Frequently Asked Questions
MEG Financial Inc. understands that insurance can become complicated.
In order to help our customers we have provided a list of common questions and their answers.
If you have any further questions please contact us and we’ll gladly reply.
- Who is MEG Financial?
- How Can I contact MEG Financial?
- How can I receive a quote and is it free?
- What is the best advice you could give me to make sure I choose the best policy?
- What is KeyMan (Person) Insurance?
- What is Life Insurance?
- What is Disability Insurance?
- What type of life insurance should I buy?
- How much insurance do I need?
- In what health class will I qualify?
- What if I have a medical condition? Will it affect my rate? What are my options?
- How long does the process of applying for insurance take?
- How can I make sure that I select a good insurance company?
- Are there any exclusions of coverage?
- When am I required to send payments and how do I pay?
- Can the insurance company cancel my policy at any time?
MEG Financial, Inc. is a Florida based
corporation that provides life insurance and financial services
consulting to individuals and businesses in 50 states. Representing
over 80 of the most respected life and disability insurance
companies, our primary areas of expertise include term life
insurance, universal life and equity indexed universal life,
disability income insurance, in-force policy review, key
man life, business succession planning, insuring tough health
issues and estate planning.
At MEG, we provide free insurance quotes and advice to individuals
and businesses all over the United States. Since the year
2000, we have successfully helped thousands of individuals
and businesses obtain life and disability insurance and have
written well over US $1.5 billion of life insurance. During
this period, we have developed key relationships and special
talents and niches that allow us to get more value for our
customer. At MEG Financial, the bottom line is results and
we are committed on every case to deliver the optimum policy
that meets the diverse needs of each policyholder.
Visit MEG Financial’s Contact us Page.
Yes, quotes are free and can be accessed directly from our
website. MEG Financial provides instant life insurance
quotes, KeyPerson, and Disabillity. Additionally, we provide
universal life insurance quotes and In order to get the most accurate .
and appropriate quote, you may prefer to call our office
toll free at (877) 583-3955 and an insurance professional
can provide you with a tailored analysis based on your specific
When buying life insurance,
you must first make sure that the policy you choose matches
your overall goals and objectives
and solves your need based on your specific circumstances.
Each person’s goals are a bit different so a careful
review of what is important to you is necessary in selecting
the appropriate policy. When considering life insurance,
a good question to ask is: “Why am I buying the insurance?”.
Your answer to that question will help you identify if your
need is temporary or permanent. Consulting with an independent
insurance professional to determine the exact policy need
is likely the best strategy
to assure you make the best policy choice. To speak with
one of our independent agents, please
call toll free at 1(877) 583-3955 or fill
out an online form.
Also known as Key Man insurance, Key Woman Insurance, or
Business Life Insurance. Key Person insurance is life insurance
purchased by the company on the life of an employee or employees
whose loss would have adverse effects on the company. Employees
are valuable assets and the loss of some key employees could
significantly impact the profitability, stability and progress
of the company.
Determining which health class you will realistically
qualify for is the most important part in obtaining the best
life insurance rate. Underwriting is the process where the
insurance company reviews your health and medical history,
avocations, MVR, hobbies and lifestyle issues to determine
the risk of insuring you at a given rate. Each company has
its own unique underwriting criteria they use to classify
a given risk. It is a regular occurrence for competing companies
to offer widely varying rates to the same individual. If
there are any questions as to which health class you can
obtain, please call our offices toll
free at 1 (877) 583-3955.
Medical conditions may or may not
affect your life insurance rates. If you have a current or
while you may not qualify for “advertised rates”,
but there is an excellent chance that you may obtain an affordably
priced policy. At MEG, we represent over 60 companies and
specialize in helping individuals with past health problems
obtain competitively priced policies. We have developed 1500+
clients over the last 6 years and many of these individuals
have had past health histories. If you have a medical condition
or are unsure about whether or not a past health issue is
a factor, please call our offices toll
free at 1 (877) 583-3955.
An insurance professional can review your specific health
help you identify the company that will offer
you the best medical underwriting.
Generally speaking, the application process should be expected
to take 4-8 weeks to complete. After the application and
insurance exam are completed, the underwriting process begins
where the insurance company will review your mini-physical
results and medical history. During the underwriting process,
the insurance company may request a copy of your actual medical
records. Once your medical records are obtained, the insurance
company will review the entire file and an approval will
usually follow within 5-7 business days.
Financial ratings for most insurance companies are available
with one or more of the independent ratings services. These
services include AM Best, Standard & Poor’s, Moody’s,
Fitch and Weiss Research. Each of the independent rating
services has its own criteria for ranking an insurance company.
You may also visit the websites of each of these services
or you can contact MEG and we can provide the financial ratings
of any insurance company.
During the first 2 years of every life insurance policy
there is a contractual clause known as the “contestability
period”. The contestability period protects the insurance
company from fraudulent and misleading statements made by
applicants for insurance. During this initial 2 year period,
all insurance companies will investigate death claims for
fraud and misleading statements made by deceased applicants.
If the insurance company can prove in court that an applicant
for insurance lied or committed fraud during the application
process, a claim can be denied. The contestability period
also includes a suicide provision. The suicide provision
states that death claims made on behalf of individuals that
commit suicide within the first 2 policy years will be denied.
If suicide occurs after the first 2 years, the claim will
be paid. Generally speaking, fraud, misrepresentation and
suicide within the first 2 years are the only policy exclusions.
Policy language varies among companies so read your policy
You can make your first payment when
you submit your application, subject to certain conditions,
you can wait until the
insurance company approves your policy before submitting
money. If you send payment with your application, and all
policy conditions are met, you are “conditionally covered” after
your exam has been completed. “Conditionally Covered” means
that you are covered during the underwriting process as long
as the insurance company eventually approves you at the same
rate class that you applied. If you choose not to send money
until the policy is approved, no coverage will be in effect
until the insurance company receives payment.
You may choose to pay in one of 4 ways. The insurance company
will bill you annually, semi-annually, or quarterly, or you
may choose to pay by monthly bank draft. The cost for these
options will vary. Depending on the insurance company, there
may be an extra charge of 2-6% for any mode other than annual.
Life insurance policies are unilateral contracts meaning
they cannot be cancelled by anyone other than the insured
individual or the policy owner. As long as you pay the premium
on time, the coverage will remain in effect. However coverage
can be cancelled at any time by simply discontinuing premium
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