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FAQs

General

Life Insurance

Brand Protection

General 

What Kind of Questions Will I Be Asked?

Additional questions are required for term some policies, but applications can still be completed in minutes. In general, you may expect to be asked questions about:

• Your health

• Your criminal and driving records

• Your medical insurance background

• Your job and income situation

• Your interests and style of life

• Use of drugs and/or alcohol

What Information Will I Need?

Fill out the following information to help ensure your application goes quickly and smoothly:

• Driving License

• Social Security Number

• Medical history of yourself and your family

• Information about current prescriptions and medication you are taking

Why do we require this information?

We need your driver's license information and social security number to verify your identification in real-time so we can give you immediate coverage. We can get a thorough picture of your health without a medical exam if we have your medical history and medication information. Rest assured that this information will be kept private and safe.

Is my application binding?

Certainly not. You are free to withdraw from the procedure at any moment. Signing and submitting your application just validates the accuracy of the information you've supplied.

How do policy payments and claims work?

Your beneficiaries will have little trouble filing a claim and receiving a cash payment. If you die while your policy is active, your beneficiary will make a claim. After then, the carrier will pay out the life policy. If you fall sick or ill you will be able to file personally your claim with evidence, after then the carrier will payout.



If no extraordinary circumstances arise, your beneficiary will receive an untaxed lump-sum payment for the amount of the insurance (the death benefit). Assume you buy $250,000 in insurance. In such a situation, your beneficiary will get a lump-sum payment of $250,000 that is tax-free. The same applies to sickness and injury depending on the policy's value.

Exclusions

A claim may not be paid for a variety of reasons. Fraud, misstatements, or major misrepresentations of information given in your application are examples of these. That is why it is critical, to be honest in your application. Details may differ by state, so consult the policy or contact us for more details.


Life Insurance

What does life insurance entail?

Simply put, a life insurance policy is a contract between you and an insurance provider. In that arrangement, you agree to pay premiums regularly in exchange for a death benefit if you die while the policy is active. The insurance might last for a set number of years or the rest of your life.

Is life insurance necessary for me?

Personal financial specialists recommend that you have at least 10 times your yearly wage in savings and/or insurance coverage. If you have enough funds to offer that safety net on your own, life insurance may not be necessary. If you don't have enough money in your savings account, a term or guaranteed issue whole life insurance policy can assist secure your family's future.

How much insurance do I require?

Everyone's situation is unique. In general, you may calculate your appropriate coverage amount by deducting your assets from your long-term financial liabilities. The remaining is the life insurance gap that must be filled. There are a few general guidelines that might aid you. One simple method is to divide your annual income by ten.

Work provides me with life insurance. Is it sufficient?

Although employer-sponsored life insurance is a valuable benefit, it may not be sufficient to safeguard your family. The majority of employer-sponsored insurance provides coverage equal to 1 to 2 times your yearly pay. If you earn $50,000 per year, your company may be willing to provide you with $100,000 in life insurance coverage at no cost to you. While this is beneficial, your family will very certainly require far more assistance in the case of your death. Many financial experts advise having coverage that pays out at least 10 times your annual wage.

Is it possible for me to select several beneficiaries?

If you choose to have many beneficiaries, each will get a share of the death benefit, bringing the total allotment to 100%. A simple example would be distributing 50% of your income to your partner and 25% to each of your two children, for a total of 100%. Your beneficiaries will get the proportion depending on your allocations when your death benefit is paid.

You can also choose a main and dependent beneficiary. If your primary beneficiary is still alive at the time of your death, they will get the death benefit. Otherwise, your contingent beneficiaries will get the death benefit. For example, you've designated your spouse as the principal beneficiary, receiving a 100 percent allocation, and your two children as dependent beneficiaries, each receiving a 50 percent allotment. If your partner dies before you, the death benefit will be paid to your children. Because your primary beneficiary may die away before you do, it's a good idea to select a contingent beneficiary.

Is the payout taxed?

A death benefit, also known as policy proceeds, is the amount of money paid to your beneficiary by an insurer if you die within the policy term. It is often paid in one large payment.

The death benefit is often not taxed. However, if your recipient chooses to do anything unusual, such as distribute the death benefit in installments while investing it or include the benefit in an estate settlement, the beneficiary may face tax consequences. If you believe this could apply to you or your dependents, see an accountant or financial expert.

Is the rate quoted the same as the rate I pay?

Your initial quotation is usually an estimate based on a few pieces of information and is subject to alteration before your first payment is due. After your application has been approved, you will receive your final set rate. 

What is covered by a policy?

Your coverage can assist your loved ones in covering life's important costs and missed income after you've passed away. Some individuals utilize the benefit to pay off their mortgages, pay for their children's education, pay off debts, or assist with the costs of raising a family. 

Brand Protection

Stackmolife Brand Protection

Your coverage can assist your loved ones in covering life's important costs and missed income after you've passed away. Some individuals utilize the benefit to pay off their mortgages, pay for their children's education, pay off debts, or assist with the costs of raising a family. 

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