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Is Guaranteed Issue Life Insurance The Best Choice For You?

Guaranteed issue life insurance is touted in advertising as the easy way, mostly for those over 50, to get a final expense life insurance policy. From one ad I saw it sums up what they would like you to believe, “Policies are often geared toward the elderly,...

How long does it take to get approved for life insurance?

If you’re really healthy you can get up to $2.5 million of life insurance approved in just a few days after a phone interview, sometimes within just a few hours. Several companies have figured out that, in the absence of significant health issues, they can rely on the...

Is a life insurance payout really income tax free?

Yes it is. If your policy is for $500,000, your beneficiary will receive $500,000 upon your death and there is no income tax due on that amount. There is only one way to mess up that tax free status. Business owners are famous for wanting to deduct every penny paid...

Why wouldn’t I get the rate I applied for?

Rates can change due to lab results that neither you nor the agent were aware of. Rates can change if you forgot to include some medical information on the application. Probably the most common reason for the rate to be different is because the agent didn’t ask all...

Can I buy directly from the life insurance company?

The answer is yes. AIG Direct is a good example. Cutting out the middle person (the agent) doesn’t lower your cost and can mean you aren’t finding the best rate. Life insurance prices are approved by the national association of insurance commissioners (NAIC) and...

How do I know you represent good companies?

We only quote and illustrate companies that are A Excellent to A++ Superior rated by AM Best. While we represent many companies you have probably heard of, such as Prudential Financial, Lincoln Financial and Mass Mutual, we may quote companies that you’ve never heard....

Do I need to take an exam?

No! There are companies that will issue policies without exams. Some will issue up to $2.5 million without an exam. It’s worth noting that even though you can skip the exam, they will still retain the right to review your medical records and today they have access to...

Can I sell my life insurance policy?

That’s called a life settlement. If you no longer need your life insurance policy, and it can still be converted to a permanent policy, there is a chance it can be sold. While that sounds quick and easy it’s important to understand that for a life settlement company...

What if I’ve been declined for life insurance?

If you have been declined there is a good chance it was because you chose the wrong agent who chose the wrong company. It is not unusual for one company’s decline to be another company’s approval at an affordable rate. Being declined happens far more often than it...

What Does It Cost To Apply For Life Insurance?

The answer is nothing. Any company or agency that requires money with the application is simply using a psychological ploy to make you feel more committed to them than you need to be. Don’t pay for anything until you have a policy in your hand and you are sure it’s...

Do I Have To Pay A Full Year At A Time?

The quick answer is NO. You can choose to pay annually, semi annually, quarterly or monthly, monthly being done by automatic bank draft. Those are called payment modes. Annually is the least expensive, but the most important choice is what works with your budget. When...

When should I buy term life insurance?

A term life insurance policy guarantees a level premium and a level death benefit for a set number of years, “the term”. The most common term lengths are 10, 15, 20 and 30 years. In the last few years a few companies have added 25, 35 and 40 years. The advantages of...

What if I’m declined for life insurance?

Get a second opinion from a different life insurance agent. Life insurance companies vary widely in how they perceive and accept risk. It is not unheard of for one company to decline a person and that same person be approved by another company at a great rate. In...