What is temporary life insurance? How do i get it?

Temporary life insurance is a special extension to a whole or term life insurance policy. Ordinarily, a life insurance policy is not immediately effective, but goes into effect after the application and underwriting process is complete. This could take several days, during which you are not covered. Temporary life insurance makes the policy effective immediately, providing you with coverage during the processing interim. By adding the temporary life insurance, your coverage will pay out even if a piano falls on you as soon as you walk out the door of the insurance company.

When applying for a life insurance policy, ask your agent for temporary insurance. You will

probably be required to pay an additional small fee. And you do not have to be concerned about the risk of purchasing the coverage, either. If your life insurance policy is rejected or you decide to cancel within a period of time, usually 10 days, you will be able to receive a full refund of all but the fee paid for the temporary coverage, which is a negligible amount.

Many people confuse temporary life insurance with term coverage, because both coverage have a similar name and expire when the insured period is over. Term life insurance, however, is purchased for a longer period of time than temporary insurance, usually 1 to 20 years although short term coverage is available at a much higher premium. Temporary insurance is only meant to fill an insurance gap while your application is processed and the policy is being underwritten, at which time the temporary insurance ends and your regular policy goes into effect.