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.
- 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.
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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 custom equity indexed universal life insurance quotes and personalized whole life insurance quotes. 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 objectives.
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.
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 possible 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 previous health condition, 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 history and 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 carefully
You can make your first payment when you submit your application, subject to certain conditions, or 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 payments.
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