Life Insurance

Get in touch with us
Calculate Your Need

Need help calculating how much life insurance is enough? Click above to use our life insurance needs calculator.

Request a Quote

To receive one of our famous nationwide term life surveys of more than 50 life insurance companies, click the link below and complete the form. We will deliver the comparion to you by email within 24 hours.

Frequently Asked Questions

Types of Life Insurance Plans

Annual Renewable Term Life

This policy provides coverage for one year but can be renewed each year regardless of health at a higher premium. This policy is usually very inexpensive for the first few years, but often then becomes more costly than other types of term life insurance.

Level Premium Term Life

This policy provides coverage for multiple years at the same price. Plans usually range from 5 to 30 years. After the level term period ends, most plans will allow you to renew, but at a much higher price. In fact, the premium is usually so high that most people cannot afford to continue. This type of plan will provide the least expensive coverage for the level term period, but becomes one the most expensive types of plans if you need the coverage beyond that time.

Return of Premium Term Life

This policy is a level term plan as described above, but at the end of the level term period, if the insured is still alive and the policy is still in force, the company will refund all of the premium paid in to the plan. This plan is usually 2 to 4 times as expensive as a traditional level term plan.

Guaranteed Universal Life

This policy provides permanent coverage at guaranteed level premium for life. In some cases this plan can be designed to provide coverage to a predetermined age such as 90 or 95 for a slightly lower premium. As long as you pay your premiums on time the company cannot cancel your policy and cannot raise your premium regardless of how long you live.

Current Assumption Universal Life

This policy provides permanent coverage, but the premium is based on the company crediting the cash value of your policy with an assumed rate and charging assumed policy fees and costs. These factors can be changed at the company's discretion so it is possible that your premium could go up if the company does not perform as projected. These plans usually develop cash value that can be accessed by the owner of the policy by means of a policy loan or direct withdrawal. Cash values will fluctuate based on what the company actual credits and charges over time.

Index Universal Life

This is a type current assumption universal life plan, but the crediting rate to the cash value is determined by the performance of a stock or bond index. The amount your cash value participates in the index is usually limited. Some believe that these policies offer more potential to grow cash value due to the higher upside of many stock indexes.

Whole Life

This is a permanent policy that provide lifetime coverage for a guaranteed premium. It also guarantees a build up of cash value. In most cases, the cash value is guaranteed to equal the initial death benefit at age 100. Many whole life policies pay dividends which can increase the cash value and death benefit beyond the guarantees. This policy is usually more expensive than universal life.

Final Expense

This is a permanent policy, usually whole life, which is designed to pay expenses such as funeral cost and other minor expenses. The benefit amount is normally between $5,000 and $50,000. These policies are usually easier to qualify for than traditional whole life plans, but are more expensive. Usually, no medical exam is required to qualify for coverage.

Guaranteed Issue Life

This is a permanent policy designed for people that can not qualify for any other type of life insurance. The death benefit is very limited in the first two year. After 2 years, the full death benefit becomes available. This is the most expensive type of life insurance.

Accidental Death Benefit Life

This life insurance policy pays a benefit only if the insured dies by way of an accident.

What is the best kind of life insurance?

There is no "one size fits all" type of life insurance plan. What is best for one may not be right for another. Our experienced Advisors can help you determine what is the best fit for you based on your unique circumstances and then will shop the market to find you the best value.

How do I determine how much life insurance I need?

This will often depend what you are trying to protect. Most people are attempting to replace all or part of their income should they pass away. Others want to pay off the mortgage and provide for their children's future college education costs. Our expert advisors can help you determine the appropriate amount of coverage for your individual circumstances and objectives.

How does the insurance company determine my rating class?

There are many factors that go into determining your rating class and thus your premium. They include your medical history, family history, build, tobacco use, avocations, driving record, foreign travel and personal financial information. In most cases the insurance company will also consider the results from a medical exam which they will ask you to complete at their expense.

Does every insurance life insurance company underwrite the same?

Absolutely not. Life insurance companies often attempt to carve out a niche - accepting certain types of risks at a better rating class than others. Diabetes, tobacco use, aviation activity, build, and cholesterol problems are just a few of the areas in which a company may specialize. Our advisors are experts at finding the company that will give you the best price for your specific circumstances.

How do I apply for coverage?

At Itech, we complete the application process over the phone, by internet and email at your convenience. No salesman will need to come to your home and intrude upon your privacy.

Do I have to complete a medical exam?

It depends on your age and the amount of coverage. Some companies do not require a medical exam in many circumstances, but they also sometimes charge a bit more for the coverage than others that do.

Can I get immediate coverage?

Conditional coverage is available within certain benefit amount limits. To obtain this coverage you must make a premium payment with the application. This coverage is contingent upon whether you would have qualified for the coverage. For example, if you have cancer and ask for conditional coverage on the application, no claim would be paid if you die while it is being considered because you would be rejected for coverage.

Can the company increase my premium?

That depends on the type of policy. Most policies have a time period in which the premium is guaranteed not to increase. It can vary from one year to a lifetime. When buying a policy, it is very important to understand how long the premium is guaranteed not to change and how much it can change when that time period ends.

What are my payment options?

Most all policies allow monthly, quarterly, semi-annual or annual payments Monthly payments must usually be made by automatic withdrawal from a checking account. There is an interest charge if payment is made by any mode other than annual. The APR can range from 8 to 15 percent.

Can I pay my premium with a credit card?

It depends on the insurance company. All payments are made to the insurance, not ITECH, so we do not control this option. Some companies allow it for initial payments, but not ongoing payments. Some allow it any time while others not at all.

If I die, can the company refuse to pay?

There are two reasons why a death claim could be invalid (not counting the possibility that an insured is still alive). First is that the circumstances of death fall under an exclusion. An exclusion is a clause in an insurance contract which stipulates circumstances which are not covered. For instance, a policy might exclude death while piloting a plane. With this exclusion, if the insured dies while piloting a private plane, the company would not pay the beneficiary. The second reason is that some fraud or misrepresentation was committed in the application for insurance. Perhaps the applicant concealed the knowledge of a serious health problem. Even if the applicant commits fraud, however, the insurance company must catch the misrepresentation before the contestability period ends, and the fraud must be a material misrepresentation. * These data are based on the ACLI tabulations of NAIC data from 2007.