Insurance Queries Resolved

Frequently Asked Questions

• How much life insurance coverage do I need?

  Your coverage amount should consider your financial obligations, including debts, living expenses, future education costs, and desired legacy. A comprehensive needs analysis will help determine the appropriate coverage amount to meet your goals.

• Can I get life insurance if I have pre-existing health conditions?

  Yes, it is possible to obtain life insurance even if you have pre-existing health conditions.

• What are the advantages of purchasing insurance when I'm young?

  Starting early with insurance provides financial advantages, including lower premiums, long-term coverage, and the opportunity to accumulate cash value.

• How often should I review and update my life insurance policy?

  Regularly reviewing and updating your life insurance policy is crucial to ensure it aligns with your current financial situation, goals, and life circumstances. It's a good practice to review your life insurance policy annually or at every Major life event like getting married, having a child, buying a new home, getting a divorce, or experiencing a significant change in your financial situation.

• Do I need life insurance if I already have coverage through my employer?

  Having life insurance coverage through your employer is certainly a valuable benefit, but it may not be sufficient to meet all your financial protection needs. With an individual life insurance policy, you have full control over the policy even when you change your employer or retire.

• What factors influence life insurance premiums?

  Premiums are influenced by factors such as age, health, lifestyle choices, occupation, coverage amount, type of policy, and the duration of coverage. Generally, younger and healthier individuals pay lower premiums.

• How do life insurance payouts work, and are they taxed?

  In most cases, the death benefit from a life insurance policy is not taxable for the beneficiary.

• What is a medical exam, and do I need one for life insurance?

  A medical exam is a standard procedure often required by life insurance companies to assess an applicant's health and determine the risk associated with insuring them. It involves thoroughly evaluating an individual's medical history, current health status, and lifestyle choices. Whether you need a medical exam for life insurance depends on the type of policy and the insurance company's requirements.