FAQ – Life Planning
Frequently Asked Questions about Life Planning
Click on the question and the answer will appear.
How much life insurance do I need?
Like seeing a doctor, determining how much life insurance you need requires an examination of your current and future financial needs and wants.
What are some future obligations?
- Loss of Social Security Income (If married, the surviving spouse only keeps the greater of the two incomes)
- Funeral costs
- Taxes
- Food & Clothing
- Utilities, Rent, or Mortgage payments
- Future obligations like college and retirement funding.
Looking at your financial obligations minus the resources your family has to meet those obligations is the approximate amount of additional life insurance you need. This can be complicated and frustrating. You also don’t want to be oversold and get sales pressure. With our 3D SET process, you have the confidence that we will never over extend your budget or pressure you to buy more than you need or can afford.
What type of policy should I buy?
What type of car should you buy? Yes! It depends on many factors. There are term, whole, universal, guaranteed universal, variable, and hybrid life coverages. We will educate you on all your options prior to buying a plan.
What are accelerated death benefits and what does it do?
There are two main types. Terminal illness and chronic illness. Terminal illness provision allows a terminally ill person to collect a significant portion of his or her policy’s death benefit while still alive. The money can be used to get family finances in order, used for uncovered medical expenses, or simply enjoy activities with friends and family. Please note, the amount taken out while alive is subtracted from the death benefit payments your beneficiaries receive, along with an interest charge for early payment of benefits.
Does it make sense to replace a policy?
Be cautious. In many situations it may not be to your advantage. Before dropping any in-force policy, consider:
- Did you health change?
- Your age.
- Cash values.
- Contestability period.
Ask for a detailed listing of cost breakdowns of both policies, including premiums, cash-surrender value, and death benefits. If you decide to surrender or reduce the value of your current policy, then consider the following:
- Get proposals in writing.
- Make sure you pass underwriting and know the premium offered by the new policy.
- Make sure your new policy is in force first.
Please click on the “Free Consultation” button below. We will do a deep analysis using our 3D SET process. Therefore, simplifying your decision!
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By providing your name and contact information, you consent to receive calls, text messages, and/or emails from a licensed insurance agent about Medicare Plans at the number provided, even if you are on a government do-not-call registry. This agreement is not a condition of enrollment.
Not connected with or endorsed by the United States government or the federal Medicare program. This is a solicitation of insurance, and your response may generate communication from a licensed producer/agent.