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Frequently Asked Questions

Common Questions Answered for your convenience.

What is life insurance and how does it work?

Life insurance is a financial protection plan that provides a tax-free payout to your beneficiaries when you pass away. In exchange for regular premium payments, your loved ones receive a lump sum (death benefit) to cover expenses like debts, mortgage, income replacement, and future financial needs. Some policies also offer living benefits, allowing you to access funds while you’re still alive.

How much life insurance coverage do I need?

The amount of life insurance you need depends on your income, debts, and future expenses. A good rule of thumb is 10-15 times your annual income to cover financial needs like mortgage, college tuition, and daily living expenses.

What happens if I stop paying my premiums?

If you stop paying premiums, term life insurance will lapse, ending coverage. Permanent life insurance may stay active using its cash value, but will lapse once depleted. If you're struggling to pay, contact your provider for options!

What’s the difference between term and permanent life insurance?

Term Life Insurance: Covers you for a set period (10, 20, or 30 years). It’s usually more affordable but expires if you outlive the term. Permanent Life Insurance (Whole & Indexed Universal Life - IUL): Provides lifelong coverage and builds cash value that can be used for retirement, emergencies, or investment opportunities.

Can I access my life insurance money while I’m still alive?

Yes! If you have cash value life insurance, you can borrow or withdraw from it. Some policies also offer living benefits for critical illness.

Is life insurance expensive?

Life insurance can be very affordable, depending on factors like your age, health, coverage amount, and policy type. Term life insurance is typically the most budget-friendly, while whole life insurance costs more but includes cash value.