FAQ
Life insurance is a resource for your loved ones in the event of your death. The insurance company promises to provide your beneficiary(ies) with an amount of money (death benefit) to pay bills, mortgage payments, funeral costs, child care expenses, etc. In return you make payments (premiums) which can be made monthly, quarterly, or annually.
Term is typically the simplest and least expensive coverage. It does not build cash value and it is active for a fixed period of time. The policy pays your beneficiary a fixed death benefit if you die while the policy is active.
Permanent life insurance includes whole, universal, and variable. The policies include lifetime coverage and the build-up of cash value on a tax-free basis.
Living benefits are also known as Accelerated Benefit Riders. It can cover your family in case you are diagnosed with a critical, chronic or terminal illness. It can help you pay for treatment, medications, or any other expenses. Ask your agent to make sure these benefits are included in life insurance policy.
The price is based on age, health, gender and whether you want to build cash value. This is why you custom design the prices to fit your needs.
If you have bills, a car loan, dependents, a mortgage or if you own your own business you need life insurance. As the primary earner your income is essential for the livelihood of your family. The policy’s death benefit can fund your dependents needs.
This is dependent on the life insurance product you choose. If you do not want to do a physical exam let your agent know so they can look for a policy where it is not required. Keep in mind that the application will ask questions about your health and may request HIPAA authorization to pull your medical records.
A reasonable amount of life insurance is your annual income multiplied by 10. It can also be determined by your mortgage loan.
Yes! Its is always a good idea to pull out your life insurance policy to make sure it is still servicing your current needs. Your needs can change, what if you get married, or your child goes to college, or you refinance or purchase a house? Dust that policy off and make sure you and your family have enough coverage.
Google the insurance company’s Standard & Poor’s. The company receives a letter rating which tracks its performance. This letter is an indication on weather or not the company you are applying with is a good investment.*
- AAA: Extremely Strong
- AA: Very strong
- A: Strong
- BBB: Adequate
- BB: Less vulnerable
- B: More vulnerable
- CCC: Currently vulnerable
- CC: Highly vulnerable
- C: Highly vulnerable to non-payment
- D: Bankruptcy petition has been filed