Life Insurance FAQ's
- How much life insurance do I need?
- Who is a Beneficiary?
- What is "insurable interest?"
- Can I change my mind and get a refund after I purchase life insurance?
- What happens if I don't pay my premium on time?
- What is Whole Life Insurance?
- What is Term Insurance?
- What is Universal Life Insurance?
How much life insurance do I need?
Each individual's insurance needs and goals are different. We can help you analyze your needs and recommend the appropriate insurance product and amount of coverage for you. Click here to request a no-obligation consultation.
Who is a Beneficiary?
This is the person or other party you select to receive life insurance or annuity benefits upon your death. See our Case History.
What is "insurable interest?"
A person closely related to you by blood or engendered by love and affection holds insurable interest. A wife, husband, or child would be examples. Other parties with "insurable interest" include business partners and/or others that would be impacted by your death. Only a person with an "insurable interest" may apply for and own a policy on the life of another.
Can I change my mind and get a refund after I purchase life insurance?
Yes. You're entitled to a FULL refund, including all fees and charges for a period of not less than 10 days and no more than 30 days from the date the policy is delivered to you.
What happens if I don't pay my premium on time?
You have a 31-day, or one-month, grace period past the due date to pay your premium. Your coverage will remain in place during this time.
What is Whole Life Insurance?
This is life insurance that remains in force during the lifetime of the insured. It provides a guaranteed premium, guaranteed death benefit and a guaranteed cash value. As long as the premiums are paid as specified, you may take out a policy loan against the cash value or receive the current, calculated cash value should you cancel the policy. Certain insurance companies pay dividends although they are not guaranteed.
What is Term Insurance?
This is life insurance that pays a death benefit should a person die during a specified period. The policy has no cash value.
What is Universal Life Insurance?
This is an adjustable life insurance policy that allows flexible premium payments (which means you can make payments at scheduled or unscheduled times). These payments, minus any charges, are placed in a cash value fund to earn interest at the then current rate.
The insurance benefit is paid if the insured dies prior to the maturity date; or the insured receives the cash value of the policy if he/she survives past the maturity date.
We know these answers just scratch the surface. Remember, you can call us any time – no obligation! – to talk about your insurance, including policies you may already have.
