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Frequently Asked Questions
Common Questions Answered for your convenience.
What is life insurance, and why do I need it?
Life insurance provides financial protection for your loved ones in the event of your death. It ensures that your beneficiaries receive a payout, which can be used for expenses such as funeral costs, outstanding debts, and living expenses. Life insurance is important because it helps secure your family’s financial future, offering peace of mind that they’ll be taken care of if something happens to you.
What is the difference between term life and whole life insurance?
Term life insurance provides coverage for a specific period (usually 10, 20, or 30 years). If you pass away within the term, your beneficiaries receive a payout. Whole life insurance, on the other hand, offers lifelong coverage and includes a cash value component that grows over time. Term life is generally more affordable, while whole life offers more long-term benefits like cash accumulation.
What is mortgage protection insurance?
Mortgage protection insurance is a type of life insurance designed to pay off your mortgage if you pass away. Unlike traditional life insurance, which pays a lump sum to your beneficiaries, mortgage protection insurance specifically covers your remaining mortgage balance. It ensures that your family won't lose their home if something happens to you.
How much life insurance coverage do I need?
A good rule of thumb is to have coverage that is 10 to 15 times your annual income. However, it’s important to assess your unique situation. Consider factors like your current debts (mortgage, loans), future expenses (college tuition, retirement), and whether your family would need support for living costs if you’re no longer around.
How much life insurance coverage do I need?
A good rule of thumb is to have coverage that is 10 to 15 times your annual income. However, it’s important to assess your unique situation. Consider factors like your current debts (mortgage, loans), future expenses (college tuition, retirement), and whether your family would need support for living costs if you’re no longer around.
How does the cash value in a whole life policy work?
With whole life insurance, part of your premium goes into a cash value account that grows over time. This cash value earns interest or dividends and can be borrowed against or withdrawn. It’s a living benefit of your policy that you can use for emergencies, investments, or other financial needs while you're still alive.
What is Infinite Banking and how does it work?
Infinite Banking is a strategy that uses a whole life insurance policy’s cash value as your personal banking system. Over time, the cash value grows tax-deferred, and you can borrow against it for things like investments, large purchases, or paying off debts. The idea is to become your own bank, using the cash value to fund expenses while still earning interest on the full amount, thus maximizing wealth over time.
Can I get life insurance if I have a pre-existing condition?
Yes, many life insurance providers offer policies to individuals with pre-existing conditions, though the premiums may be higher. The type and severity of the condition will impact your eligibility and rates. It’s best to speak with an insurance agent to explore your options.
