Setting up a life insurance policy is never an easy process. Our expert team will work with you to make sure you receive the coverage you need in a pain-free way, but here are some Frequently Asked Questions (FAQ's) to satisfy any curiosities you may have. Contact us today if you have questions or inquiries that are not listed here.
We are contracted with the nation's top carriers. Even if you have an existing policy, we can save you money on your premium with the same coverage or increase your coverage at the same price. You may also have more than one policy if your current one is capped.
When speaking with your specialist to set up your policy, ask about our CBO and ROP programs. You can receive a term policy that gives you a higher death benefit value than a whole-life product without your monthly payment going to waste. Even if you do not qualify, we have other products that allow your monthly premium to work for you, such as an indexed universal life product.
Simple. We show you how to place your taxable income into a tax-deferred asset that accumulates interest and doubles on average every seven to ten years while also providing you with an equal-value death benefit. Unlike a 401k or an IRA, when you take a distribution, you simply loan yourself your own money and pay back your tax-deferred account with interest to yourself. This is a major tax advantage that many middle-class citizens do not know about.
Term life insurance provides coverage for a specified period, typically 10, 20, or 30 years. If the policyholder passes away during the term, the death benefit is paid to the beneficiaries. However, if the policyholder outlives the term, no benefits are paid out. Term life insurance usually has lower premiums compared to whole life insurance.
Whole life insurance provides coverage for the policyholder's entire lifetime, as long as premiums are paid. It includes a cash value component that accumulates over time and can be borrowed against or withdrawn. Whole life insurance has higher premiums, but it offers lifelong coverage and a cash value component.
The amount of life insurance coverage you need depends on your individual circumstances, including your income, financial obligations, and long-term goals. A common rule of thumb is to have coverage that is 10 to 15 times your annual income. However, it's essential to consider factors like existing debts, mortgage, education expenses for your children, and your spouse's financial needs. A financial advisor or insurance specialist can help you determine the appropriate coverage amount based on your specific needs.
Life insurance premiums are determined based on several factors, including the policyholder's age, gender, health, lifestyle, occupation, coverage amount, and the type of policy chosen. Generally, younger and healthier individuals pay lower premiums. Insurers may require a medical exam or access to your medical records to assess your health status and risk profile.
Yes, you can designate multiple beneficiaries for your life insurance policy. You can also specify the percentage of the death benefit each beneficiary should receive. It's crucial to review and update your beneficiary designations periodically, especially after major life events like marriage, divorce, or the birth of a child.