FAQ
Frequently Asked Questions
The type of insurance you need depends on your personal situation. Life insurance helps protect your loved ones, health insurance covers medical costs, and property insurance, such as home or auto, protects your physical assets.
A general recommendation is to have coverage equal to 10 to 15 times your annual income. However, the exact amount depends on your financial obligations, debts, dependents, and long-term financial goals.
Term life insurance provides coverage for a set number of years, like 10, 20, or 30, while whole life insurance offers lifetime protection and includes a cash value component that builds over time.
Premiums are determined by several factors, including your age, health, lifestyle, job, coverage type and amount, and risk factors related to your property or vehicle.
: A rider is an optional add-on to your policy that provides extra coverage or benefits for an additional cost, like a disability rider, which offers financial protection if you become unable to work.
Most life insurance policies include accidental death, but you can add an accidental death rider for an extra payout if death results from an accident.
Yes, it’s possible to have multiple life insurance policies. Many people combine employer-provided life insurance with a personal policy to ensure adequate coverage
A deductible is the amount you pay out of pocket before your insurance covers the rest. Higher deductibles usually mean lower monthly premiums but higher costs when you file a claim.
It’s wise to review your insurance annually or whenever there’s a major life event, like marriage, having a child, or buying a new home.
Missing a payment may result in a grace period where you can still make the payment without losing coverage. If payment is not made within this period, the policy may lapse, and coverage will end.
Yes, it’s possible to have multiple life insurance policies. Many people combine employer-provided life insurance with a personal policy to ensure adequate coverage.
Actual cash value refers to the item's worth at the time of the loss, taking depreciation into account, while replacement cost covers the cost to replace the item with a new one of similar kind and quality.
Yes, you can change your beneficiary at any time by contacting your insurance provider and completing the necessary forms.