Life insurance common questions?

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Ask yourself: 'Does anyone depend on my income to maintain their standard of living?' If your passing would leave loved ones struggling with burial costs, rent, bills, or medical expenses, it's time to explore life insurance options that meet your needs.

If you’ve just purchased a life insurance policy and changed your mind, notify your agent immediately. During the 'free to look' period—at least 10 days after delivery, or 30 days for mail-order policies—you can review the policy and decide to return it. If you return it within this period, the insurer must refund your premiums in full.

Term life insurance typically has lower premiums than permanent policies but does not build cash value for future use. It provides coverage for a set term, paying out death benefits if you pass away during that time. While most term policies can be renewed, premiums may increase, and renewal options may have age limits—check with your agent for details. Term insurance can also be paired with cash value policies to cover periods of high need.

Permanent life insurance remains active as long as premiums are paid and includes a cash value that grows over time, allowing policyholders to borrow against it. Due to its savings component, permanent insurance premiums are higher. The four types of permanent insurance are whole life, universal life, variable life, and variable universal life. Learn more about these options on our website.

Fully paid up” means, just that. You have made enough premium payments to cover the cost of insurance for the rest of your life.

Deciding whether to purchase life insurance is a personal choice. If you have debts, like student loans, or want to cover funeral costs—averaging $5,000 to $10,000 in the U.S.—life insurance can provide financial support.

Buying life insurance while young and healthy is often more affordable, as premiums increase with age. Waiting may cost you more in the long run.

Employer plans often include guaranteed coverage, either provided automatically or available during your initial benefits enrollment as a new employee. After this period, enrolling may require a health questionnaire or medical exam.

For individual policies, a physical exam is typically required. These exams are often conducted at home by a nurse or technician, who will review your medical history, check vital signs, and collect blood and urine samples. Insurers may also request medical records from your healthcare providers to assess risk levels.