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Frequently Asked Questions
Common Questions Answered for your convenience.
What is Life Insurance?
Life insurance is a contract between an individual and an insurance company, where the insured pays premiums in exchange for a lump-sum payment (the death benefit) to be paid do designated beneficiaries upon the insured's death.
Why do I need life insurance?
Life insurance provides financial protection for your loved ones in the event of your death. It can help cover expenses life funeral costs, outstanding debts, mortgage payments, and provide income replacement for your family.
What types of life insurance are available?
There are several types of life insurance, including term life insurance, whole life insurance, universal and indexed universal life insurance. Each type has different features and benefits.
What is term life insurance?
Term life insurance provides coverage for a specific period (the term), such as 10, 20 or 30 years. It pays a death benefit to the beneficiaries if the insured dies during the term of the policy.
What is whole life insurance?
Whole life insurance provides coverage for the insured's entire life as long as premiums are paid. It also has a cash value component that grows over time, which can be borrowed against or withdrawn.
What factors determine the cost of life insurance?
The cost of life insurance depends on factors such as the insured's age, health, lifestyle, occupation, coverage amount and the type of policy.
How much life insurance do I need?
The amount of life insurance you need depends on your financial obligations such as debts, mortgage and future expenses like college tuition or retirement savings.
Can I change my life insurance policy?
Yes you can usually make changes to your life insurance policy such as increasing or decreasing coverage, changing beneficiaries or converting a term policy to a permanent policy.
Do I need a medical exam to get life insurance?
It depends on the type of policy and the insurance company's underwriting guidelines. Some policies require a medical exam to assess the insured's health and determine the premium rate while others may offer no-exam or simplified issue options.
Can I borrow money from my life insurance policy?
Yes, if you have a whole or universal life policy with cash value you can borrow against the cash value or surrender the policy for its' cash value. However borrowing against the policy may reduce the death benefit and cash value.