Why do I need life insurance?

You may not need life insurance – but it is always good to know. Often people purchase life insurance in order to ensure that their family is taken care of when they pass away. This may be to replace their income, take care of any debts, ensure the taxes are paid for, or just to leave an inheritance.

How do I purchase insurance?

Insurance is purchased through an insurance advisor. Some advisors work with very limited number of insurance companies or even only one insurance company. There is sometimes an underwriting process (either medical or financial) before the policy is in place.

Can I get life insurance without a medical exam?

Yes! This was not an option until recently but you can give as much or as little medical information as you’d like. This may affect the cost of insurance but you have options.

How long do I pay for my policy?

You can design insurance policies that you can pay off as quickly as you’d like. There are ways to structure a policy where you only pay it once but the most common pay options are 8 years, 10 years, or 20 years.

What happens when my term policy expires?

Your term policy can be renewed or converted without a new medical. If you have not had any major health changes since the start of your term it is typically beneficial to re-apply for a new term as it will often be less expensive. You can also convert your term policy to a permanent insurance policy. Contact one of our advisors today to see what your options are.

What if I have a policy through work?

That is great news! Policies through your group benefits are often inexpensive. The unfortunate part is they are often only available while you work there and usually do not provide enough coverage. Check out our insurance calculator to see if you have sufficient insurance in place through work.

Can my insurance claim be declined?

If you were honest when filling out the insurance application and there is a normal death there is no reason and insurance company would decline your claim. There are a few exceptions in every insurance contract (such as suicide within two years of the policy) but there is no medical reason that they could decline your claim. It is a legally binding contract. This is different than mortgage insurance offered through the bank but all insurance contracts we deal with does the underwriting before the policy so you don’t have to worry that your claim might be declined.

Can I take out a policy on someone else?

Yes, you can. They do have to consent and be involved in the application.

I've been declined for insurance - what are my options?

Thankfully you have plenty of options. Contact us today and we’ll walk you through your options to purchasing coverage.

Can I cancel my insurance policy?

Yes, you can cancel your insurance at any time. It is wise to talk with your insurance advisor ahead of time because if you want the policy again it may be more expensive.

What is a cash surrender value?

Some insurance policies have an investment component built into them. This builds over time. If at some point in time you didn’t want your insurance policy the insurance company would give you back the investment portion of your policy. This is considered your cash surrender value (CSV).

What happens if I miss a payment?

If you miss a payment you do have a certain grace period (typically 30 – 60 days) to make up that payment. After that grace period the policy is cancelled and you would have to reapply for the coverage.

How is my insurance premium calculated?

Your insurance premium is calculated using complex formulas based on the amount of insurance you are looking for, how long you are wanting the insurance, and your health. Most of these variables can be tweaked to ensure you find the coverage you want in your budget. Contact us today to have one of our advisors walk you through your options.