Frequently Asked Questions
The fastest way to find out if you are eligible is to begin our quick and easy digital process. You will know your eligibility and rate in less than ten minutes. You simply need to be a U.S. citizen or permanent resident, between 18 and 60 years old (55 if a smoker).
Our streamlined process is shorter and simpler than ever. To apply on our digital platform, click here! In a matter of minutes, you will find the coverage that is right for you and be able to get covered immediately.
No, we have reformatted the process and created an online questionnaire that gets the job done. All you have to do is answer honestly, review your rate and enjoy your coverage.
The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) has an exclusive partnership with Lifefy to provide affordable life insurance solutions for underserved consumers through an online platform that offers a fast and easy way to purchase financial protection for their loved ones. Two level-term products designed and underwritten by SBLI are available exclusively through Lifefy. SBLI is rated “Excellent” by A.M. Best and has been providing insurance solutions since 1907.
Swiss Re is a worldwide leader of reinsurance services, since 1863. Lifefy’s partnership with Swiss Re is geared towards product innovation and disruption to provide new solutions to an ever evolving consumer.
You can add as many beneficiaries as you wish by assigning them a percentage of the death benefit to be received. To change or add a beneficiary, simply log into LifeHub.
Your policy is active so long as you are current on your premium payments.
Making sure you have the following information at hand can save you time: Name, Telephone Number, Address of Beneficiary, Policy Number, Death Certificate, Obituary, Coroner’s Report (if accident, homicide, suicide), Police Report (if accident, homicide, suicide). To file a claim, you may also reach us at:
We know this is a difficult time for the beneficiary. We strive to payout a claim in as little as 48 hours, assuming that all the required paperwork and information is complete and correct. Processing time depends on the circumstances surrounding your request. To be on the safe side, please allow 10-15 business days from the date that you submitted the required documents.
Life insurance claims are usually filed by the immediate family members or beneficiaries who are of legal age. If beneficiaries younger than the legal age are named, then the probate court will handle the claim until they become legal. It is always best to name a beneficiary of legal age if you have younger children, for this reason. Beneficiaries can be changed at any time during the policy and only by the policy owner.
If you purchase the Waiver of Premium rider with your policy and become totally disabled, you won’t have to pay your premiums.
In general, we take pride in offering coverage to as many customers as possible. Some high-risk activities such as sky diving and mountain climbing, as well as certain pre-existing medical conditions, may affect your insurability or rates. Depending on your personal information, a Guaranteed Issue with Accidental Death Benefit policy may be offered as an alternative.
You should pay your premiums for the entire term of the policy to prevent any interruptions in coverage.
We give you a 31-day grace period in which you can catch up on your missed payment. If the payment is still not received during this time, your policy may be cancelled. We will do our best to work with you in order to prevent any coverage interruptions.
Yes, you can. If you have paid all the necessary premiums, both policies will pay out to the named beneficiaries. It is common to have multiple policies. However, insurers may become suspicious if multiple policies are being purchased without necessity. Your best bet is to get a Term Life insurance product from us with an adequate amount of coverage and any additional riders.
Life insurance is a smart decision in regard to financial planning and security. If you pass away, your beneficiaries (those you’ve selected to receive the benefits) will receive a payout. This tax-free lump sum of money that is given to your loved ones, or any person or cause you choose upon purchase, helps pay off loans, debts, and supplement any income you provided prior to passing.
This customizable type of life insurance offers a variety of terms, prices and options that really gets the job done without breaking the bank. This option, offered by Lifefy, waives the need for a medical exam. Instead, the prospective policyholder only needs to complete a simple application or online buying process. After quickly receiving your rate, you can instantly decide on a coverage amount and period of time during which your rate will remain the same. Keep it simple, keep it covered!
A life insurance “rider” is an additional provision/benefit added to your insurance policy often at an additional cost. Examples of riders are: Accelerated Death Benefit, Accidental Death, and Waiver of Premium.
It’s another reason you need life insurance! The Accelerated Death Benefit rider is a provision in your life insurance policy that lets you access a portion of the life insurance death benefit if you become terminally ill. If your life expectancy is less than 12 months, you are eligible for a payout to help you cover medical expenses and get your affairs in order. This payout is a portion of your death benefit. In the case of Lifefy policyholders, it’s up to 50% of the death benefit. There is no charge to have this rider on your policy but it is subject to an administrative expense charge when used. The death benefit paid to the beneficiary will be reduced by the amount accelerated.
When you purchase a Simplified Issue Lifefy policy, you have the option to include the Accidental Death Benefit rider for even more coverage at just a slight increase to your premium. This benefit provides additional coverage in case of an accidental death, if death occurs within 180 days of accident. Some exclusions apply.
Short answer? Yes! — Life insurance is a good idea when someone depends on you, financially or otherwise. Leaving them alone without your support can be disastrous if you have outstanding debts, mortgages, student loans or any financial dilemmas that won’t disappear after the end of your life. Life insurance makes sure that these issues will not be passed on to others. Additionally, it can even help you with your bills and other outstanding debts while you’re still alive, if you have been diagnosed with a terminal illness.
There are various options. However, Lifefy offers Term Life and Guaranteed Issue solutions that provide the greatest coverage for an affordable price. Click here to learn more about Lifefy’s effective solution. Any life insurance policy is better than none at all.
Ideally, your life insurance policy amount can be calculated using a simple formula. Consider a few variables: your long-term financial obligations, debts and your assets. Subtract your assets from the obligations to find the gap that needs to be supplemented by your life insurance policy.
- Calculate obligations: Add your annual salary (times the number of years that you want to replace income) + your mortgage balance + your other debts + future needs such as college and funeral costs. If you’re a stay-at-home parent, include the cost to replace the services that you provide, such as child care.
2. From that, subtract liquid assets such as: savings + existing college funds + current life insurance.
Every client is underwritten individually and receives a price based on many factors, such as: medical history, current health, age, and gender. That said, having health issues should not preclude you from applying for coverage and encourage you to begin our easy, quick sales process.
A beneficiary is the person or entity you choose to receive the lump sum cash payout from your policy should you pass away. A policyholder may designate a beneficiary upon purchase. Multiple beneficiaries may be designated, along with percentages of the benefit they’d receive.