Book a Consultation
Take the first step towards securing your family's financial future by scheduling a personalized life insurance consultation with our experts.
Frequently Asked Questions
Common Questions Answered for your convenience.
What is life insurance and how does it work?
Life insurance is a contract between you and an insurance company. You pay premiums, and in return, the insurer pays a lump sum (death benefit) to your beneficiaries if you pass away during the policy term. This money can help cover expenses like funeral costs, debts, or lost income.
What are the main types of life insurance?
Term Life Insurance: Covers you for a specific period (e.g., 10, 20, or 30 years). If you pass away during the term, your beneficiaries receive the payout.
Whole Life Insurance: A permanent policy that lasts your entire life and includes a cash value component that grows over time.
Universal Life Insurance: A flexible permanent policy that allows you to adjust your premiums and death benefits while also accumulating cash value.
How much life insurance do I need?
The amount depends on factors like your income, debts, family needs, and future expenses (e.g., mortgage, children’s education). A common rule of thumb is 10-15 times your annual income, but a financial advisor can help determine the right amount.
How much does life insurance cost?
The cost depends on factors like age, health, lifestyle, coverage amount, and policy type. Generally, younger and healthier individuals pay lower premiums. A term policy is more affordable than a permanent policy.
Do I need a medical exam to get life insurance?
Some policies require a medical exam to assess your health and determine your premium rate. However, no-exam policies (like simplified or guaranteed issue life insurance) are available but tend to be more expensive.
Can I change or cancel my life insurance policy?
Yes. If you have a term policy, you can cancel anytime, but you won’t get your money back. If you have a whole or universal life policy, you may be able to withdraw or borrow against the cash value or surrender the policy for a partial refund.