Outlook Life FAQ’s (Answers to your Frequently Asked Questions about life insurance on the internet)
Outlook Life Video: Understanding Life Insurance on the Internet – Our Answers to Your FAQ’s
There are many benefits to obtaining life insurance through a trusted online agency such as Outlook Life. Here are some of them:
Outlook Life’s slogan is “Best ‘local’ agency on the internet”. Because we assign one licensed agent to each client, and train our agents to be able to find you the best quote from 50 companies, it is hard for us to think of any circumstance where there would be an advantage in meeting with an agent face to face. In fact, it is a lot easier to go with the policy you really want when you do not have the pressure of a live person sitting across from you.
As far as meeting all legal requirements: We utilize strict adherence to every regulation set forth by each state’s insurance commissioners. If an insurance company requires that the client be seen face to face, doing the paramedical exam usually fulfills that requirement. We make sure that every form of communication and transference of information that we use (e.g. FAX, email, digital signatures, etc) has been approved by each carrier and each state, and utilize extreme security features in keeping your information safe and private.
We have never had payment of a death benefit denied. In fact, in the absence of meeting with an agent, carriers use several methods to verify information, and the result has been strong policies with strong companies.
Our agents are usually available from 8 AM to 6 PM or later each weekday, and work at least every other weekend. We are often told that we are much easier to reach than their our clients’ old local agents!
Having Outlook Life run your quote ensures that you are getting the best price from 50 companies, whereas most local agents represent one company, or are limited in the number of companies they are contracted with. Lastly, we specialize in Life products, so won’t be trying to sell you an entire financial portfolio (unless you ask us). We shop and get you what you want at the lowest price, period.
It is hard for all Life Insurance agents or internet websites to do all things well. Outlook Life has had outstanding resources for impaired risk life insurance for over 10 years, and evolved to become specialists in that field. We place a large volume of life insurance for people with health conditions each and every month. This means that we know where to go for the best rates for each health condition, have built trusting relationships with companies that place these type of policies, and know what steps to take to help these type of cases get approved at the lowest rate.
With underwriting requirements getting stricter all the time, even those who think they are in perfect health may find that they are not issued the best rates. Family history, foreign travel, and adventuresome hobbies can affect the rates of even the most healthy people. Because Outlook Life is so schooled in the underwriting criteria for so many companies, we also end up helping many people with good health to avoid applying with a carrier that will rate them up unfairly. (Check out our affordable term life insurance!)
We have access to hundreds of quotes with scores of affordable life insurance companies, and will review all options to make sure you are finding you the best possible price.??If your lab results or other factors keep you from getting the rate you were quoted, we will find you the next best option, even if that is with another company. Because of our direct contact with underwriters, we can sometimes contest the rating and get you a better one.
In addition, we offer several options for your convenience. These include fully underwritten policies that require an exam, or no exam life insurance policies that go into effect within days and do not require any exam or medical records.
With our free online quote tool, most people will get an accurate rate quoted instantly. These are always free and require no obligation. If you do not have any health problems, these quotes are based on the best price from the life insurance companies we offer. If you have a health condition such as diabetes or MS, the quote is based on good to average control of that particular condition. We may ask a few follow up details by phone or email to verify if this is indeed lowest rate you can get.
Some health conditions are simply too broad to quote without further explanation (e.g. heart disease can cover everything from high blood pressure to heart transplant). Those are the only situations where no rate will appear in the quote engine. However, a 10 minute phone call will enable us to clarify your diagnosis and get your quote to you by phone or email.
If you like the rate you see and wish for us to email or mail you an application, simply continue the quoter through to Step 4 and note any special instructions you might have.
This is where an experienced life insurance agent becomes invaluable. Who wants a policy in which the death benefit will not be paid because of nondisclosure at the time of application? Our agents will ask the questions that count and put you with the best company, based on how you answer those questions. That way you can be sure your policy will provide for your loved ones when it is needed.
Some policies require more information than others. Generally, to get the lowest price, more information is needed. The most comprehensive applications ask whether you have used tobacco in the past 5 years, whether you have concrete plans to travel to an unsafe country, health details going back at least 10 years, and whether you have any medical tests pending in the near future. They also ask income, approximate net worth, whether you have existing coverage, and if you are applying with more than one company. Not answering any of these questions can cause your application to be rejected, so be prepared for full disclosure to get the lowest price.
No Exam policies often do not dig quite as deeply, especially if they encompass all types of health. E.g. some ask only a few yes/no questions and approve if you can answer no to all the questions. They might check your pharmacy record but rarely look at doctor records. Some require a phone interview; it’s important that what you say in the interview matches your application, but you don’t have to offer anything beyond what is asked.
Between medical records, exam, pharmacy record, motor vehicle record and MIB, inconsistencies are usually noted and can cause your application to be rated up or even declined. So it’s best to just stick with one story: the truth, and let us worry about which policy you qualify for.
Outlook Life is one of the premier online agencies, and we utilize many bells and whistles of the technological world to protect your information. We never share names, email address or phone numbers with anyone. The insurance company is not allowed to share any of your information either. We also proudly comply by all HIPAA regulations to better protect our clients.
For more details on how we protect your privacy and provide secure and safe service visit OutlookHolding.com
Any age at which your death would result in a financial hardship for others.
Obviously, most young adults do not have a build up in savings or investments, but often have costly obligations, such as children to raise and mortgages. Life insurance can generally be purchased for a very low cost at younger ages, and provides the immediate income needed in the event of a tragedy.
On the other hand, older persons who have had a chance to save and invest still can use final expense insurance to pay off a mortgage, or pay estate taxes. Life insurance is paid quickly and is usually tax free, which makes it a valuable tool for people of any age and income level.
We carry Term Life Insurance, Universal Life, and Whole Life insurance products. Term and Universal Life are by far the most popular. Term comes in regular Term and Return of Premium (ROP) Term. Universal Life comes with and without a lifetime guarantee. Here is a short explanation of each:
Regular Term Life: Least cost per thousand dollars of coverage. Used to cover temporary expenses (e.g. loans, raising children). Over 99% of the Term policies we sell are guaranteed not to go up in cost for the entire length of the term. No cash value. Pay only upon death of insured. Can often be converted to permanent at same health class at what the Term was rated; however, the new permanent policy will be based on the insured’s age and insurance rates at the time of conversion.
Return of Premium (ROP) Term Life: Same as regular Term, except that all premiums are returned if insured outlives the years of the Term. E.g. if you purchase a 20 year Term policy for $500/year, you would receive a tax free check for 10,000 if alive after 20 years. Prices start out somewhat higher than regular Term.
Universal Life insurance: Has cash value that can be borrowed from or surrendered. Premiums and death benefit can be adjusted at any time. Can be designed to last a set number of years. Money can be dumped into UL for tax deferral. Policy can do better than at present, but never worse than minimum guaranteed interest rate.
Universal Life with Lifetime Guarantee: Same as Universal Life but with a guarantee to pay the entire death benefit no matter when death occurs (age 100+). This gives it all the security of Whole Life but with the flexibility of Universal Life.
Indexed Universal Life: Universal Life with the potential to provide supplemental income during retirement.
Long Term Care Insurance and Disability Insurance: Outlook Life offers Long Term Care and Disability Insurance through brokers so that we can offer you many choices.
Permanent life insurance (Whole Life, Universal Life) is intended to provide coverage for permanent needs (such as funeral expenses); Term life insurance is intended to provide coverage for temporary needs (such as mortgage protection). Therefore, if your need is temporary, we recommend Term insurance for its low cost and simplicity.
If your need is permanent, Universal Life with a lifetime guarantee offers the longest coverage for the lowest cost. It is more flexible than Whole Life, and guarantees that you will pay a level premium and be assured of that same death benefit, usually to age 120. Whole Life or Indexed Universal Life are generally the best choices if you want to use the cash value for college, retirement income, etc.
Here are two examples of Temporary and Permanent needs, as they apply to the parents of small children.
Temporary: You have a 5 year old son and want to make sure that he would be able to go to college, if something should happen to you. Your philosophy is, once he’s 25 he’s on his own. A 30 year Term plan would most likely be your best option because you know you will not need the coverage after a certain date.
Permanent: You have a 3 year old handicapped daughter who will never be able to live on her own. To ensure her quality of life, you will not want to leave her without financial resources for as long as she lives. Therefore, you would best prepare for every contingency by purchasing permanent coverage which will provide a death benefit for so long as the premiums are kept current.
One affordable method of purchasing insurance to cover both permanent and temporary needs is to buy both Permanent and Term insurance at the same time. Most people choose a larger face amount for their Term policy and a smaller face amount for their Permanent coverage. When the temporary need is over and the Term policy is ended, the Permanent policy can continue on at the same low price as when it was purchased.
This is especially cost effective if both policies are bought at a time of good health. When someone has a health problem, you may feel you cannot afford both types of coverage. In this case, it is important to get the longest coverage you can afford, because you may not be able to obtain insurance later on. Also, medical expenses can make it tough to count on savings to pay your final expenses. We work hard to find you the lowest rates possible, so that you need never feel bad about locking in those rates for the longest possible time.
We offer free counseling and quotes by phone, to make it as simple as possible for you, and to avoid mistakes. Also, to keep from overlooking anything, our agents generally fill out the questions on the application for you while you provide the answers on the phone. Then the application is usually faxed or emailed to you for your signature, and you fax, email, or send it back. Some agencies allow you to sign the application with a PIN, and allow you to sign it at the time of your exam. Call us now at 866-866-0242 to see if we can help you.
If an exam is ordered, you will receive a call from a local examiner who will come to your home or workplace to do the free exam. You can receive the results of the lab work for free, after the policy is approved. Some companies request a telephone interview that generally takes up to 10 minutes to complete, at your convenience, by calling a toll free number. If you have a health condition, medical records may be ordered straight from your doctor.
If you are applying for No Exam coverage, you generally will be asked to do a phone interview but not a medical exam. These types of policies generally do not look at medical records, either.
Outlook Life has an in house Case Manager who tracks all of this, provides you with updates, and helps things go smoothly so it is of minimal hassle to you. This also helps you get approved at the best rate possible.
The length of time that it takes a regular, medically underwritten policy to go into effect largely depends on several factors:
The best case scenario for this type of case is about 2 weeks. If there are numerous records to go after, a case can go on for 3+ months. However, if you take care to disclose all your doctors on the application, set up your exam promptly, and remind the doctor’s office to answer your request quickly, you can help shorten this time greatly.
Outlook Life now offers QUICK issue coverage for those with good health as well as poor health. These come in Term, Universal Life, and Whole Life, in face amounts ranging from $1,000 to $500,000. (For the quickest service, please call our counselors at 866-866-0242)
These policies require NO EXAM and are generally issued in 1- 5 days. Some offer the return of all premiums paid in if the insured lives to the end of the term. For those of relatively good health, these policies pay 100% of the death benefit from day one. For those with serous health problems the policies may be graded, paying a portion of the death benefit the first 6 -35 months, then paying 100% after that.
Once you are approved, we will again notify you of all the options you might be interested in; at the rate you were approved. You can then be sure you are getting the policy you desire before it is ever even issued. The policy will come to you in the mail, with some paperwork that needs to be signed or filled out, and then mailed back to signify that you accept it. A check for the first premium (if not prepaid) is also sent back in the enclosed envelope. This process then puts the policy in force.
Some policies (especially Quick Issue) allow you to have the first premium drafted from the checking account or credit card noted on the application. For these policies you do not need to send in a check; they are usually put into effect immediately upon approval.
Please be aware that most companies require the first premium paid by check or drafted from a checking account or credit card. Please check with the Case Manager BEFORE attempting to pay by money order or cashier check to see if your company allows that form of payment.
Monthly premiums are required to be paid by automatic withdrawal each month. If you would rather pay by check you must choose the quarterly, semi-annual or annual payment mode.
Impaired Risk Underwriting uses the most current medical research to evaluate applicants individually, focusing on the elements that truly affect a person’s longevity, such as lifestyle, family and medical history and compliance with doctors’ orders. This method of underwriting allows applicants who have been rated or declined by other insurance companies, to be offered a chance at affordable rates.
We have a number of simplified issue companies that we turn to when our clients are not able to get a medically underwritten policy due to a health condition or other risk factor. These generally do not require an exam. Some are graded (have a lower death benefit the first couple years), some are not (pay 100% from day one for death by any reason). They have maximum face amounts that they offer, so we try to place you with one that offers closest to what you want, and closest to the rate you can afford.
We assign you a personal Case Manager who will call or email you with updates approx. every two weeks. You will be given the Case Manager’s phone number and email to contact if you have any question about the underwriting process. You will also have your agent’s contact information in case you have questions about or want to make changes to your policy.
We always welcome referrals of friends and family. While our specialty is impaired risk, finding the best price for someone with good health is a piece of cake, for us. You can simply give them the email of your agent or our general mailbox, firstname.lastname@example.org. Or have them call our toll free phone number, 866-866-0242. If they would like to check out a quote, they can go to www.OutlookLife.com. Of course, we welcome visits to our Nebraska offices in Hastings and Lincoln, or our office in Fountain Hills, AZ.
We also invite you to tell others about what we have to offer by a post on your website. We couldcreate a special landing page for you, will post your link on our website, if we can.
You can “LIKE” us on Facebook. You might want to post about us on your blog, or the chatroom of a support group you attend. Our COO, Peg Mace, has written articles for support groups and would be happy to provide her services of spreading the word that people with a health condition can get life insurance.
Our repuation is largely built on our satisfied customers, and we invite you to send us your comments. You can email them to your agent or email@example.com. Please let us know if it is OK to use your last name and title and post it on a page (strongest impact), or if you’d rather have us use your first name, last intial, and state as in our testimonial section (also very much appreciated). If you have a support group or blog, we humbly ask that you give us a plug.
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