Frequently Asked Questions
About Life Insurance

Most life insurance policies build cash value. The rate at which cash value accrues may vary based off insurance policy type, face amount and age at the time the insurance policy is issued. Please see the insurance policy or call our customer service line at 1-800-228-9100 for cash value specific to your insurance policy.

Please call our customer service line at 1-800-228-9100 for claim filing information. Once all required claim information has been received, allow 7 to 10 business days for processing time.

An insurance policy may end once it reaches its maturity date, non-payment or cancelation at the owner’s request. Term life insurance policies will end once the term has expired.

Underwritten insurance policies do not have a waiting period before death benefits will be paid. However, there may be a contestability period. Coverage in which acceptance is guaranteed may have a limited benefit period where full benefits are not payable due to natural death for a period of time. Insurance in which acceptance is guaranteed likely has a limited benefit period before full benefits may be payable due to a natural death.

Whole life insurance is coverage which remains in force during the policyowner’s entire lifetime. Term life insurance is when the benefit is payable only if the policyowner dies during a specific period of time.

We will allow a grace period of 31 days for the payment of each premium except the first premium. Some state requirements may allow additonal days. The insurance policy will remain in force during the grace period. We must accept your premium if we receive it before the grace period ends. If the policyowner dies on the premium due date or during the grace period, the premium for the insurance policy month in which death occurs will be deducted from the death benefit.

If we do not receive your premium before the grace period ends, all coverage stops on the due date of the unpaid premium, subject to the Cash Value Benefits Provision. Call us at 1-800-228-9100 for more details.

Yes! All insurance policies have a minimum grace period of 31 days. Some state requirements may allow additional days.

No. Cancelation requests must be sent in writing. The owner of the insurance policy can cancel at any time.

All beneficiary change requests must be submitted in writing. Forms are available for download through our online customer center. A beneficiary can be changed by the policyowner at any time. You can also call us at 1-800-228-9100.

For both term and whole life insurance, the policyowner must be the one to sign the initial application in order for the contract to be considered valid. For juvenile life insurance, the child is the insured, but not the owner. The owner is the parent or whomever takes out the policy.

One-time payments can be made online, over the phone through our 24-hour automated system, or with a customer service representative. Mailed payments may be sent by check or by money order. Monthly recurring payment options are available by credit/debit card or checking/savings accounts. Other payment modes such as quarterly, semiannual and annual payments may be available. Payments made over the phone/online may be limited to persons with authority on the account.

Yes. A funeral home can be made a beneficiary. State restrictions may apply in which a funeral home cannot be named. However, if this is allowed, a contingent beneficiary will need to be listed.

An irrevocable beneficiary is one whose rights to the insurance policy proceeds are vested and cannot be revoked by the policyowner, unless the beneficiary consents. If you’d like to name an irrevocable beneficiary, add “irrevocable” after the beneficiary’s name.

In the event there is no living beneficiary, benefits will be paid out to the policyowner’s estate. If there is no estate, benefits may be payable to the policyowner’s next of kin.

We offer guaranteed acceptance insurance policies that don’t require you to answer health questions. Please call 1-800-228-9100 to see if this option is available to you. Some other insurance policies are not guaranteed acceptance and underwriting requirements may affect qualifications.

Customers can call our customer service line at 1-800-228-9100 to see if there are other insurance policies available to apply for.

It depends on if you have whole or term life insurance. Whole life insurance rates can be locked in, term life insurance rates may go up. Optional riders could cause rates to increase. Our modified term life insurance policies have a period when premiums are lower to start, but increase after a period of time.

Yes. Our insurance will pay in addition to other insurance. Limitations may be placed on guaranteed acceptance for insurance from Physicians Life Insurance Company.

There may be limitations on the time frame in which an insurance policy can be reinstated and underwriting may be required.