Frequently Asked Questions About Life Insurance
If others depend on you in whole or in part for their financial security, you might be considering looking into life insurance. When you do, it’s not uncommon to run across unfamiliar terminology and processes. As part of our mission to support your financial security, we’ve gathered some common questions about life insurance. Check out the answers below to help you feel more confident when you think about buying life insurance.
What is term life insurance?
Term life insurance is a form of life insurance that provides financial protection for a set time, or term, such as 10 or 20 years. If you die before the term is up, your beneficiary receives the benefit, usually tax free.1 That money can be used however needed, without restrictions. Term life insurance is one of the simpler and more popular ways to provide a financial safety net for loved ones.
What is the life insurance application process like?
When you apply for life insurance, information is usually needed about your health and other factors to enable the insurance company to decide whether to take on the risk of insuring you. This information could be collected online through various data sources with your permission, through phone calls or a visit with a medical professional, or a combination of these methods. Once the insurance company receives and reviews your information, you get a decision on whether you’re approved for the coverage.
How much does life insurance cost?
The cost of life insurance is determined by many factors: your age, gender, and health are considered when you apply. Most Americans overestimate the cost of life insurance by at least 3 times,2 so it may cost less than you think. And because life insurance costs less when you’re younger and healthier, there may be no better time than now to get started.
What are the advantages of AIChE-sponsored group life insurance?
As an AIChE member, your group buying power has been used to negotiate members-only rates from New York Life Insurance Company. AIChE group insurance is portable, so you can keep it no matter where you work. Once your coverage is in place, you can’t be singled out for a rate increase, regardless of changes in your health. New York Life Insurance Company does reserve the right to change rates, but may only do so for all members of your class.
Can I apply for term life insurance for my family?
Yes, your family can typically apply for coverage. For example, with AIChE coverage, your spouse or domestic partner under age 75 for term life, under 65 (10‑year term) or under 55 (10‑year or 20‑year term) is eligible to apply. Unmarried, dependent children under age 25 also qualify for coverage.
While no amount of money could replace you, it can be comforting to know that if the worst were to happen, your loved ones would at least receive help covering the many expenses that would go on without you there.
Easily apply for life insurance online, often with no medical exam
To save you hassle while helping safeguard what matters most, we’ve worked with New York Life to simplify your application process for up to $500,0003 of life insurance.
- Choose your monthly cost and instantly see how much coverage it can buy. Rates shown include 30% savings in the form of a premium credit.4
- Apply online in minutes with no medical exam required in most cases, and an approval decision in minutes
Learn more now:5
(No need to provide an email address or phone number to see your cost.)
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Group Policy Form GMR.
1 Please consult your tax advisor for more information.
2 LIMRA 2023 Insurance Barometer Study (https://www.limra.com/siteassets/newsroom/liam/2023/0859-2023-liam-fact-sheet-2023_final.pdf)
3 No medical exam (just answer a few health questions) typically required with QuickDecisionSM which is an online process that allows New York Life to make an underwriting decision on coverage amounts up to $750,000 more quickly. QuickDecision is available to individuals age 49 and under on coverage up to $750,000 and to individuals age 50-64 on coverage up to $500,000. It is not offered in MT and VA. QuickDecision uses data sources to verify your health history, so there are no medical visits or lab tests needed to get your real-time decision. In some cases, we may need to contact you to ask additional questions, and in rare cases request a medical visit. If that happens, all visits are scheduled at your convenience and our expense. If you already have life insurance through the AIChE Member Insurance program, you can apply for up to $750,000 today, provided this amount, when combined with the inforce coverage, does not exceed the $1,000,000 group term life policy maximum or the $2,000,000 all-policy maximum.
4 AIChE Term Life Insurance currently includes a 30% premium credit. Although future credits are dependent upon actual claims experience and cannot be promised or guaranteed, the Program has been granting premium credits for years.
5 Including information on features, costs, eligibility, renewability, limitations and exclusions.
Additional Articles Below
Frequently Asked Questions About Life Insurance
If others depend on you in whole or in part for their financial security, you might be considering looking into life insurance. When you do, it’s not uncommon to run across unfamiliar terminology and processes. As part of our mission to support your financial security, we’ve gathered some common questions about life insurance. Check out the answers below to help you feel more confident when you think about buying life insurance.
What is term life insurance?
Term life insurance is a form of life insurance that provides financial protection for a set time, or term, such as 10 or 20 years. If you die before the term is up, your beneficiary receives the benefit, usually tax free.1 That money can be used however needed, without restrictions. Term life insurance is one of the simpler and more popular ways to provide a financial safety net for loved ones.
What is the life insurance application process like?
When you apply for life insurance, information is usually needed about your health and other factors to enable the insurance company to decide whether to take on the risk of insuring you. This information could be collected online through various data sources with your permission, through phone calls or a visit with a medical professional, or a combination of these methods. Once the insurance company receives and reviews your information, you get a decision on whether you’re approved for the coverage.
How much does life insurance cost?
The cost of life insurance is determined by many factors: your age, gender, and health are considered when you apply. Most Americans overestimate the cost of life insurance by at least 3 times,2 so it may cost less than you think. And because life insurance costs less when you’re younger and healthier, there may be no better time than now to get started.
What are the advantages of AIChE-sponsored group life insurance?
As an AIChE member, your group buying power has been used to negotiate members-only rates from New York Life Insurance Company. AIChE group insurance is portable, so you can keep it no matter where you work. Once your coverage is in place, you can’t be singled out for a rate increase, regardless of changes in your health. New York Life Insurance Company does reserve the right to change rates, but may only do so for all members of your class.
Can I apply for term life insurance for my family?
Yes, your family can typically apply for coverage. For example, with AIChE coverage, your spouse or domestic partner under age 75 for term life, under 65 (10‑year term) or under 55 (10‑year or 20‑year term) is eligible to apply. Unmarried, dependent children under age 25 also qualify for coverage.
While no amount of money could replace you, it can be comforting to know that if the worst were to happen, your loved ones would at least receive help covering the many expenses that would go on without you there.
Easily apply for life insurance online, often with no medical exam
To save you hassle while helping safeguard what matters most, we’ve worked with New York Life to simplify your application process for up to $500,0003 of life insurance.
- Choose your monthly cost and instantly see how much coverage it can buy. Rates shown include 30% savings in the form of a premium credit.4
- Apply online in minutes with no medical exam required in most cases, and an approval decision in minutes
Learn more now:5
(No need to provide an email address or phone number to see your cost.)
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Group Policy Form GMR.
1 Please consult your tax advisor for more information.
2 LIMRA 2023 Insurance Barometer Study (https://www.limra.com/siteassets/newsroom/liam/2023/0859-2023-liam-fact-sheet-2023_final.pdf)
3 No medical exam (just answer a few health questions) typically required with QuickDecisionSM which is an online process that allows New York Life to make an underwriting decision on coverage amounts up to $750,000 more quickly. QuickDecision is available to individuals age 49 and under on coverage up to $750,000 and to individuals age 50-64 on coverage up to $500,000. It is not offered in MT and VA. QuickDecision uses data sources to verify your health history, so there are no medical visits or lab tests needed to get your real-time decision. In some cases, we may need to contact you to ask additional questions, and in rare cases request a medical visit. If that happens, all visits are scheduled at your convenience and our expense. If you already have life insurance through the AIChE Member Insurance program, you can apply for up to $750,000 today, provided this amount, when combined with the inforce coverage, does not exceed the $1,000,000 group term life policy maximum or the $2,000,000 all-policy maximum.
4 AIChE Term Life Insurance currently includes a 30% premium credit. Although future credits are dependent upon actual claims experience and cannot be promised or guaranteed, the Program has been granting premium credits for years.
5 Including information on features, costs, eligibility, renewability, limitations and exclusions.
Additional Articles Below
Frequently Asked Questions About Life Insurance
If others depend on you in whole or in part for their financial security, you might be considering looking into life insurance. When you do, it’s not uncommon to run across unfamiliar terminology and processes. As part of our mission to support your financial security, we’ve gathered some common questions about life insurance. Check out the answers below to help you feel more confident when you think about buying life insurance.
What is term life insurance?
Term life insurance is a form of life insurance that provides financial protection for a set time, or term, such as 10 or 20 years. If you die before the term is up, your beneficiary receives the benefit, usually tax free.1 That money can be used however needed, without restrictions. Term life insurance is one of the simpler and more popular ways to provide a financial safety net for loved ones.
What is the life insurance application process like?
When you apply for life insurance, information is usually needed about your health and other factors to enable the insurance company to decide whether to take on the risk of insuring you. This information could be collected online through various data sources with your permission, through phone calls or a visit with a medical professional, or a combination of these methods. Once the insurance company receives and reviews your information, you get a decision on whether you’re approved for the coverage.
How much does life insurance cost?
The cost of life insurance is determined by many factors: your age, gender, and health are considered when you apply. Most Americans overestimate the cost of life insurance by at least 3 times,2 so it may cost less than you think. And because life insurance costs less when you’re younger and healthier, there may be no better time than now to get started.
What are the advantages of AIChE-sponsored group life insurance?
As an AIChE member, your group buying power has been used to negotiate members-only rates from New York Life Insurance Company. AIChE group insurance is portable, so you can keep it no matter where you work. Once your coverage is in place, you can’t be singled out for a rate increase, regardless of changes in your health. New York Life Insurance Company does reserve the right to change rates, but may only do so for all members of your class.
Can I apply for term life insurance for my family?
Yes, your family can typically apply for coverage. For example, with AIChE coverage, your spouse or domestic partner under age 75 for term life, under 65 (10‑year term) or under 55 (10‑year or 20‑year term) is eligible to apply. Unmarried, dependent children under age 25 also qualify for coverage.
While no amount of money could replace you, it can be comforting to know that if the worst were to happen, your loved ones would at least receive help covering the many expenses that would go on without you there.
Easily apply for life insurance online, often with no medical exam
To save you hassle while helping safeguard what matters most, we’ve worked with New York Life to simplify your application process for up to $500,0003 of life insurance.
- Choose your monthly cost and instantly see how much coverage it can buy. Rates shown include 30% savings in the form of a premium credit.4
- Apply online in minutes with no medical exam required in most cases, and an approval decision in minutes
Learn more now:5
(No need to provide an email address or phone number to see your cost.)
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Group Policy Form GMR.
1 Please consult your tax advisor for more information.
2 LIMRA 2023 Insurance Barometer Study (https://www.limra.com/siteassets/newsroom/liam/2023/0859-2023-liam-fact-sheet-2023_final.pdf)
3 No medical exam (just answer a few health questions) typically required with QuickDecisionSM which is an online process that allows New York Life to make an underwriting decision on coverage amounts up to $750,000 more quickly. QuickDecision is available to individuals age 49 and under on coverage up to $750,000 and to individuals age 50-64 on coverage up to $500,000. It is not offered in MT and VA. QuickDecision uses data sources to verify your health history, so there are no medical visits or lab tests needed to get your real-time decision. In some cases, we may need to contact you to ask additional questions, and in rare cases request a medical visit. If that happens, all visits are scheduled at your convenience and our expense. If you already have life insurance through the AIChE Member Insurance program, you can apply for up to $750,000 today, provided this amount, when combined with the inforce coverage, does not exceed the $1,000,000 group term life policy maximum or the $2,000,000 all-policy maximum.
4 AIChE Term Life Insurance currently includes a 30% premium credit. Although future credits are dependent upon actual claims experience and cannot be promised or guaranteed, the Program has been granting premium credits for years.
5 Including information on features, costs, eligibility, renewability, limitations and exclusions.
