This year we are returning to our “Five Question Friday,” but with a twist! Each month we will be answering your questions about different insurance policies. This way, you will be fully informed as you purchase a new policy or renew a current one.
We will begin this series with one of the most important policies to have for your family–life insurance. We find that many families are pleasantly surprised that the cost is less than what they expected. Where else can you secure that kind of financial security for such a nominal fee??
Today we are sharing some of the Top 5 Frequently Asked Questions about life insurance.
- Does the plan require a health examination?
Yes, many policies do require this step. A paramedical exam will be ordered and this can be done in the comfort of your own home.
- Is there a waiting period before the life insurance takes effect?
If the policy you are purchasing has less than $1,000,000 of coverage, and you are in good health, the approval process could be just a couple of days. On average, however, the entire process typically takes anywhere from 2 to 3 weeks.
- Is the insurance policy a monthly or annual premium?
You will have payment plan options to fit your financial needs.
- If I terminate the policy, is there a monetary value?
Term life insurance policies carry no cash value. If you decide to go with a permanent life insurance plan, these are designed to continue for your entire life, but depending on which policy you have, there may be some cash value.
- How do you know if a life insurance company is stable, and will be there to protect my family?
Look for an insurance company with an excellent record, long time in business, and positive history of fulfilling its promises. We have several excellent providers.
If you don’t have life insurance, let us help you navigate the process. We invite you to complete this super brief survey, and we will be in touch with available options. Often it is much more reasonable than you think!