16 Feb 6 Frequently Asked Questions About Life Insurance
Many people think that acquiring life insurance is confusing. At Dougherty Insurance, we can help resolve any doubts that you may have regarding this type of policy. Having all of your concerns addressed is important if you are trying to secure your family’s financial future. Taking the time to understand what a life insurance policy has to offer will enable you to make the right decision.
Here are a few frequently asked questions about life insurance.
- Am I too old to get affordable life insurance?
The older you get, the more expensive your life insurance premiums will become. However, depending on your situation, age, and financial obligations, an agent may be able to put together a policy that will address your individual needs at reasonable rates.
- What type of life insurance should I purchase?
The type of life insurance you should purchase will depend greatly on your goals. A term life policy can help you cover your final expenses and any debts you leave behind. A whole life policy is best suited for individuals who have a family that will need financial security if something should happen to them. Universal policies offer many benefits, including a cash account that you can use to make investments or borrow against if an emergency arises.
- How much life insurance do I need?
The amount of life insurance you need will depend on several things. An individual with a mortgage, car payments, and a family to provide for will need much more coverage than someone with very little debt and no children to care for. You may have to leave a death benefit for your spouse to ensure they can live comfortably, even after you’re gone.
- Will I need a medical exam to qualify?
The younger you are when you first apply for life insurance, the less likely you will be forced to take a medical exam. While some providers may require an exam as a mandatory requirement, others may overlook it if you live a healthy lifestyle, have a good medical history, and take very few overall risks.
- What are my payment options?
With life insurance, you do have a few payment options. Paying by the month is usually the most expensive. You can also choose to pay quarterly, bi-annually, or annually. The fewer payments you make, the lower your premiums will be. Once you choose the type of policy and amount of coverage, you will need to select a payment option that best fits your budget.
- When is the best time to buy life insurance?
The best time to buy life insurance is any time! Although it’s most beneficial to purchase your policy while you are young, it is never too late to get started. No matter what your age might be, a good agent will be able to put together a policy that will allow you to reach your goals.
To get started on your custom-tailored life insurance policy, call Kevin and Marci at Dougherty Insurance. When you have questions, our agents will find the answers you are looking for. Contact us today to get the coverage you need!