the home carries only a 15-year mortgage.

20 Year- This is a very common choice among people seeking longer-term coverage because of the cost-effective nature of the premiums. For example, over 20-years the total premium on a 20-year policy generally costs much less than purchasing a 10-year policy and then keeping the same 10-year policy for an additional 10 years. If you have young children at home, a 20-year term policy could be the perfect choice for seeing them through their college years.

25 Year- Mortgage protection is good reason for a 25-year term policy. If you have a 25-year mortgage, you can take out a life insurance policy that will cover the entire period. This will remove any stress you might otherwise feel about leaving your family a financial burden instead of a home that is free and clear. One thing you might want to consider when buying a 30-year term policy is that the rates are higher due to recent legislation. Please review the following sections for options that may further reduce your premium over even longer periods of time.

What is the difference between a guaranteed premium and a non-guaranteed premium?

The term insurance quotes we offer come with two types of premium provisions: guaranteed and non-guaranteed. The first allows you to choose a term period of 5, 10, 15, 20 or 25 years. During this term, the premium is guaranteed to not increase or decrease.

The second, less expensive one also allows you to choose from the same term periods of 5, 10, 15, 20 or 25 years. However, Unlike the guaranteed level premium policies, the premium is subject to change before the term of the policy expires. For example, you may have a 20-year term policy where the rates are projected to remain level for 20 years, but are guaranteed for only 10 years. You should be aware of these provisions before buying such a policy.

What do I do when my term period is finished?

When trying to decide which term period is right for you it is important to know your options. You can always apply for a new term insurance policy after your term is through. At the end of your policy, the insurance company will contact you to tell you that the policy is about to expire. At this point you have three options.

Option 1- New Policy- Depending on your age and health, you can apply for a brand new policy with either your existing company or a new company. The new policy will simply replace the former policy. You must be careful when doing this because new underwriting requirements must be met with a new policy. Be sure to keep your old policy in force until you know the outcome of your new application. If your health has deteriorated you might face extremely high premiums, or even worse you might be refused coverage.

Option 2- Keep your existing policy- If you know your health is bad, you can continue paying on the existing policy after it expires. It will automatically continue as an extension of your existing policy. The good part about continuing a policy is that you will not need to provide medical evidence of your insurability. The downfall with this option is that the policy typically becomes annually renewable. This means that each year after the guaranteed term period has finished, the premiums will begin to increase substantially every year.

Option 3- Convert to a Permanent Policy- You can convert your policy to a Permanent Life Insurance policy and lock in your premiums at a higher level for the rest of your life.

Why do business with Ade Financial?

Experience
The president of our company have been helping his clients comfortably organize their financial futures since 1995, so our depth of experience in the industry is a major incentive for you to do business with us. Our agents have expert knowledge of the products being offered by the Industry and carefully select the policies that best suit our clients' needs. We also make it our business to constantly review and update our knowledge of the industry so we can continue to offer our clients the finest products.

Honesty
When looking into investments or life insurance, it is important to feel comfortable about the decision you make. One of the many things you will appreciate about our company is the care we take to share the truth about the product with you. We believe that the more you know about your purchase, the better you will feel about it. Our life insurance quote system will give you a good idea of what life insurance is going to cost. However, please speak with our excellently trained and licensed staff to complete your understanding so that you feel confident about your choice. They will be happy to answer any of your questions and assist you with the application process.

Integrity
We naturally want to earn your business, and will do everything we can to make your experience with us a win-win situation. We never want you to be unhappy with our service, but if you become dissatisfied for any reason, please let us know and we'll make every effort to correct the situation. If we are unable to make things right, you may cancel the application process. Additionally, if you are displeased with the policy you receive from the insurance company, state law says that you may return it for a full refund for up to 10 days after receipt (varies by province).

How do I know if I chose the right company?

Our  staff will help you with this. After you fill out your life insurance quote request, our licensed agents will contact you in order to go over the term quote together. From this point forward, he/she will guide you through the entire process. Working together in this way assures that you receive the best product for your needs.

How long will it take before my policy becomes effective?

The amount of time it takes for a policy to be approved varies with the company and the complexity of your situation, but we typically expect a six-week turnaround. People in good health generally have shorter periods. On the other hand, people with health problems generally require more time because medical records may have to be obtained from physicians, lab results may need to be analyzed and other questions may need to be answered before the underwriters can approve the policy.  You may also qualify for an interim insurance from day one (Ask our staff for details).

If you want conditional or binding coverage during the underwriting period, please ask your us. This will require immediate payment, but gives you the security of knowing you have conditional coverage until the underwriting process is completed. Conditional coverage has limits. Most companies limit the coverage to $250,000 to $500,000. Additionally, if it is determined during the underwriting process that you are not a standard underwriting risk, the insurance company may return your money and no coverage will be in effect.

What is required for the paramedical exam?

Most companies perform the same routine exam, which consists of  a urine sample, your height and weight, a blood pressure reading, and the answers to several questions about your health. Depending upon your age and the amount applied for, other tests, such as a blood sample, an EKG may be required as well. You may be examined either at your home or at the office of the paramedical facility, but most people schedule it at their home. It usually takes about 30 minutes.

What is the rule of thumb for determining how much insurance a person needs?

Please use our Needs Estimator section to help you determine a death benefit amount that is appropriate for your situation.

How do I pay my premium?

Our company serves as an intermediary between you and the insurance company, so you will never pay us money directly. All checks should be made out to the insurance company that is providing your coverage. There are different options for paying your premium. You can pre-authorized your payment on a monthly basis from your checking account, be billed direct annually, or semiannually.

What if I am only an occasional smoker?

If this is the case, please let our staff know so that she can find you the best company and best life insurance quote for your situation. As a smoker, the rates for life insurance are much higher so it is important that you choose a company with a more lenient attitude toward the occasional smoker.

What is a rider?

A rider is simply an additional provision that can be added on your policy. Some riders are free of charge and others add significantly to your premium. Our licensed Agents will inform you of any riders that can be added to your policy.

What if I become disabled and cannot pay my premium?

If you are worried about this please ask our Agents for a rider called "waiver of premium". If you pay the extra premium for this coverage, the insurance company will waive your premium if you become disabled as defined by your policy. This is not available in some Province/States so please be sure to ask.

Can I access my death benefit if I become terminally ill?

With many companies and policies, the answer is "yes." Please be aware though, that you need to choose an insurance company that offers this benefit. Some companies automatically include this provision for the Province/States where it is approved, but be sure to check with your licensed Agents. There is generally no additional cost for this benefit.