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Temporary life insurance is similar to a test drive of your insurance policy while underwriting is in process. While you’re supplying documentation and medical tests, you pay your premiums and get the coverage you’re applying for on a temporary basis. If something happens to you before your actual insurance policy is finalized and signed, your family can make a death benefit claim for the full amount of your temporary coverage.
Before you’re offered TLIC, your insurer will ask you medical and health questions. If you have a disqualifying medical condition, you won’t be offered temporary coverage. Your age may also make you ineligible, depending on which insurance company you’re working with.
As with any life insurance policy, if you lie on your application, your coverage can be revoked, and your death benefit claim can be denied.
If you qualify for temporary insurance, you’ll receive an offer from your insurer as part of the application process. Follow these steps to start the TLIC process:
Temporary insurance will typically cost you the estimated monthly premium that you’ll pay for your final insurance policy. With most life insurance companies, the money you spend on temporary life insurance goes toward your first month’s premiums.
If you decide to cancel your coverage, you can typically apply for a refund of your temporary insurance premiums.
If you qualify for temporary life insurance coverage, it’s a good idea to take advantage of the offer. Even if your temporary coverage isn’t equal to the policy amount you’re applying for, it’s better than nothing and gives you peace of mind in the four to eight weeks it can take to underwrite your official policy. The worst case scenario is ending up with a few weeks of coverage on a policy you decide you don’t want and waiting five to 10 days for your refund.
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