FAQs

This type of insurance most characteristically has a cash value accumulation. It is a simple process wherein an individual pays a premium for their entire life in exchange for coverage in the event that they die early.

A life insurance policy protects your family financially if you or your spouse dies. Insurance companies understand that life is constantly changing, so there are a variety of life insurance policies to meet your changing needs. Because many families depend on two incomes just to make ends meet, insurance companies offer policies that can insure more than one person, protecting the total family income.

It is never too early or too late to consider your life insurance options. There are two major types of life insurance—term and whole life. Whole life is sometimes called permanent life insurance, and it encompasses several sub-categories, including traditional whole life, universal life, variable life and variable universal life. Term life insurance provides financial protection for a limited and specified period of time, at a lower cost than permanent life insurance. These policies expire without value if the insured survives the stated time period. Universal life insurance provides death benefits and income tax-deferred savings to help you meet your financial goals while you are living. It has many flexible features and benefits that can change with your changing financial needs. Whole life insurance provides the coverage amount to your beneficiary in the event of your death, as well as cash-value savings you can use during your lifetime.

• Universal Life
• Variable Life
• Adjustable Life
• Modified Life
• Family Life

The amount you pay depends on the level of risk you provide to your insurer. The price you pay for life insurance depends mainly on your age, health, lifestyle, and occupation. So if you are older, have health problems and smoke, and happen to work in a dangerous environment, you will have to pay more for life insurance than someone who is younger, healthier, a non-smoker, and in a low risk occupation.

Limited-pay life insurance is a type of insurance where all the premiums are paid over a specified period after which no additional premiums are due to keep the policy alive.

Generally they aren’t subject to income taxes. However, they may be subject to estate taxes such as inheritance tax. Please check with your financial advisor.

You should expect to receive forms and information in 5 to 10 days. Once the Death Certificate and forms have been returned, payment is usually issued within two weeks.

Yes, only in the first two years the policy is enforce or reinstated.

Grace period is the length of time the policy will stay enforced after the premium due date, usually 30 days.

Normally it is 5 years.

A Beneficiary is a person name in the Will that may receive all or a portion of the Estate.

A Contingent Beneficiary is the second person in line to receive all or a portion of the Estate should the first or primary beneficiary predecease you.

Everyone over the age of 18 should have a Will.

A Will is a legal document that indicates your wishes upon your death.  The Will distributes your property and appoints representative to administer your estate.

Probate process is proving the validity and legality of a Will in court.

An Estate is any and all property that you own at your death will be included here and this will be both real and personal property.

Real Property can be land, building or improvement that includes your home, commercial property, from condos, vacation homes or time shares.

Personal Property is any property that you own, except Real Property.  This may include cars, boats, planes, bank account, bonds, stocks, personal effects, and heirlooms.

Estate Planning is the process of developing a plan to pass your Estate to your loved ones after your death with a minimum of taxes and probate expense

Annuity is an investment made through an insurance company.

People invest in Annuity for retirement and a lifetime income/accumulation period.

Yes, most insurance company allows up to 10% annually.

Yes, only at disbursement/when it is paid out.

It is extended for retirement purposes.