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Why should I have life insurance?

It’s unfortunate but people die - some sooner than later. The important point is to do what’s right for those you love. A person gets life insurance to make sure that there is money available to maintain the financial life for those who will still be living and have a future. It’s a selfless decision in a way since you are looking out for your spouse and/or your children just like you would protect them from dangers and difficulties in life.
There are benefits for you from having enough insurance while you are living: You’ll feel better knowing the ones you love will be able to continue their lives without unnecessary financial disruption; if you have permanent life insurance (whole life or universal life) you can build cash value that can grow tax free. This can help give you the freedom to do other things with your money and investments because you know you have an asset your family can count on – life insurance.

What types of life insurance are available?

There are two main types: Term vs. Permanent Life Insurance:
1. Permanent life insurance is designed to last for your whole life. There are two main categories: Whole life and Universal life.
2. Another type of life insurance is Term Life which varies by length of time from 1 year to 30 years. There is also a new type of term life policy that refunds you all premiums paid if you keep the policy for the term period.
You can also apply for another type of life insurance - investment insurance.

How much coverage should I have?

The easy answer is you should have enough coverage to replace the income that you would have earned had you been alive to earn it. There is a very simple method of calculating the right amount of life insurance for you - take a multiple of your income that is 10 times to 15 times your annual gross income.

How much will life insurance cost me?

Premium rates for life insurance are typically based on factors such as your age, your sex, your height and weight, your health status, whether you use tobacco, your occupation and whether you participate in dangerous sports activities. The type of policy you purchase will also affect the amount of the premium. Rates for term insurance are typically lower, at least at younger ages, and premium rates for permanent policies like whole life are typically higher at earlier ages, but do not increase as you age.  Lastly, the premium "mode"—that is, the frequency of premium payments—will also affect the amount.

Should I get insurance to pay off my mortgage if I die?

Getting life insurance to pay off major obligations in case of death is one of the most responsible and generous acts of love you can provide. Feel free to quote inexpensive term life or return of premium life insurance for the amount of your mortgage but also strongly consider getting coverage for the entire amount that is appropriate for you and your loved ones--not just enough to pay off your mortgage.

What if I smoke cigarettes or use tobacco, does that affect my insurance rates?

The answer is yes it will but you still can get competitive rates. Some companies charge less for tobacco use than others. If you smoke cigars occasionally or chew tobacco occasionally, a few companies will still offer preferred rates.

Does my weight affect my life insurance rate?

There are different rate classes for life insurance. When calculating the exact rate for you, the company does take your weight into consideration.

How long will it take to find out if I qualify?

It usually takes no longer than one business day to receive your coverage decision.

Will my benefits ever decrease?

Your insurance company will never reduce your benefits or cancel your policy unless you do it yourself.

What about my premium? Will the premium I’m quoted today ever go up?

NO. Your premiums for the coverage in which you initially enroll will never increase for the life of the term.

Do I have to take a medical exam?

NO. You will have to answer only a few simple health questions when applying for this term life coverage. There is no medical exam required - just answer a few health questions.

Why do you ask for my Social Security number on the application?

Asking for your Social Security number protects you from fraud and from other people potentially taking out a life insurance policy in your name.

Is it safe to pass this information on the Internet?

YES. This site is completely secure. All necessary precautions and technologies have been put in place to protect our customers and their personal information.

Who will receive the benefits of my term life insurance?

You may choose anyone as your beneficiary, i.e. the recipient of the benefits.

Will the beneficiary have to pay taxes on this coverage?

The benefit amount is normally paid tax-free. Please consult your tax advisor.

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