Policy

What is Temporary Life Insurance Coverage (TLIC)?

  • TLIC is just what the name states – insurance coverage for a temporary period of time. TLIC will cover you during the 90 days you have to complete the medical exam that we use to validate the answers you gave in the application.
  • If you are approved for TLIC, coverage begins when we receive the first month’s payment (done right on the website) and your e-signature.
  • For the ValoraLife Term option, the one-time premium draft for TLIC will be equal to the monthly payment amount in your quote.
  • For the ValoraLife Term Plus option, the one-time draft for the TLIC will be lower than your quote. The reason is that we do not collect the additional premium for the return of premium feature as part of this one-time draft for TLIC. We will collect the additional premium for the return of premium feature when the benefit begins, which is after we notify you of the final pricing and issue the policy.

Can I get a permanent life insurance policy from ValoraLife?

  • ValoraLife does not offer permanent life insurance. We specialize in term life insurance and we have two simple options to choose from.

Who is eligible to apply?

  • U.S. citizens or Permanent Residents (Green Card Holders) residing in the U.S.
  • Age 18–44 (age 19–44 for Washington State)
  • Must have a U.S. bank account.

What if I apply and then no longer want a policy?

  • If you do not complete the medical exam within 90 days after applying, your Temporary Life Insurance Coverage premium is refunded. You will need to apply again if you change your mind.
  • If you complete the medical exam and decide you no longer want the policy, you can log into your account to cancel, and your TLIC premium will be refunded.
  • On the date your policy is issued, we will notify you by email that your policy is available. You can log in to your online account to view, print, and/or download your policy. If you wish to cancel your policy you will have 10 days to cancel and get a full refund. You can cancel by logging in to your online account.

What happens when the policy reaches the end of the 20 or 30–year term?

  • With the ValoraLife Term option, when the term period expires, no premium is returned. If you wish, you may continue your policy. However, your premium amount will increase.
  • With ValoraLife Term Plus, you will receive 100% of the premium paid over the course of the term period (less any policy fees, policy debt, and (if applicable) substandard premiums). If you decide to continue your policy, your premium amount will increase. You can also choose to use your return of premium as a one-time payment for either of the following:
    • Extended Term Insurance: Coverage at the same death benefit for a specified period of time (not beyond age 90). The length of coverage is determined by the cash value that has accumulated in the policy.
    • Reduced Paid-Up: Coverage at a reduced death benefit to age 90. The amount of coverage is determined by the cash value that has accumulated in the policy.

What happens if my health changes during the course of the policy?

The policy premiums are determined based on your health at the time of purchase — they will not change due to any changes to your health.

Process

What is the process like to buy a policy?

  1. You will receive an initial quote based on a few general questions. We will not ask you for your email address or phone number in order to get a quote. Also, you can customize your quote and adjust the coverage amount online to see additional pricing.
  2. If you decide to buy, you will first create a user account with your email so you can start, save, and complete your application at any time.
  3. The application process should take approximately 30 minutes. This is where we ask for information about your health, family history, and activities.
  4. Immediately after you complete the application, there are three possible scenarios:
    1. You will be approved for Temporary Life Insurance Coverage (TLIC) immediately on your screen.
    2. You will receive an email shortly from a service representative on any outstanding items.
    3. You could be declined for coverage immediately on your screen.

    If you are approved for Temporary Life Insurance Coverage, it is issued upon receipt of the first month’s payment (done right on our website) and your e-signature.

  5. If you are approved for Temporary Life Insurance Coverage, you will have 90 days to complete the medical exam to determine your final monthly premium. If everything you answered in the application is validated, your monthly pricing will be the same as the quoted price. If risk factors are lower based on the medical exam, your monthly premium will be lower than the quoted price as well. If risk factors are found to be higher, your final pricing will be higher than your quoted price.
  6. Once the medical exam results are in, you will receive an email from us with the final monthly premium price and directions to accept the offer online.
  7. In cases where the final monthly pricing is higher than the quoted price, you will have 15 days to accept the offer. Otherwise, the offer will expire and you will have to re-apply.
  8. On the date your policy is issued, we will notify you by email that your policy is available. You can log in to your online account to view, print, and/or download your policy. If you wish to cancel your policy, you will have 10 days to cancel your policy and get a full refund. You can cancel by logging in to your online account.

How long will it take to buy?

The application process will take approximately 30 minutes.

What information do I need to complete the application?

  • Personal info, including your address and other identifying information.
  • Lifestyle and health history, including primary care physician.
  • Financial information including salary, debt, bank account number.
  • Details for your beneficiaries, including birth dates and addresses.
  • For more information, check out the Simple to Apply section in Learn.

Why do I have to have a medical exam?

  • To validate that the medical information submitted in the application is accurate.
  • If you don’t complete your medical exam within 90 days after submitting your application, we cannot finalize your policy and you will lose your temporary life insurance coverage.

What does the medical exam include?

  • You will be contacted to make an appointment. A medical representative can come to your home or your job location; or you can go to a testing site.
  • During the exam, you can expect a review of your family’s medical history as well as pulse, blood pressure, height and weight checks for you (or the person whose life is being insured). Also, the medical representative will take a blood sample and urine specimen and verify the health and lifestyle responses on your application.
  • You can check your results later online. Please note that Spanish speaking medical representatives may be available in certain locations.

Payments & Payouts

How do I pay for the policy?

Your premium will be automatically deducted each month from your bank account.

If I can no longer pay my premium, what will happen?

  • For both ValoraLife Term and ValoraLife Term Plus, if your monthly premium is not paid, the policy will enter a 31-day grace period, and we will contact you to receive the premium payment.
  • For ValoraLife Term, if we do not receive the premium by the end of the grace period, your policy will no longer be in force.
  • For ValoraLife Term Plus, if we do not receive the premium by the end of the grace period, the cash value (less any policy debt) will be used as a one-time premium payment to purchase Extended Term, unless you instruct us otherwise.
  • If your coverage lapses under either of these scenarios, you have three years after the lapse to request reinstatement. You will be required to submit a reinstatement application, provide evidence of insurability, and pay any outstanding premium and any policy debt with interest (for Term Plus policies).

If I purchase ValoraLife Term Plus and surrender the policy before the end of the term, will I get my premium back?

ValoraLife Term Plus builds cash value as premiums are paid over time. Depending upon when you surrender the policy, you may have built some cash value to receive a percent of the premiums paid back based on the terms of the policy. To quote your current cash value, you can call 1-844-768-6774.

Does the beneficiary have to pay income taxes when the benefit amount is paid out?

Generally, the life insurance benefit paid to a beneficiary is not subject to income taxes.

How does my beneficiary access the benefit payout if something happens to me?

The beneficiary should reach out to us immediately at 1-844-768-6774, and we will walk them through the simple process and forms to pay out the life insurance policy.

How long does it take for the money to get paid out after a policy owner passes away?

In most cases, the benefit amount will be paid out 5 days after we receive the necessary completed forms and proof of death.

Coverage

What countries are not covered?

We are currently unable to cover applicants from the following countries under our policies:

  • Afghanistan
  • Argentina
  • Belgium
  • Burma
  • Cambodia
  • Cuba
  • France
  • Greece
  • Haiti
  • Iran
  • Japan
  • Lebanon
  • North Korea
  • Panama
  • Poland
  • Sudan
  • Switzerland
  • Uruguay
  • Venezuela

Does the policy pay a benefit for all types of death?

The policy will pay a benefit for all deaths, except suicide that occurs within the first two years after the policy is issued. Deaths caused by accidents are covered.

If I become disabled and can’t work, will I still have coverage?

As long as you continue to pay the life insurance premiums, you will not lose your coverage.

Does the policy pay a benefit if I commit suicide?

  • If you commit suicide more than two years after the policy is issued, your beneficiaries will receive the death benefit amount.
  • If you commit suicide within the first two years after the policy is issued, no benefit is paid, and we will return the premiums paid into the policy to your beneficiary.