Q: Does it cost me more money to work with an agency like JRC?
A: Life insurance rates are heavily regulated by the insurance commissioner, and it's illegal for an insurance agent or agency to charge any additonal fees. Buying a life insurance policy from an independent agency is exactly the same price as buying a policy directly from the insurance provider.
Q: What is term life insurance?
A: Term life insurance is the least expensive form of life insurance coverage available. It provides fixed rates and guaranteed coverage for a set number of years. Most life insurance companies offer 10, 15, 20, 25, and 30-year terms.
Q: Do I need a medical exam to qualify for coverage?
A: Depending on your age, overall health, and amount of coverage needed, you may be able to qualify for no-exam term life insurance. Instead of requiring an exam, these policies will electronically review your MIB records, prescription history, and driving record prior to approving your application.
Q: Will my rates ever increase in the future?
A: Term life insurance provides a fixed level of coverage for a set number of years. During the “term” of your policy, your rates are guaranteed not to increase regardless of any changes to your age, health, or lifestyle. The shorter your term is, the less expensive your rates will be.
Q: How much life insurance coverage can I buy?
A: Depending on your age, most life insurance companies will offer you 10 to 35 times your earned annual income before taxes. In general, younger applicants can usually qualify for a larger income multiplier than older applicants or applicants who are no longer working.
Q: Can my life insurance company be canceled for any reason?
A: No, the life insurance company you purchase your policy from cannot cancel your coverage for any reason if your premiums are paid on-time each month. However, you can cancel your policy at any time without fees or penalties.
Q: What do I need to know before buying a life insurance policy?
A: When shopping for life insurance, we always recommend reviewing your budget and needs before applying. Term life insurance is usually purchased to provide income replacement until your planned retirement age, or to secure outstanding debts, like a mortgage. If you are unsure of how much coverage you need, one of our licensed agents can help.
Q: How much life insurance do I need?
A: Everyone’s need for life insurance is different and some people need more life insurance protection than others. In general, most people’s need for coverage is determined by their outstanding debts, income, age, and the age of their dependents.
Q: Who should I list as my beneficiary?
A: Most of our clients will list their spouse as their policy’s primary beneficiary. Other common beneficiaries include a trust, a business, a charity, or an estate. The beneficiary, or beneficiaries, listed on your life insurance policy will receive the full death benefit from your life insurance policy when you pass away.
Q: Does the policy pay out in the case of suicide?
A: Once your policy is active, all accidental and health-related deaths, except for suicide, are covered. After your policy has been active and inforce for more than two years, suicide is also covered.
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