Common Questions Answered
Discover the answers to your most pressing inquiries regarding our life insurance products and services. Our FAQs will guide you through the essentials of securing your future with confidence.
What is life insurance?
Life insurance is a contract between a policyholder and an insurer, providing financial coverage to beneficiaries upon the insured's death. It serves as a safety net, ensuring loved ones are taken care of financially after a loss.
Why do I need life insurance?
Life insurance provides financial protection for your family in case of an unforeseen event. It can cover debts, living expenses, and help maintain your family’s standard of living, ensuring they are secure during difficult times.
How do I choose a policy?
Selecting the right life insurance policy depends on your individual needs, financial situation, and goals. Consult with a professional agent to analyze your circumstances and develop a tailored solution to protect your loved ones.
Insurance Terminology Explained
Premium
A premium is the amount paid for an insurance policy, usually on a monthly or annual basis. Payments are made to keep the policy active and ensure coverage remains in place for the insured individual.
Beneficiary
A beneficiary is a person or entity designated to receive the death benefit from a life insurance policy when the insured passes away. It’s crucial to keep beneficiary information updated to reflect your intentions.
Coverage
Coverage refers to the extent of protection provided by an insurance policy. This includes the amount the insurer will pay upon the insured event and any limitations or exclusions specified in the policy documentation.
Underwriting
Underwriting is the process that insurers use to evaluate and assess the risk associated with insuring an individual. Factors include health history, lifestyle choices, and other relevant details that help determine policy eligibility and premiums.