How Life Insurance Works

  • Pick your coverage by choosing a policy that’s right for you. Ideally, you want to work with a life insurance provider that offers various coverage options that will meet your needs. You can also use a life insurance calculator to determine the amount of coverage you’ll need.  
  • Apply for life insurance. After selecting your plan, apply for coverage. With Due, you can apply online in minutes, unlike with a traditional life insurance company. In order to offer you the best possible policy price, we only ask essential questions. Upon submission, your information is processed quickly, sometimes instantly. Your coverage will be activated as soon as you’ve been approved.
  • Take a medical exam (if needed). For some policies, you may be required to take a medical exam. That’s not the case with Due unless absolutely necessary. For some people, completing their term life insurance application still requires a medical exam. 
  • Sign up for a policy. Upon approval, the insurer will send you a signed contract. You’ll pay a premium based on the terms and conditions of your contract.
  • Pay your premiums. The premiums you pay for your policy are due monthly, biannually, or annually according to your policy contract. Once you pay your first premium, your policy becomes active. You will lose your policy if you cease to pay your premiums. Upon policy lapse, the policy becomes inactive (or “in-force”), and no death benefit will be paid out.
  • File a claim for the death benefit. A beneficiary designated by you can file a claim with the insurance company upon your death. A carrier will facilitate the payment of a death benefit to your beneficiary during the claims process.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.