Have you ever had a life insurance related question come to mind and think “hm, I need to remember to ask my agent” and then, don’t? It’s an all too common scenario, of questions coming to mind and then being easily forgotten. After all, you already have a million other things to think about, and you’re busy!
To combat this challenge, we’ve created a list of the most common life insurance related questions, all answered by Agency Owner, Renee Corwin-Rey.
- Can I cash in on my policy?
Depending on the type of policy you have, the answer is YES. Many whole life and or permanent policies grow in cash value that can be used by the insured while they are still living!
- Is there life insurance for children?
Absolutely! Many people don’t think about insuring their kids, but there are MANY benefits to locking in coverage while they are young. You guarantee their eligibility for life long coverage! You also are going to be paying much less for coverage instead of waiting until they are older. The other great benefit of a policy for children is it’s potential to grow in cash value, creating a great little savings for them later in life. A policy is available to purchase when a child is as young as 15 days old!
- Does my policy cover Coronavirus related death or illness?
YES, our policies we offer through Farmers New World Life do not exclude the covid-19 virus!
- How do pre existing conditions affect my policy?
Depending on the condition, it could have very little to no effect, and others might have a larger impact. Those typically are impacted by pricing and coverage available to you. This is where having an expert agent help guide you through the process and answer any questions you have is SO IMPORTANT. Many people just assume they aren’t able to qualify for coverage, when in MOST cases they are and we are here to help you with that!
- I’ve been denied a policy, now what?
Depending on the reason for denial, there may be some options. Some options might have you wait a year or two before reapplying, others may have you create another type of savings plan for your family to have. We can’t stress enough how important it is to secure your life insurance while you are young, and in good health. The longer you wait, the chances of being diagnosed with something life threatening is a risk.
- What are the top factors that affect rates?
- Nicotine use
- Age
- Chronic Illness
- Weight
- Overall health
- How do I find out if I’m a beneficiary?
If you think you may be a beneficiary to someone’s life policy, the only way to find out is to ask. The only people that have access to information on a life policy is the owner of the policy.
- Will my policy payout if I pass while traveling?
*yes, your policy will pay out for any reason other then suicide within the first 2 years of starting the policy.
- Can my cat/dog/horse be a beneficiary?
Your animals cannot be a beneficiary, but you may create a trust and designate the trust as your beneficiary. In your trust, you can leave explicit instructions as to what you want done with the proceeds of your life insurance
- Do stay at home parents need life insurance?
Imagine what would happen if the parent that stays home were to die. Who would care for the children? Would you be able to continue working? Many questions arise when it comes to this question. We highly recommend some type of life insurance for stay at home parents.
- Do I really need life insurance if I’m single?
If you have your funeral expenses pre paid, and you will never accumulate a mortgage, car loan, or credit card debt, the answer is No. Reality is, even if you are single, your debt will have to be taken care of in one manner or another, and it will be your closest living relative that becomes responsible.
- Can I get life insurance if I’m unemployed?
Yes, many stay at home parents get life insurance, as well as those that are temporarily unemployed.
If you have any other questions that were not answered above, give the Corwin-Rey team a call at 360-414-8754.
*Be sure to check with your life insurance agent and or provider for specific answers regarding your policy.