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You may be thinking about protection for yourself and your family for the first time, need to learn more about your temporary coverage through work, or need to refresh your memory and full understanding of the different types of policies out there. In any case, we have the tools and team ready to help you understand the best steps for you to take. The first step is asking questions. Below are some of the top questions and thoughts that come to people's minds when thinking about life insurance. For the full list and other helpful resources to read through, drop us your email at the bottom of the page to download our Free Printable Life Insurance Buyer's Guide.
AM I MEDICALLY INSURABLE?
Insurability depends on a multitude of factors along with the type of coverage you’re applying for. If you have a chronic condition, recent hospitalization, or severe disease, you may be able to find a temporary solution to provide you and your family with protection until your situation improves for full coverage. Medical exams may not be necessary once answering medical questions with your local licensed agent
WILL THE PRICE GO UP IN THE FUTURE?
Depending on the type of insurance, prices may raise in the future either as you age, if health conditions develop, or term coverage renews/expires. Whole Life policies do not go up in price once you secure it at your current age and health. Once you have a Whole Life policy in place, regardless of what happens in the future, premiums will never be raised, and coverage amount will never decrease*.
WHAT IF I ALREADY HAVE COVERAGE THROUGH WORK?
That’s great! That’s a wonderful thing about being in the workforce. Most everyone has some employer-sponsored benefits through their work, union, veterans’ association, etc. This coverage, because it is through what is called Group Insurance Coverage, comes with its disadvantages opposed to owning your own insurance. Insurance through work is payable depending on your employment status which means its temporary and comes with stipulations. If you were to retire, go on strike, get laid-off, change careers, or quit, your benefits would terminate immediately. If your employer offers extended benefits past employment, it most likely would come with new individual underwriting, higher monthly premiums, a future expiration date, and extended wait times on death benefits. Because this coverage is employer-owned and funded (even if you contribute to it), benefits paid to your family may be taxable as income. Employer-owned insurance plans are typically not used (or even available) for funeral and final expenses or the immediate needs of your family after passing.
DO I NEED TO COMPLETE A MEDICAL EXAM?
In most circumstances plans don’t require a medical exam at all. Medical questions will need to be answered upon completion of an application. The company may contact your medical provider in order to obtain a full medical history or additional details if needed.