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Frequently Asked Questions About Life Insurance
What is life insurance?
Life insurance is a contract between an individual and an insurance company wherein the individual pays a premium and, upon their death, the insurance company pays a death benefit to the designated beneficiaries.
Why am I in need of life insurance?
Life insurance can provide your loved ones with financial security in the event of your untimely death. It can help pay for your beneficiaries’ final expenses, outstanding debts, and ongoing living expenses.
What kinds of life insurance are offered?
There are two primary types of life insurance: term and permanent (also known as permanent life insurance). Whole life insurance provides coverage for the insured’s entire lifetime, whereas term life insurance provides coverage for a specific period of time.
How do I determine the amount of life insurance I need?
Your individual circumstances and financial situation will dictate the amount of life insurance coverage you need. Consider your current income, outstanding debts and mortgages, future expenses such as your children’s college education, and the lifestyle you wish to provide for your loved ones after your death.
How can I acquire life insurance?
You can purchase life insurance from an insurance agent, broker, or the insurance company itself. Life insurance can also be purchased through an employer’s benefits package. Contact BIGinsurance.com to get your life insurance quote today.
What happens if my term life insurance policy expires?
If you outlive your term life insurance policy, the coverage expires and there is no death benefit. You may, however, be able to convert your term life insurance policy to a permanent policy.
Are medical exams required in order to obtain life insurance?
Exam requirements can vary based on the type and amount of coverage for which you are applying. While some policies may require a medical exam, others may not. For more information, it is best to consult with your insurance agent or broker.
What happens if my life insurance policy is canceled?
If you cancel your policy, you will no longer be covered and will not be eligible for a death benefit. Additionally, you will not receive a refund of any premiums paid up to the point of cancellation.
Is the death benefit from a life insurance policy subject to taxation.
The death benefit from a life insurance policy is generally not taxable income for the beneficiaries. Nonetheless, it is essential to consult a tax expert to ensure compliance with the current tax laws.