Once you submit your life insurance application, the insurance company you chose reviews your information. This may include checking your medical history, finances, and lifestyle habits. Sometimes, they may ask for a phone interview or a medical exam.
After that, the insurer makes a decision. If approved, you’ll receive an offer with your coverage details and premium. Once you accept and make your first payment, your policy becomes active.
Ozzo stays with you throughout the entire process. We ensure everything is moving smoothly and keep you updated every step of the way, providing support whenever you need it.
Can I adjust my coverage later?
In many cases, yes. Some life insurance policies allow you to increase or decrease your coverage, but it depends on the type of policy and the insurer’s rules.
To increase coverage, you may need to go through a new application or health review. Decreasing coverage is often simpler and may lower your premium.
What happens if I don’t qualify for a life insurance policy?
You still have options if you don’t qualify for a traditional policy. Some insurers offer simplified or guaranteed issue policies that skip the medical exam and ask only basic health questions. You can also reapply later if your health improves or your situation changes.
What happens if I miss a payment?
Life can get busy, and sometimes things slip through the cracks. Most life insurance policies
offer a grace period (usually about 30 days) during which you can catch up on missed payments without losing your coverage. If you miss that window, your policy could lapse, meaning you won’t have coverage until it’s reinstated.
Do life insurance policies expire?
It depends on the type of policy.
Term life insurance covers you for a set period, such as 10, 20, or 30 years. Once that period ends, the policy expires.
Whole life insurance provides lifetime protection. As long as you continue making your payments, there’s no need to renew the policy.
Do I need to renew my life insurance every year?
Term life insurance policies usually have a set period (10, 20, or 30 years), after which they may need to be renewed. Whole-life policies don’t require renewal because they provide lifetime coverage.
Can I switch my life insurance provider later?
Yes, but switching means applying for a new policy. You’ll go through the approval process again, including health questions or a medical exam. Your age and health at that time will affect your new rate. Make sure your new policy is active before canceling the old one to avoid losing coverage.
What if I want to cancel my policy?
Most policies come with a “free-look” period, typically between 10 and 30 days, during which you can cancel your policy for a full refund if you change your mind. After this period, cancellation terms vary by insurer, and you may not be eligible for a refund.
Can I get a refund if I cancel my policy?
You will receive a full refund if you cancel your policy within the free-look period. After this period, refund eligibility depends on the policy type. Term life policies generally do not offer refunds, whereas permanent policies may allow you to withdraw any accumulated cash value.
