Life FAQ

What's the difference between term and whole life?

Term life is a type of insurance policy that lasts for a pre-determined period of time.
Whole life offers a permanent policy that accumulates cash value for the life of the policy.

What is a needs analysis?

This is a common assessment tool used to add up all your liabilities to help determine how much coverage would be needed to your surviving beneficiaries.

What additional riders are available for a life insurance policy?

Riders are the extra benefits that a policyholder can buy to add on to a life insurance policy. The most common include guaranteed insurability, accidental death, waiver of premium, family income benefit, accelerated death benefit, child term, long-term care, and return of premium riders.

How does the Waiver of Premium rider work?

The waiver of a premium rider will pay for your policy’s premiums in case of a disablement of the named insured.

What is a guaranteed purchase option?

A guaranteed purchase option allows an insured person to increase his or her coverage amount without providing evidence of current insurability.

Is the life insurance I have through my employer enough for me and my family?

Typically the life insurance purchased through your employer is not enough to cover your insurance needs. There is also a downside: If you change jobs/professions, you will not be able to take that benefit with you.

Who can be a beneficiary for my life insurance policy?

A family member, a business partner, a charitable organization, a legal entity like a trust, or your estate are prime examples of beneficiaries.

Can I purchase a life insurance policy on my child?

Whole life insurance policies are the most popular and preferred policy to offer children.

Is the death benefit taxable for the beneficiary?

No, death benefits avoid taxation and probate.

When can I purchase a life insurance policy and will I have to visit a doctor?

Term life insurance are typically offered at age 18 and a paramedical exam is typically performed in the home of the applicant or other arranged location. Whole life starts as early as 12 days.

Can I convert my term insurance to a whole life policy?

Yes, this is something offered by most carriers.

How fast will the cash value accumulate in my whole life policy?

Cash value will vary depending on the type of policy you take on. Typically, the policy will start accumulating cash value as early as three years.

Didn’t find the information you needed?

Give us a call at 573-339-1222 and we’ll be happy to help!

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