What happens when my term life policy expires? +
When your policy term ends, you generally have a few options: let the policy lapse if coverage is no longer needed, renew the policy at a higher (age-based) rate, or convert to a permanent whole life policy if your policy includes a conversion privilege. With OneAmerica convertible term, the conversion option gives you significant flexibility before the conversion deadline arrives.
Can I convert my term policy to whole life without a medical exam? +
Yes — that’s the beauty of convertible term insurance. When you exercise the conversion privilege, you do not need to undergo a new medical exam or answer new health questions. Your new permanent policy is issued based on your original health class at the time of the term policy. This is an enormous advantage if your health has changed since you first applied.
How much life insurance coverage do I actually need? +
A commonly used rule of thumb is 10–12x your annual income. However, a comprehensive calculation considers your total debt (mortgage, student loans, etc.), future education costs for your children, your spouse’s income needs, and existing assets or savings. The DIME method — Debt, Income, Mortgage, Education — is a popular framework. Use our calculator above for an estimate, and consult with one of our advisors for a personalized recommendation.
Is the life insurance death benefit taxable? +
In most cases, life insurance death benefits are received income-tax-free by your beneficiaries under IRC Section 101(a). However, there can be estate tax implications for very large estates. For the vast majority of families, the death benefit is received completely tax-free, which is one of the most compelling financial advantages of life insurance.
What is OneAmerica Financial’s A+ rating and why does it matter? +
AM Best is the premier credit rating agency for the insurance industry. An A+ (Superior) rating means OneAmerica has an exceptional ability to meet its financial obligations to policyholders. In plain terms: when the time comes for your family to file a claim, you want absolute certainty the insurer will pay. An A+ rating provides that assurance. Only a small percentage of carriers hold this top-tier designation.
Can I add riders to my term life policy? +
Yes — most term life policies allow optional riders that customize your coverage. Common riders include: Waiver of Premium (premiums waived if you become disabled), Accelerated Death Benefit (access a portion of the death benefit if diagnosed with a terminal illness), Child Term Rider (covers dependent children), and Accidental Death Benefit. Ask your Canopy Life Solutions advisor which riders are available through your OneAmerica policy.
What if I have a pre-existing health condition? +
Having a health condition doesn’t automatically disqualify you from coverage. Many conditions — well-managed diabetes, controlled blood pressure, a past history of certain illnesses — can still qualify for coverage, potentially at a rated (higher) premium. Every application is evaluated individually. Our advisors at Canopy Life Solutions work with multiple carriers to find the best fit for your specific health profile.
How quickly can I get covered? +
The timeline varies by the type of underwriting required. With accelerated underwriting programs (no medical exam), some applicants receive approval within days. Traditional full underwriting with a medical exam can take 3–6 weeks. Our team will guide you to the fastest path available based on your coverage amount and health profile.
