Here are five of the most recent life insurance FAQs that consumers ask of Tim Wilhoit with Your Friend 4 Life, which is a national life insurance broker located in Nashville TN.
Can You Have Two Life Insurance Policies?
Certainly you may have two or even more life insurance policies in force. The main issue with an underwriter would be the total face amount has to be in line with your earnings, debt or net worth. In many cases a consumer should carrier multiple policies.
For example, if you need one million in term life over a 30 year span, you should break it down to your exact needs. Lets say you owe $300,000 for 20 years on a mortgage and your children will be out of college in 10 years. It may make since to have $200,000 in 10 year term for your children’s college and $300,000 in 20 year term for the mortgage and $500,000 in 30 year term for income replacement. This is still $1,000,000 in term but it expires when no longer needed and keeps premiums down to a minimum. I suggest consulting with an experienced independent broker to shop the right product mix for your unique situation.
What Is The Largest Life Insurance Company In The US?
When listing the largest life insurance companies in the United States there are different ways to categorize them. You can list by annual revenue, total assets, number of employees, etc. I believe you will find the largest in most categories is Metropolitan Life Insurance Co. better known as Metlife out of New York. In a fairly close second would be Prudential.
When Should Someone Get Life Insurance?
There are numerous answers to this question. The easiest is if a person has a loved one in their life that would lose financially due to an unexpected death, they need life insurance. If someone counts on your income or would be left owing a bill from a mortgage, car loan, credit cards or funeral expenses, unless the money needed is available in the bank or liquid investment, you need life insurance. The best time to buy life insurance is as young and healthy as possible. be sure and lock in the rate for at least 20 to 30 years if buying term or permanently if buying whole, universal or another type of permanent insurance. We are all getting older and sicker each year, purchasing life while as early in life saves you a lot of money over your life time.
What Is Face Value Of Life Insurance?
The face value of a life insurance policy is the amount of money paid to the designated beneficiary after proving the death occurred with a valid death certificate. In most cases these proceeds paid to your beneficiary are tax free. The face amount is paid only if premiums are current and no exclusions apply at time of death.
How To Become A Life Insurance Agent?
To become a licensed life insurance agent in your state first go to your state’s website and search for the Department of Insurance or DOI. There you will find your state’s requirements for becoming licensed. There are several variations for meeting your state’s requirements. Usually it will include 30-40 hours of either live classroom training or online training. They include study work to earn a certificate to take your exam usually at a live monitored location in your state. Most states also require a background investigation and or finger prints. All of these fees are usually at your expense. However there are companies that will pay your fees if you look for them. Some states also require you be appointed to an insurance company before your license is issued and others will just issue the license. I recommend shopping companies and agencies while in the process to see who may have the best training program in place to get you started.
Be sure and read all of the blogs in this series life insurance FAQs to find your question or contact Tim Wilhoit at Your Friend 4 Life.
“Dreams are today’s answers to tomorrow’s questions”.—Edgar Cayce
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Tim Wilhoit is owner/principal of Your Friend 4 Life Insurance Agency in Nashville, TN. He is a family man, father of 3, entrepreneur, insurance agent, life insurance broker, salesman, sales trainer, recruiter, public speaker, blogger and team leader with over 27 years of experience in sales and marketing in the insurance and beverage industries.