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FAQ's Life
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How much life insurance do I need?
Since life insurance replaces lost income if something happens to you, the proceeds from your policy should be enough to cover immediate expenses as well as to provide continuous income for your beneficiaries.
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Most financial planners recommend coverage that‘s 5 to 10 times your annual income. For example, if you make $50,000, you might consider coverage between $250,000 and $500,000. If you‘re younger and just starting a family, you might need as much as 15 times your income to allow for salary increases.
How long does it take to get a policy?
Typically, it takes 4-7 weeks after your application is submitted to get the policy in your hands.
Do I have to take a medical exam?
For term or permanent life insurance, most companies require a brief medical exam. However, the exam is at no cost to you and takes place at your home or office when it‘s convenient for you—it usually takes less than 20 minutes.
What’s the difference between term and whole life insurance?
Term life insurance is issued for a specific period of time, typically 10, 15, 20, 25 or 30 years. A whole life insurance policy lasts as long as you pay the premiums. Term life insurance is less expensive than whole life insurance because it is limited to a specific period of time.
Can I convert my term life policy to whole life insurance?
Yes. All term policies offered by the life insurance companies we represent are convertible to permanent insurance—such as whole life or universal life insurance—at various times during the term of the policy. While this benefit is usually included, it does expire. One advantage of a conversion is that you can convert your term policy to permanent insurance without having to take another medical exam or reapply, no matter what may have changed in your health. This option provides reassurance and flexibility should your health or insurance needs change.