{"id":117,"date":"2017-09-05T19:20:10","date_gmt":"2017-09-05T19:20:10","guid":{"rendered":"https:\/\/rm73v2idht.onrocket.site\/?p=117"},"modified":"2022-11-22T18:49:30","modified_gmt":"2022-11-22T18:49:30","slug":"top-5-frequently-asked-life-insurance-questions","status":"publish","type":"post","link":"https:\/\/blog.integrityfirstins.biz\/?p=117","title":{"rendered":"TOP 5 FREQUENTLY ASKED LIFE INSURANCE QUESTIONS"},"content":{"rendered":"

\"marriedcouple\"<\/a><\/p>\n

The main concept of life insurance is well known and, for the most part, understood by those who purchase it.\u00a0 Essentially, if you are covered by a life insurance policy and you pass away, a certain amount of money is paid by your life insurance company to the beneficiary you have designated.\u00a0 While the general concept is easy to grasp, there are several other things to keep in mind,<\/p>\n

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Why should I buy life insurance?<\/u><\/strong><\/p>\n

There are many<\/u> reasons why a person should buy life insurance.\u00a0 A short list of popular reasons would include: (1)<\/strong> the cost of your own funeral\/burial, (2)<\/strong> replacement income for your spouse and\/or children as they can no longer rely on you to earn income, (3) <\/strong>mortgage\/debt payoff.\u00a0 Other valid reasons that should be considered include tax-free distribution of your wealth to your heirs\/beneficiaries, children\u2019s education expenses and buy\/sell agreements for business partners.<\/p>\n

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Do I need to review my life insurance policy after I purchase it?<\/u><\/strong><\/p>\n

Yes, it is very important that you take the time to review your life insurance policy every few years.\u00a0 Although not the case for all, most people undergo some significant changes in their life over a two or three-year time period.\u00a0 Here are a few examples.<\/p>\n

Got married? (Not the same as Got Milk?!)\u00a0 If so, a review of the policy beneficiary and the value of the death benefit is in order.\u00a0 No changes have to be made but common sense dictates a modification may be needed.\u00a0 Got Divorced?\u00a0 (Again, not the same as Got Milk?!)\u00a0 The same holds true in this case as when you get married; death benefits and beneficiary should be reviewed for changes.<\/p>\n

Purchasing a new home will also trigger the need to review your life insurance policy.\u00a0 Suddenly, your $50,000 policy becomes insufficient when you consider your new $250,000 mortgage.<\/p>\n

Have you gone on a health kick and lost a bunch of weight?\u00a0 Good for you!\u00a0 Not only will you be healthier, you may qualify for a preferred insurance rate and obtain more coverage for the same price or pay less premium for more coverage!<\/p>\n

Life changes are happening all the time.\u00a0 Make sure your life insurance policy keeps pace with your life style.<\/p>\n

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What is the difference between whole life insurance and term life insurance?<\/u><\/strong><\/p>\n

I like simple explanations of things and \u201csimply put\u201d the main difference between term<\/strong> and whole life<\/strong> lies in the name of the type of coverage.\u00a0 A \u201cwhole life\u201d insurance policy is designed to cover you for your entire lifetime. Term life (for this purpose) can be considered short for the word \u201cterminates\u201d.\u00a0 \u00a0Term policies are typically designed for a specific period of time and then expire. (i.e. 10 years, 20 years, 30 years).\u00a0\u00a0 Because whole life polices usually last longer and have some sort of investment return included in the contract, whole life costs more than term life policies. Because of their specified length of coverage, term life policies are recommended to insure agreements that have timelines ie.mortgages, business arrangements.\u00a0 As with most products, term life and whole life polices can be designed with a variety of features and benefits.<\/p>\n

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How much life insurance should I have?<\/u><\/strong><\/p>\n

A tough question and I am not sure there is one \u201ccorrect\u201d answer.\u00a0<\/em><\/p>\n

Everyone\u2019s situation is different and there are many variables that come into play: Married, Single, Children, Income, Age, Health. Many professionals advise that the amount of life insurance should be a multiple of your earnings\u2026..perhaps.\u00a0 I think a better approach is to discuss your specific situation with an insurance professional and agree on an amount that you are comfortable with knowing the reasons why you agreed on that certain amount.<\/p>\n

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Is it hard to apply for life insurance?<\/u><\/strong><\/p>\n

No, as the saying goes, it is relatively painless!\u00a0 An application will be required.\u00a0 These applications will ask for your personal demographics along with your health history.\u00a0 Depending on your circumstances, a completed application may be all that is required. In certain circumstances you may be required to have tests performed i.e. blood test, blood pressure, EKG.\u00a0 Again, the amount of information required and tests performed will depend on your individual circumstances and amounts of life insurance you are seeking.\u00a0 Remember that your Agent can assist you with the application process and with any questions that you may have.<\/p>\n

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The main concept of life insurance is well known and, for the most part, understood by those who purchase it.\u00a0 Essentially, if you are covered by a life insurance policy and you pass away, a certain amount of money is … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-117","post","type-post","status-publish","format-standard","hentry","category-life-insurance"],"_links":{"self":[{"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=\/wp\/v2\/posts\/117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=117"}],"version-history":[{"count":3,"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=\/wp\/v2\/posts\/117\/revisions"}],"predecessor-version":[{"id":121,"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=\/wp\/v2\/posts\/117\/revisions\/121"}],"wp:attachment":[{"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.integrityfirstins.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}