Frequently Asked Questions
We offer an effective Term Life Insurance solution. To learn more about our solutions, click here!
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.
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.
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. Additionally, we will keep striving to simplify things even further for you.
The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) is a very trusted partner and long time insurer. They underwrite the Lifefy policies. 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.
Your policy is active so long as you are current on your premium payments. You can manage your policy on the client portal, LifeHub.
Forms required to file a claim can be completed, printed and downloaded at Lifefy.com. Making sure you have the following information at hand can save you time: Name, Telephone Number, Address of Beneficiary, Policy Number, Certified Death, 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 included the Waiver of Premium Rider in your policy, you get a pass on your premium payments for up to 6 months, if you are temporarily disabled.
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 payments. 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 rider required to meet your needs.
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 wallet (or purse!). 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, hence the name. After quickly receiving your rate, you can instantly decide on a coverage amount and period of time it will be in effect. Keep it simple, keep it covered!
A life insurance “rider” is an additional provision/benefit added to your insurance policy for 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 a certain amount of time stated in the rider, you are eligible for a payout to help you cover medical expenses and get your affairs in order. This payout is usually a percentage of your death benefit. In the case of Lifefy policyholders, it’s a whopping 50% and comes at no extra charge.
When you purchase a policy from us, 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 makes sure you are also covered in case of an accidental death. The death must occur within 180 days of said accident for the rider to take effect. 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.
The essential feature of a life insurance policy is the death benefit: the lump-sum amount your beneficiaries will get if you pass. It’s the main reason to get life insurance—but not the only one. Some types of life insurance have provisions (riders). Click here to learn more about Lifefy’s effective solution. Any life insurance policy is better than none at all. We have an affordable and worthwhile option for you.
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 the 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.
If you included the Waiver of Premium Rider with your policy, you get a pass on your premium payments for up to 6 months if you are temporarily disabled.