Does The Cover Group have multiple carriers to choose from? Yes, over 30 Carriers to choose from - improving chances of approval and competitive pricing.

What is Whole-Life Insurance? Whole-life insurance covers you for your entire life.

What is Final Expense? Final expense insurance is typically a small whole-life policy ranging from 10k to 50k face amount/death amount. Its intended purpose is to cover the basic expenses of a funeral and final medical bills. Ideal for senior parents but not limited to.

What is term insurance? Term insurance covers you for a period of time; henceforth term Insurance. Term insurance is sold in increments of 10, 15, 20, and 30 yr terms.

Why is the term less? Term offers fewer benefits and lasts for a period of time (does not last your entire life).

What is Guaranteed Issue and does Covergroup offer it? Yes, the Guaranteed issue covers pre-existing conditions, after a 2-year probation has passed; the idea is for individuals with pre / existing conditions such as heart, stroke, etc. If the insured dies before the 2 yr probationary period, the beneficiary receives 110% of the premium amount paid into the policy. Once the probationary period has expired the insured is covered for the full face/death amount applied for.

What are living Benefits? Often a one-time lifetime benefit that pays while the insured is alive (the insured does not have to die ) but is triggered based on certain chronic and critical illnesses diagnosed by a certified physician ( subject to carrier terms and conditions ) The benefit can range from 40% to 80% of the face amount/death amount, depending on the health condition diagnosis. Conditions cannot be existing for coverage.

Who is the owner? Typically the payee but not necessarily.

Who is the insured? The individual whose life intended to be covered.

Can the insured and Owner be different? Yes, ex. The mother is the owner and the child is the insured.

Who is the beneficiary? The individual receiving death proceed.

Can there be more than one beneficiary? Yes, as long as there are express percentages.

Can I take life insurance out on anyone? No, it must be immediate family ( spouse, parents, child, siblings ) or insurable interest ( individual dependent on insured income contribution).

Who can make changes to the insurance policy? Only the owner can make changes to the policy.

If my term insurance expires before I die, can I renew my term Insurance? Renewable term options ( 10, 20, 30yr ) depend on your age and health conditions at the time of renewal. For example, at age 55 most carriers limit the insured term options to 10, 15, 20 yr terms; the term is no longer available after age 62 ( term options decrease the older you get).

If my health has declined upon my term insurance expires, will I be able to renew my term Insurance? It depends on the severity of the health condition and the insured's age at the time of renewal.

Once I am approved for Whole-Life and my health declines during coverage, will it affect my coverage? No, Whole-life lasts you for your entire life and never expires, unlike term insurance. As long as you keep your premiums current, you are covered for life.

Can I replace my term insurance with Whole-Life? Sure, if it is a clear benefit to the insured.

Cash Value? Cash value life insurance is a component of permanent life insurance / Whole- Life insurance lasting for the holder's lifetime. The policyholder can use the cash value for many purposes, such as a source of loans or cash or to pay policy premiums.

Does Whole-Life have cash value? Yes.

Does Term have a cash Value? No.

CoverGroup’s eligibility age for Life Ins? 1 - 89.

Maximum face/death amounts available? $2, 500 to $ 10 million.

What are the premium payment options? Monthly, quarterly, semi-annually, yearly.

Can I purchase a combination of Mortgage and life insurance ( pays off home and pays proceeds to spouse)? Yes.

Can I insure my parents/grandparents? Yes.

How long does it take to be approved? Same-day approval in most cases.

Are diabetes and high blood pressure considered major health conditions? NO, as the conditions are under control and there are no other major underlying conditions.