Life insurance questions, answered

Term life insurance covers you for a set period, such as 10, 20, or 30 years. It usually costs the least for the amount of coverage, and it pays a death benefit only if you pass away during that period. Whole life insurance is designed to last your entire life as long as premiums are paid, and it builds cash value over time. It costs more than term for the same death benefit. Many families use term for big, temporary needs like a mortgage and raising kids, and add permanent coverage when they want something that never expires.

A common starting point is 10 to 15 times your annual income, then adjusted for your situation. Add up what your family would need to cover: the mortgage and other debts, daily living expenses, your children's future costs like college, and final expenses. Then subtract what you already have, such as savings and existing coverage. The right number is specific to your household, and we can work through it together in a short conversation.

Usually not on its own. Employer coverage is often a small multiple of your salary, and it generally ends when you leave the job. Coverage you own personally stays with you if you change employers or your health changes. Group coverage is a good start, and many people add an individual policy to fill the gap.

Price depends on your age, health, tobacco use, the amount of coverage, the type of policy, and the carrier. Two people the same age can get very different quotes. That is why a real quote based on your actual details is the only number worth trusting, and why comparing more than one carrier matters.

Not always. Some policies require a paramedical exam with blood and urine samples. Others are issued with only health questions, sometimes called no-exam or simplified issue policies. No-exam options can be faster and more convenient, but they may cost more or offer lower coverage limits than a fully underwritten policy. We will show you what is available for your situation.

Often, yes. Carriers evaluate health conditions differently, so a condition that raises your price with one company may matter much less with another. Some policies are built for people with significant health history. Being honest on the application matters, because an inaccurate answer can cause problems when a claim is filed. Share your history up front and we will look for the carriers most likely to treat it fairly.

It depends on the carrier, the product, and your health. Some no-exam policies can be approved in a few days. Fully underwritten policies, which may include an exam and a review of medical records, typically take a few weeks. We keep you updated through the process so you are never left guessing.

Private mortgage insurance (PMI) protects your lender if you stop making payments. Mortgage protection insurance is life insurance that pays your family if you pass away, so they can keep the home. It is not required by a lender and is not connected to your mortgage company. Many families get the same result from a standard term life policy sized to the mortgage, so we compare both before recommending anything.

Final expense insurance is a smaller whole life policy meant to cover funeral and burial costs, medical bills, and other end-of-life expenses so your family is not left to pay them. Many of these policies do not require a medical exam, and the premium is designed to stay level. It is most often chosen by people in their 50s and older who want to take that burden off their family.

In general, the death benefit paid to a named beneficiary is not subject to federal income tax. There are exceptions, and estate taxes can apply to very large estates, so the details depend on how the policy is owned and structured. For tax questions specific to your situation, check with a tax professional.

When the term ends, the coverage ends unless you renew it or convert it. Renewing usually costs much more because you are older. Many term policies include a conversion option that lets you switch to permanent coverage without a new medical exam, within certain time limits. We look at this up front so you know your options before the term runs out.

Buying online works for some people. An agent helps you decide how much coverage you actually need, compares options across carriers, helps you answer the application accurately, and is there when you have a question or your family needs to file a claim. Agents are typically paid by the insurance carrier, so you do not pay a separate fee for that help.