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What kind of life insurance coverage is this? |
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What insurance company will issue my insurance policy? |
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How long will it take to find out if I qualify? |
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Will my benefits ever decrease? |
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What about my premium? Will the premium I’m quoted today ever go up? |
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Do I have to take a medical exam? |
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Why do you ask for my Social Security number on the application? |
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Is it safe to pass this information on the Internet? |
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How do I pay for my premiums? |
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When does my life insurance take effect? |
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Who should I contact for policyholder service? |
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How long will it take to respond to an after business hours e-mail inquiry? |
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How do I change my payment method (e.g. from credit card to Electronic Funds Transfer (EFT)? |
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How do I obtain a physical copy of my contract? |
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What is the free-look period (my option to cancel my policy with no obligation) for my current coverage? |
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Is my coverage in effect during the free look period? |
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How do I cancel my policy prior to the expiration of the term I have selected? |
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How many beneficiaries am I allowed to attach to my insurance policy? |
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In the event of my death, what will my designated beneficiary have to do to receive proceeds? |
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Will the beneficiary have to pay taxes on this coverage? |
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Does my policy contain a suicide clause? |
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How much life insurance do I need? |
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| Q: |
What kind of life insurance coverage is this? |
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This coverage from Liberty Life Insurance Company is a simplified issue term life insurance product. Many financial experts agree that term life insurance is the most economical insurance you can buy. |
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| Q: |
What insurance company will issue my insurance policy? |
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You'll be glad to know that the term life insurance product featured on this site is provided by Liberty Life Insurance Company, whose financial strength and operating performance has been rated "A" (Excellent) by A.M. Best. "A" (Excellent) rating is the third highest rating out of 16 possible ratings by A.M. Best.
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How long will it take to find out if I qualify? |
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It usually takes no longer than 15 minutes to receive your coverage decision online.
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Will my benefits ever decrease? |
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Liberty Life Insurance Company will never reduce your benefits or cancel your policy unless you do it yourself. |
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What about my premium? Will the premium I’m quoted today ever go up? |
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NO. Your premiums for the coverage in which you initially enroll will never increase for the duration of the term. |
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Do I have to take a medical exam? |
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NO. You will have to answer only a few simple health questions when applying for this term life coverage. There is no medical exam required - just answer a few health questions. |
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| Q: |
Why do you ask for my Social Security number on the application? |
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Asking for your Social Security number protects you from fraud and from other people potentially taking out a life insurance policy in your name. |
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Is it safe to pass this information on the Internet? |
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YES. This site is completely secure. All necessary precautions and technologies have been put in place to protect our customers and their personal information. Our security practices are reviewed on a regular basis and we routinely employ current technologies to ensure that the confidentiality and privacy of your information is not compromised. |
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How do I pay for my premiums? |
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Payments may be made by credit card (American Express, Visa, MasterCard, and Discover) and Electronic Funds Transfer (EFT) through your checking account. Premium payments are automatically debited to your credit card or checking account.Credit Card option is not available in South Carolina. |
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| Q: |
When does my life insurance take effect? |
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Your insurance coverage is effective immediately once payment is received for your initial premium and you agree to purchase and sign the policy online. |
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Who should I contact for policyholder service? |
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All policyholder servicing is performed in Greenville, SC:
Call toll-free: (866) 816-6767
Or write:
ATTN: ExpressTERM
Policyholder Services
PO Box 19094
Greenville, SC 29602
You can also email policyholder service by logging into your online account and clicking on the “Email Us” link
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| Q: |
How long will it take to respond to an after business hours e-mail inquiry? |
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We will respond within one business day |
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How do I change my payment method (e.g. from credit card to Electronic Funds Transfer (EFT)? |
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To change your payment information, you can log into your online account at https://secure.rbcexpressterm.com. You may also contact customer service at 1-866-816-6767. |
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| Q: |
How do I obtain a physical copy of my contract? |
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A policy will be mailed to you shortly after you are approved for coverage. Additional copies can be obtained through your online account at https://secure.rbcexpressterm.com or by calling our customer service department at 1-866-816-6767.
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| Q: |
What is the free-look period (my option to cancel my policy with no obligation) for my current coverage? |
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You have a full 31 days to decide if the coverage is right for your needs. If for any reason within those 31 days you choose not to take the coverage, return your policy for a full refund. |
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Is my coverage in effect during the free look period? |
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Yes, your coverage is in effect during the free-look period as long as you have paid your initial premium. |
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| Q: |
How do I cancel my policy prior to the expiration of the term I have selected? |
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Written confirmation of cancellations are required. To cancel your policy, you may send a written request to:
RBC Insurance
ATTN: ExpressTERM Policyholder Services
PO Box 19094
Greenville, SC 29602
You may also send us an email through your online account at https://secure.rbcexpressterm.com.
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| Q: |
How many beneficiaries am I allowed to attach to my insurance policy? |
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There is no limit to the number of beneficiaries you may include in your policy. |
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| Q: |
In the event of my death, what will my designated beneficiary have to do to receive proceeds? |
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In the event of death, beneficiaries should contact our customer service area at 1-866-816-6767. A claims kit will be sent to the beneficiary to be completed and returned. If the death occurs in the contestable period, the claim will be reviewed based on the information provided and the application that was completed. When approved, payments are immediately sent to the beneficiaries. |
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| Q: |
Will the beneficiary have to pay taxes on this coverage? |
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The benefit amount is normally paid tax-free. Please consult your tax advisor. |
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| Q: |
Does my policy contain a suicide clause? |
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Yes. The duration of the suicide clause is usually 2 years; however, it is dependent upon the state in which the policy was issued. Please refer to your policy for your state-specific duration. If you commit suicide within the suicide clause time frame indicated on your policy, the carrier will not pay any death benefits to your beneficiary. However, the carrier will refund the premiums paid by you. In MO, suicide within 2 years does not prevent payment of benefits unless suicide was intended at the time of application."
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| Q: |
How much life insurance do I need? |
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The amount of life insurance you should have depends on your particular situation. There are two primary factors to consider. The first is dependents: children, your spouse, relatives and others who may count on you for financial support. Second is your current financial situation: your assets and liabilities.
Things you should consider:
1. If you are married...
- What kind of lifestyle do you want to provide for your family?
- Would your non-working spouse have an income if you died?
- Would your working spouse have to "retire" to raise your children if you died?
- How would your death affect savings for your children's college expenses?
- Do you have special needs to prepare for, such as a handicapped child or a child who will never be self-supporting?
- How much will your family need for your final expenses? The average funeral in the U.S. is nearly $6,000.
- Does your spouse have the resources to pay for expenses until Social Security benefits begin? If you qualify, it usually takes 3-6 months to begin receiving benefits.
- Will your parents or other extended family members depend on your family's support in the future?
2. If you are divorced...
- Does your divorce agreement stipulate that you are responsible for your children's education?
- Did you retain financial responsibility for your home?
- Even if your divorce agreement doesn't require it, how much will you need to leave your children for their inheritance and to cover your part of their college costs?
- Does your spouse have the resources to pay for expenses until Social Security benefits begin? If you qualify, it usually takes 3-6 months to begin receiving benefits.
- Will your parents or other extended family members depend on your family’s support in the future?
3. If you are single...
- Has a relative co-signed on your mortgage or any other large loans?
- Do you have any friends or relatives to whom you want to leave money?
vHave you bought a house with a domestic partner, and have you agreed that each person's share of the mortgage is to be paid off upon his or her death?
- Do you want to leave money to a charity or other nonprofit organization?
4. Your Assets
- What are your current savings?
- Do you have any current life insurance policies, life insurance provided by your employer, or veteran's insurance?
- What other assets do you have that your family could sell or cash in to pay expenses after your death?
- What Social Security and pension plan survivor's benefits will you receive?
5. Your Liabilities
- What are your current savings?
- Do you have any current life insurance policies, life insurance provided by your employer, or veteran's insurance?
- What other assets do you have that your family could sell or cash in to pay expenses after your death?
- What Social Security and pension plan survivor's benefits will you receive?
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