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Frequently Asked Questions
Common Questions Answered for your convenience.
What is Life Insurance and How Does It Work?
Life insurance is a contract between you and an insurance company where you pay regular premiums in exchange for a death benefit. When you pass away, your designated beneficiaries receive a lump sum of money from the insurance company. This financial protection helps your loved ones cover expenses such as mortgage payments, outstanding debts, funeral costs, and daily living expenses if you're no longer there to provide income. The specific benefits and coverage terms depend on the type and terms of your policy
Do I Need a Medical Exam to Get Life Insurance?
In most cases, Yes. A typical medical exam for life insurance includes filling out a health questionnaire, having your vital signs checked (blood pressure, pulse), providing blood and urine samples to check for health conditions, and measuring your height and weight. For applicants age 50 and older applying for large coverage amounts, additional tests such as an electrocardiogram (EKG) or stress test may be required.
How Do I Choose a Beneficiary for My Policy?
A beneficiary is the person or people who receive your death benefit when you pass away. You can name almost anyone—a spouse, children, parents, siblings, friends, or even charitable organizations. It's important to name both a primary beneficiary (who receives the benefit first) and a contingent or secondary beneficiary (who receives it if the primary beneficiary has passed away). When designating a beneficiary, provide their full legal name, date of birth, Social Security number, and relationship to you. This information helps the insurance company accurately identify and locate your beneficiaries. If you have minor children, you may need to name a legal guardian or trustee to manage the funds on their behalf.
How Much Life Insurance Do I Need?
The amount of life insurance you need depends on your personal financial situation and obligations. A common approach is to calculate your financial obligations minus your available assets. Consider factors such as replacing your income, paying off debt (mortgage, credit cards, car loans), covering funeral expenses, and funding education for your children
What is the Difference Between Term Life and Whole Life Insurance?
Term life insurance provides coverage for a specific period, such as 10, 15, 20, or 30 years. It's designed to be less expensive with lower monthly payments and is ideal if you need protection during your working years. The policy expires at the end of the term, and you can renew it, though premiums may increase. Whole life insurance, by contrast, provides lifetime coverage as long as you pay your premiums. It typically costs significantly more (around six times as much as term insurance) but offers permanent protection and builds cash value over time that you can borrow against. Whole life policies cannot be cancelled due to health changes, making them suitable for those seeking lifelong protection.
How Do I File a Life Insurance Claim?
To file a life insurance claim, the beneficiary must first contact the insurance company to notify them of the death. You'll need to provide a certified copy of the death certificate, complete a claim form (which includes the policy number, deceased's information, and your contact details), and specify how you'd like to receive the death benefit. Most insurers accept claims online, by mail, or in person. The insurance company will review your claim and typically processes payment within 15 business days to four weeks after receiving all required documentation. The two essential documents needed are a certified death certificate and the completed claim form.