Straightforward answers to the questions we hear most, tailored for everyday decisions about coverage and cost.
1. How are premiums determined?
Age, health, tobacco use, coverage amount, and policy length/type all affect price. Generally, younger and healthier applicants pay less.
2. Are death benefits taxable?
In most cases, the benefit paid to beneficiaries isn’t subject to income tax. Large estates or interest earned can have tax implications—consult a tax professional.
3. Do I need a medical exam?
Some policies require an exam to qualify for lower rates. Others offer no‑exam or simplified issue coverage with different eligibility and pricing.
4. What is life insurance?
It’s a contract where you pay premiums and the insurer pays a lump‑sum benefit to your beneficiaries if you pass away while the policy is active. The benefit can help with funeral costs, debts, mortgage payments, and day‑to‑day expenses.
5. What happens if I miss payments?
Term policies usually lapse after a grace period. Some permanent policies can use built‑up cash value to keep coverage active temporarily.
6. Can I own more than one policy?
Yes. It’s common to layer a term policy for income protection with a smaller permanent policy for lifelong needs.
7. How fast can I get coverage?
Accelerated underwriting can approve some applicants the same day. Traditional underwriting may take 1–2 weeks depending on your health profile.
8. What are the main types of life insurance?
Term life covers you for a set period (10–30 years) at a lower cost. Permanent life (Whole or Universal) lasts your entire lifetime and can build cash value.
Still have questions? Connect with a licensed local professional for clear, no‑pressure guidance and quotes.