Frequently Asked Questions
Common Inquiries
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What is life insurance?
Life insurance is a contract between an individual and an insurance company in which the individual pays regular premiums in exchange for a death benefit to be paid out to their beneficiaries in the event of their death.
What are the different types of life insurance?
The two main types of life insurance are term life insurance and whole life insurance (also known as permanent life insurance). Term life insurance provides coverage for a specified period of time, while whole life insurance provides coverage for the policyholder’s entire lifetime.
How much life insurance do I need?
The amount of life insurance you need depends on a variety of factors, including your income, your debts and liabilities, the number of dependents you have, and your overall financial goals. A broker can help you determine how much coverage you need and the best options for you.
Why do I need life insurance?
Life insurance can provide financial security for your loved ones in the event of your unexpected death. It can help pay for final expenses, mortgage payments, and other outstanding debts, as well as provide ongoing financial support for your family.
Should I work with a broker or an agent?
When it comes to obtaining life insurance, working with a broker offers several advantages over dealing with a single agent. A broker represents multiple insurance companies, giving them access to a wider range of policies and coverage options. This means they can effectively compare various plans and find the best-suited policy to meet individual needs and budget. Additionally, brokers are typically unbiased and work in the client’s best interest, as they are not tied to any specific insurance provider. They offer objective advice and personalized guidance, ensuring that clients receive the most competitive rates and comprehensive coverage available in the market. The expertise and independent nature of brokers make them a superior choice for securing the most suitable and cost-effective life insurance policy.
How does the cost of life insurance vary?
The cost of life insurance can vary depending on a number of factors, including the type of coverage, the amount of coverage, the policyholder’s age, their health, and their lifestyle.
What is the difference between term life insurance and whole life insurance?
Term life insurance provides coverage for a specified period of time (such as 10, 20, or 30 years), while whole life insurance provides coverage for the policyholder’s entire lifetime. Term life insurance is generally less expensive than whole life insurance, but does not build cash value.