Frequently Asked Questions

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What is term life insurance?
Term life insurance is a type of life insurance that provides coverage for a specific time period, such as 1, 10, 15, 20, or 30 years. If the policyholder passes away during this term, their beneficiaries receive a guaranteed, tax-free death benefit. This financial support can help cover debts, mortgage payments, children’s education, daily living expenses, and more.

Term life insurance is designed to offer pure protection at an affordable cost, without any investment or savings component. It’s ideal for people looking for maximum coverage at a budget-friendly rate—especially during the most financially vulnerable years of their lives (like when raising a family or paying off loans).
The protection you receive is based on your unique financial circumstances. A good guideline is to choose a life insurance policy worth about 10 to 15 times your yearly earnings. However, your actual need might vary based on:
  • Your current income and expenses
  • Outstanding debts (like mortgages or personal loans)
  • Children’s future education costs
  • Daily living costs that your dependents may face
  • Long-term goals (like supporting elderly parents or leaving a legacy)
At Oros Life, we offer personalized needs assessments to help you determine the right coverage based on your unique situation and financial goals.
Yes, Term life insurance is usually the budget-friendly choice for protecting your loved ones. Since it only provides coverage for a specific term and doesn’t accumulate cash value, the premiums are significantly lower compared to permanent policies like whole life or universal life insurance.

For example, a healthy 30-year-old might secure a $500,000 policy for less than what they’d spend on coffee each day. It’s perfect for young professionals, new parents, or anyone looking for high protection without a heavy financial commitment.
Many Oros Life term policies allow for renewal, but there are a few things to consider:
  • Renewal premiums may be higher based on your age at that time.
  • Some policies offer guaranteed renewability, while others require medical underwriting.
  • If you anticipate needing long-term coverage, you might consider converting your policy to a permanent one (more on that below).
Our advisors can guide you on whether renewing or converting makes the most financial sense for your future.
Yes! Many of Oros Life’s term policies include a conversion feature, which lets you switch to a permanent policy—like whole life or universal life——without a medical exam or new underwriting. This option is especially valuable if:
  • Your health changes during the term
  • You decide you want lifelong coverage
  • You want to build cash value or estate planning options
Conversions generally must occur by a certain age or within a specific window from when the policy began. We recommend discussing your options early to plan effectively.
No, term life insurance is purely protective. It does not build cash value or offer any investment returns. This is what keeps premiums low and straightforward.

If you’re looking for a policy that includes a savings component or cash value accumulation, you may want to explore whole life or universal life insurance—and our team at Oros Life can help you compare all your options.
Yes, Oros Life lets you tailor your policy with extra riders for added coverage. Common riders include:
  • Accidental Death Benefit – Pays an additional benefit if death occurs due to an accident.
  • Waiver of Premium – Your policy continues without payments if you become disabled.
  • Critical Illness Rider – Provides a lump sum if you’re diagnosed with certain illnesses.
  • Child Term Rider – Offers life insurance coverage for dependent children.
Riders allow you to customize your policy to better fit your lifestyle and risk factors.
In many cases, yes—a medical exam helps insurers assess your risk and offer the best rates. However, Oros Life also offers no-medical-exam policies for eligible applicants, depending on:
  • Age
  • Health history
  • Lifestyle factors
  • Coverage amount
These simplified policies allow for faster approval—often within 24–48 hours.
Absolutely. You have full flexibility and control.
  • Within the free-look period, usually lasting 10 to 30 days after buying your policy, you can cancel and receive a full refund.
  • After that, you can cancel any time without penalty, though premiums paid are not refunded.
At Oros Life, we’re committed to transparency—no hidden fees, and no pressure.
Yes, non-citizens are often eligible for life insurance, depending on residency status. Generally, you may qualify if:
  • You live in the U.S. legally (e.g., Green Card, work visa)
  • You have a valid SSN or ITIN
  • You meet health and income requirements
Reach out to our support team for personalized eligibility help—we’re here to assist everyone in planning for their family’s future.
Yes, but we recommend doing this carefully. Replacing an old policy with a new one might offer better rates or terms, but you should:
  • Compare coverage and premium costs
  • Check for any surrender charges or loss of benefits
  • Make sure your new policy is in effect before you terminate your existing coverage.
Oros Life advisors will help you analyze both policies side by side to make a smart, informed decision.

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