Life Insurance Facts You Should Know
Life insurance is a vital financial tool that provides peace of mind and security for your loved ones. Did you know that over 50% of Americans have life insurance, yet many are underinsured? Life insurance can cover final expenses, pay off debts, replace lost income, and even help fund future goals like college tuition. Policies typically fall into two main types: term life, which offers coverage for a specific period, and permanent life, which provides lifelong protection and may build cash value over time. Understanding your options and coverage needs is essential to choosing the right policy for your family's future.
In Addition- Understanding How Premiums are Calculated
Life insurance premiums are determined by several key factors that help insurers assess risk. The most significant include your age, health, lifestyle, and the type and amount of coverage you choose. Generally, younger and healthier individuals pay lower premiums because they’re considered lower risk. Insurers also consider medical history, tobacco use, occupation, and hobbies—especially if they involve higher risk activities. The length and type of policy (term vs. permanent) also play a role; permanent policies typically cost more due to lifelong coverage and potential cash value accumulation. By understanding these factors, you can make informed choices and potentially reduce your premium costs.
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Pro Tips
Frequently Asked Questions
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Term life insurance covers you for a specific period (e.g., 10, 20, or 30 years) and is generally more affordable. Permanent life insurance provides lifelong coverage and may build cash value over time, but usually comes with higher premiums.
This depends on your income, debt, lifestyle, and future financial goals. A common rule of thumb is to get coverage that’s 7–10 times your annual income, but a personalized assessment is often more accurate.
Generally, life insurance death benefits are paid out tax-free to beneficiaries. However, certain situations—like large estates or interest earned on benefits—could trigger tax considerations.
Hey- you could get a life insurance policy to cover the estimated taxes on estates!
Simple answer- No! There are several different types of life insurance policies available to you- and some carriers offer NO EXAM- Instant or accelerated underwriting: meaning your policy may be approved same day and in affect the next.
Amicus Path Insurance / Candice Bailey-Hunter
Clarksville, TN
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