Life Insurance FAQ

Life insurance provides a tax-free lump sum payment to your chosen beneficiaries if you pass away. It's designed to help replace lost income, cover debts, pay for final expenses, or provide for loved ones. If anyone depends on your income - like a spouse, children, or aging parents - life insurance can offer peace of mind that they'll be financially protected.

• Term life covers you for a set period (like 10, 20, or 30 years) and pays out only if you pass during that time. It's typically the most affordable option.
• Whole life (or permanent life) lasts your entire life and includes a savings component called "cash value," which grows over time. It's more expensive but offers lifelong protection and potential investment growth.

It depends on your income, debts, family size, and financial goals and obligations. A common rule of thumb is 10 to 15 times your annual income if you have a young family, but your needs could be more or less. We recommend reviewing your full financial picture with a trusted insurance broker to find the right amount.

Generally, yes - most policies cover death due to illness, accidents, and natural causes. There may be exclusions for things like suicide within the first two years of the policy, or death due to criminal activity or fraud. It's important to read the policy details.

In many cases, yes. It depends on the condition, its severity, and how well it's managed. Some companies offer coverage with no medical exam, though rates may be higher. A broker can help you find the right policy based on your health history.

Even if you don't have dependents, life insurance can still be useful - for covering final expenses, paying off debts, or leaving a legacy for someone you care about. And if you buy a policy while you're young and healthy, you can lock in better rates.

If your term expires and you're still living, the coverage ends and no benefit is paid - unless you've purchased a policy with a return-of-premium feature. You can choose to renew, convert to permanent coverage, or let the policy lapse. It's smart to review options before the term ends.

Costs vary based on your age, health, lifestyle, type of policy, and amount of coverage. Term life is generally very affordable - many people are surprised how inexpensive it is. Whole life costs more but includes long-term value and benefits.

Yes - depending on your policy and the company, you may be able to increase or decrease coverage, convert a term policy to whole life, or update your beneficiaries. It's important to review your policy regularly as life changes (marriage, kids, home purchases, etc.).

The process usually includes an application, a health questionnaire, and possibly a medical exam. Some policies offer "no-exam" options for quick approval. Depending on the type of policy and company, approval can take anywhere from a few days to several weeks.