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Life insurance is a contract between an individual and an insurance company. In exchange for regular premium payments, the insurance company provides a lump-sum payment (death benefit) to the designated beneficiaries upon the insured person's death or to the insured in case of chronic, critical, terminal illness or injury.
Life insurance provides financial protection for your loved ones in the event of an untimely death or unforeseen chronic, critical or terminal illness/injury. It can help cover funeral expenses, replace lost income, and settle outstanding debts.
Age, health, lifestyle, gender, coverage amount, and the type of policy influence premiums. Generally, younger, healthier individuals pay lower premiums.
There are various types, including term life insurance (provides coverage for a specific term), ROP ( return of premium if you outlive the term of the policy, whole life insurance (covers the entire lifetime and has a cash value component), and universal life insurance (offers flexibility in premium payments and death benefits).
The amount depends on factors like your income, debts, and financial goals. A common rule is to have coverage that is 5-10 times your annual income, but individual circumstances vary.
Some of the main reasons clients consider rolling over their accounts into fixed index annuities include: principal protection, guaranteed lifetime income, no fees, living benefits, and the potential for longterm care.
To become a licensed life insurance agent you are required to pass a state exam. If you would like more information on how to partner with our agency, book a 30 minute information session.
In most cases, life insurance death benefits are not taxable. However, interest earned on the cash value of a policy may be subject to taxes depending on the type of policy and the way that the policy is structured. A properly structured policy grows tax free.
Yes, you can have multiple life insurance policies so long as there is an insurable need.
Some policies allow adjustments. For example, you might convert a term policy to a whole life policy or increase coverage as your needs change.
Yes, you can purchase life insurance for someone else with their consent. For example, parents often buy policies for their children.
Many policies have a grace period during which you can make a late payment. If you miss the grace period, the policy might lapse, and coverage could end.
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