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Life Insurance
How it Works
How Life Insurance Works
Life insurance provides financial protection for your loved ones. You pay a monthly, annual premium or lump sum to an insurance company, and in return, the insurance company agrees to pay out a predetermined amount of money to your beneficiary if you die while your policy is active
Decide how much coverage you need
Specifically, decide why you’re purchasing life insurance. For instance, you might take out a policy to financially support your dependents after your death, or you might get life insurance in order to provide a financial gift to loved ones or cover funeral expenses. If you’re a high-net-worth individual, you could use life insurance to cover estate taxes or business succession planning.
Pick a life insurance policy type
Term life insurance tends to be much cheaper than whole life coverage because term policies do not have a cash value component and may expire without paying any benefits. Whole life insurance is a form of permanent life insurance that covers the person for their entire life rather than a fixed period of time. Both life insurance policy types has pros and cons.
Schedule your free consultation
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Provide brief medical history
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.
Complete application for official underwriting
After choosing the provider that fits your needs, the next step is to fill out an application. You will be required to include basic personal information, as well as your Social Security number and driver’s license number. Additionally, you might be asked by the insurance company or your agent to submit an Attending Physician Statement (APS), which helps the insurance company verify your medical history (this form will be provided to you). Some life insurance applications can be filled out online, and it is usually a quick process.
Start Your Path to Protecting Your Family Today
There’s no time like the present — the younger you are, the more affordable your premiums and the more life insurance options you'll have. Are you already taking medication? We have policies that are flexible for different insurance needs. Schedule your free life insurance consultation and get your life insurance quote today.
Frequently Asked Questions
Do I need life insurance? To answer this question you must ask yourself, if you were to pass away right now, would your loved ones still alive have issues covering the cost of your burial? Covering rent or mortgage payments and other bills? What about any remaining medical costs? Would they have enough money to cover those and still maintain their normal life? If the answer to any of these is “No, they wouldn’t,” then you should consider what life insurance options work best for you and your needs.
What type of life insurance policies are available? Life insurance is there to help reduce the financial burden on your loved ones when the inevitable happens. But every life insurance policy is different. There are term, whole, universal, variable, and guaranteed issue policies. Whether you want to make sure your spouse can continue paying the bills if you die unexpectedly or you simply want to cover your funeral costs, the best type of life insurance ultimately comes down to your needs and budget.
What is the difference between term and whole life insurance? Term insurance generally has lower premiums than permanent policies. However, term life insurance does not build up cash value that you can use in the future. Term covers you – as the name suggests – for a term of one or more years. whole insurance policies remain in place as long as the premium is being paid. They also all have a cash value that increases over time and allows the policyholder to borrow against that cash value.
What does “fully paid up” mean on a permanent life insurance policy? “Fully paid up” means, just that. You have made enough premium payments to cover the cost of insurance for the rest of your life.
What is Simplified and guaranteed issue insurance? Life insurance policies are typically underwritten: the insurance company requires a medical exam to assess your risk to insure. Simplified issue and guaranteed issue policies don't require an exam; they are typically for older applicants or those with health problems who may not qualify for an underwritten policy. A simplified issue policy will ask you to fill out a health questionnaire in place of an exam. A guaranteed issue policy won't ask for an exam or any medical information. These policies typically offer low levels of coverage at relatively high rates because the insurance company must assume a high level of risk.
What is the best way to start learning about life insurance? Life insurance policies depend on the person's specific health condition, age, and family needs. The best way to learn about life insurance is to get an actual quote.
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