Julie; Charlotte, NC
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Why should I buy life insurance?
Life insurance provides a tax-free lump sum of money to replace lost income after your death, offering affordable financial protection and invaluable peace of mind to people whose friends or family rely on them.
What is universal life insurance?
A permanent life insurance policy that offers a flexible premium and coverage options while building cash over time, tax-deferred.
Can you explain the classifications: preferred, standard, etc.?
Life insurance is about risk. The healthier you are, the cheaper the policy. The Preferred classification refers to being in good health and non-participation in any high-risk activities. The Standard classification refers to being in average health and possibly participating in higher than normal risky activity (e.g. sky diving). This is why it is better to buy life insurance when you are young and healthy in order for you to get the best rate.
Which is better - term or permanent life insurance?
Term life insurance expires after a set period of time. Permanent insurance does not expire and can build cash over time, tax-deferred.
How much life insurance should I consider?
The rule of thumb is eight to ten times your income when covering your family.
How can I save money when buying life insurance?
The younger and healthier you are, the lower the premium. If you pay annually instead of monthly, you can avoid an additional fee. Use an independent life insurance agent that is capable of shopping multiple companies for you.
Why did I get conflicting insurance rates?
Insurance companies compete for customers of different genders and age groups, which results in competitive pricing. Also, companies provide different added features that can be built into the cost and would, therefore, affect the price of the product.
Do long-term care insurance payouts cover in-home care as well as out-of-home care?
Most newer policies do include home health care. If your policy is over ten years old, it may not include home health care.