Life Insurance FAQ
If you are the primary breadwinner for your family, you may need to purchase life insurance. What would happen to your family if you passed away and were no longer able to work? How would they make ends meet? That is where life insurance can be helpful, but you need to make sure you purchase the right life insurance policy. Some of the most common questions people ask about life insurance include:
Who needs life insurance?
If you draw an income that someone else depends on, you need to get life insurance. For example, if you have a wife and children, you need to make sure that they are able to pay their bills if you pass away. A life insurance policy can help you do that.
How does life insurance work?
When you purchase life insurance, you are protecting your life, which means you are protecting the financial value of that life. Even though the value of each life is immeasurable, the point of life insurance is to insure your income. If you pass away and are unable to work, your life insurance policy is supposed to replace the income that your family will lose. That way, your family can still use your life insurance policy to pay the mortgage, cover their credit card bills, and put your kids through college.
How much life insurance do I need?
When you are trying to figure out which life insurance policy is right for you, you need to figure out how much life insurance you need. You need to think about how many years your income will continue to support your family. Then, you need to think about the size of that income. Finally, think about the bills that your income is used to pay. For example, your income is probably used to pay your mortgage and cover your car payments. Your family also depends on your income to put your kids through college. Your income is probably needed to cover utility expenses, groceries, and gas bills as well. Make sure you have enough life insurance to cover all of these expenses if you pass away.
Is life insurance worth it?
In general, life insurance is worth it, but it is not always the right move. When you take out a life insurance policy, you need to specify a beneficiary. If you do not have a family or any beneficiaries, it may not be worth it to purchase life insurance. On the other hand, if you have a family and want to make sure your family is taken care of after you pass away, then a life insurance policy might be the right move.
Does life insurance pay out in the event of a suicide?
If you pass away, your life insurance policy should get paid out. One of the most common situations where a life insurance policy might not get paid out is in the event of a suicide. Generally, a suicide that happens immediately after a life insurance policy has been taken out will not be a valid claim. However, if you take out a life insurance policy and die by suicide years down the road, your life insurance policy should still get paid out. You must take a look at the details of the life insurance policy before you purchase it.
Do the premiums change on my life insurance policy?
There is a chance that the premiums could change on your life insurance policy over time. However, if you have a term life insurance policy, those premiums should remain fixed for the duration of the term. If you decide to renew the life insurance policy after the term expires, there is a chance that the premiums could change.
What factors impact how much money I have to pay for life insurance?
There are a number of factors that could impact how much money you have to pay for life insurance. These factors include your age, overall health, and family history. There is a chance that you will have to submit a comprehensive history and physical examination from your doctor before you can purchase a life insurance policy. You need to work with experts who can help you find the right life insurance policy to meet your needs.
Call Health Guys for Help Finding Your Life Insurance Policy
At Health Guys, we are here to help you with all of your insurance needs. We understand that there are a lot of people who have questions about how to find the right life insurance policy, and we can help you compare the benefits and drawbacks of each option before you make a decision. Give us a call today or contact us online to speak to a member of our team, and let us help you find the right life insurance policy for your needs.