Life Insurance – FAQ’s

When is the best time to purchase life insurance?

Generally, the younger the better. Life insurance is always going to be more affordable earlier in life and those prices can be locked in. Waiting to buy life insurance until an older age will greatly increase the cost of a policy and even affect your overall eligibility. In most cases, it is wise for parent’s to purchase a permanent policy for newborns. This ensures lifelong coverage at an affordable price. There are also times in life such as marriage, child birth, home buying, etc. that make purchasing life insurance essential.

How much life insurance should I get?

The right amount of life insurance is specific to you and comes down to analyzing your life situation. How much debt do you have (mortgage, student loans, credit cards, etc…)? What is your annual income that needs to be replaced? Try to estimate future expenses (funerals, children’s education, etc…). A licensed life insurance professional can also assist in finding the right amount of insurance for you.

Why is life insurance important?

There are several reasons to buy life insurance. For instance, family protection, income replacement, final expenses, wealth transfer, mortgage protection, and many more. However, the ability to leave those left behind burden free is perhaps the most gratifying reason of all.

What factors are determined when applying for life insurance?

Age, height, weight, health, and tobacco use are the most common factors assessed. However, driving violations, high risk activities, and family medical history can play a role as well. Each application will be given a review to determine the best life insurance option available.

What is a death benefit?

A Death Benefit is the amount of life insurance you purchase. This benefit will be the amount of money that is left to the people or organizations of your choice.

What is a beneficiary?

A beneficiary is the person or organization that you choose to receive your death benefit. This can be one or more family members, friends, charitable or religious organizations, an estate or trust, and more. Life insurance beneficiaries are really quite flexible.

Where should I buy life insurance?

It is important to buy life insurance from an agent and insurance company you feel confident about. In most cases you want to make sure the life insurance company is financially stable and the agent is taking the time to explain the policy and answers all of your questions competently.

What if I already have a life insurance policy through work?

Employer provided life insurance policies are great, always take advantage. However, it is important to have a policy of your own as well. This ensures you continue to have life insurance even if you quit, change jobs, are laid off, or retire. Many people do forego buying life insurance because they have a policy through work. Unfortunately, this is often during the time in their life where life insurance is most affordable. Consider employer sponsored life insurance policies as a back up to your own life insurance policy.

What if I already have a personal life insurance policy?

Great! You are ahead of the curve. But it is still best practice to go through your policy ever couple of years. Touch base with your life insurance agent and make sure you are in the best possible position. Life insurance products can change over the years and you may be able to improve your life insurance with these new offerings.

How long does it take to get life insurance?

This can depend on the type of policy you elect to purchase. However, it is a good rule of thumb to expect the entire process to take around 30 days start to finish. But all policies will be different depending on the details. Often this can go much quicker.

Will I need to take a medical exam to purchase life insurance?

Most policies do require a medical exam to get a good depiction of your health. These exams generally only take a few minutes and can be done on your schedule at a location of your choosing. However, there are several policies that do not require a medical exam.

Once I have life insurance, can I cancel it?

Yes, life insurance can be cancelled at any time. However, it is important to be aware of the cancellation details of your policy. Some life insurance policy can also be transferred into another policy. It is important to discuss the details with your agent before cancelling or transferring any life insurance policy.

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