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.
How Important Is Term Life Insurance?
Term life insurance is a very important part of a financial plan. For most young people it is the most affordable way to create an instant estate for sudden loss of life. You can provide your loved ones income replacement, debt reduction or fund a child’s education in most cases for the cost of a cup of coffee per day.
What Life Insurance Should I Get?
The life insurance policy you should get is the one that has the best price and the best coverage for your unique situation. There are hundreds of life insurance companies that offer thousands of types of plans. The reason is because insurers know there are millions of different types of solutions needed to help their clients. I highly recommend finding a good independent life insurance broker with access to multiple companies to build this plan for you. Life insurance brokers are compensated by the insurer and their expertise is free to you.
How To Get Life Insurance On My Husband?
Certainly, you may buy life insurance for your husband. If you are depend upon his income and would suffer financially at his death, you should sit down with him to purchase life insurance to protect you.
In most cases it is a simple process. An agent would fill out an application to determine how much of a face amount you would need and how much he would qualify for based on his earnings. Next would be the underwriting considerations to determine premiums. Premiums vary by age, build, occupation, life style and health conditions to name a few. It is likely he will need to have a paramed exam to recover some blood and urine samples and depending on age, height, weight, blood pressure, EKG, etc. This is a no cost service to you the consumer. Once the underwriter evaluates the risk class by these tests, MIB reports, medical records the policy is issued and at that time you make the determination based on coverage and premium to accept or reject the policy. If using a good life insurance broker, you shouldn’t have any surprises during the process.
How To Find Out Who The Beneficiary Is On A Life Insurance Policy?
If you know who the life insurance company is, it is a simple phone call by either the policyholder, if still alive or a family member. Usually the insurance company will want to know your relationship to the policyholder so they don’t randomly inform people of others beneficiaries. If a change needs to be made to the beneficiary while the policyholder is still alive and in sound mind, it is just a simple form to make the change.
What Does Life Insurance Cash Surrender Value Mean?
Cash surrender value life insurance refers to the cash build up in a permanent life insurance plan and not available on term policies. Permanent policies are known by names of whole life, universal life, indexed universal life and variable life. The best way to locate your exact cash value in your policy is to find the illustrations page located about 10 to 12 pages in your policy. Look at the corresponding policy year you are in and the value is out beside. There is no partial value for partial years. Your cash value must be calculated by a full policy year. Most cash value plans have no value for the first 6 or 7 years due to all premiums paying up the death benefit or face amount.
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.
“Live as if you were to die tomorrow. Learn as if you were to live forever.”― Mahatma Gandhi
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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.