Life Insurance FAQs
In general, no one likes to think about life insurance. It’s a morbid topic, especially when it comes to deciding what coverage your family will need for when you’re gone. While it isn’t always an easy decision, there are insurance experts out there that can help! Below, we’ve compiled a few FAQs about life insurance policies.
Does term life insurance go up every year?
Most term life insurance policies don’t go up in cost every year. One type that does is an ‘annually renewable’ term life insurance policy. The premium in an annually renewable policy starts out inexpensive but goes up every year as you age.
Can life insurance have more than one beneficiary?
Yes, most, if not all, life insurance companies allow you to have more than one beneficiary. A primary beneficiary is the first person that the death benefit would be paid out to. Contingent beneficiaries are contracted if a primary beneficiary has passed away. It’s a good idea to regularly check who you’ve listed as a beneficiary and ensure that the contact information you have provided is correct.
Does term life insurance require a medical exam?
There are some life insurance policies that don’t require a medical exam. However, there are typically more expensive than policies that are medically underwritten since the insurer doesn’t have a good understanding of your current health state or medical history.
Is life insurance necessary for a single person?
Life insurance is beneficial to those who have remaining debts and loved ones who count on them financially. Typically, it isn’t necessary for an unmarried and childless person. However, if you have significant co-signed debt, such as student loans or a mortgage that would fall to your parents or loved ones if you died, then you may want to consider term life insurance to cover those debts. Additionally, if you are single and the primary caretaker of an elderly person, then you should consider how much it would cost to care for them if you died.
Does term insurance cover death from illness?
Yes, a term life insurance death benefit will be paid if a policyholder dies from an illness. However, it can be difficult to acquire coverage if you already have a life-threatening illness or chronic disease of some sort.
Are you ready to secure the right life insurance for your needs? Visit the team at Donald Weiss Insurance Services to receive expert help in tailoring coverage to your family – and wallet! Give us a call today on (310) 451-6277.
