Frequently Asked Questions - Obtaining Insurance

Term life insurance is similar to a lease on an apartment; the death benefit would have no cash value and would only be available for the stated "term". Permanent insurance, such as whole/straight life or universal life, builds cash value and is available for the insured's "whole" life.

Rates for most types of Insurance increase with age due to increased risk associated with aging.  That is why it is important to purchase life insurance at earlier ages.

Some life insurance policies come with graded death benefits which means that if death occurs by natural causes within the first two years, the full death benefit is not paid; many similar policies pay  premiums paid plus 10% of the premiums paid.  The full face amount is paid for accidental death at any time. 

Typically,  a prospective client should provide date of birth,  gender, height, weight,  medical conditions and date of diagnosis, A1C and date taken if diabetic,  and date and type of major medical procedures.  It is also important to know the purpose of the policy (e.g., income replacement, pay off mortgage).

In many (not all) cases, it is common to see some form of living benefits included in permanent life policies at no additional cost to the insured.  Living benefits allow for the conversion of a portion of the death benefit from a permanent life policy to be used for the insured person's care while alive through chronic illness, critical illness or terminal illness riders. 

 Yes, under certain face amounts,  fluidless underwriting is available - complete a health questionnaire and review medical and other relevant records.