What is life insurance?
Why do I need life insurance?
How do I determine which type of policy is right for me?
How much insurance do I need?
Why are Insurance Company ratings important?
What is the difference between term and permanent life insurance?
Can I change or replace my life insurance policy if I already have a policy?
Are life insurance death benefits tax-free income?
What is life insurance?
A protection against the lost income and outstanding liabilities that would result if the insured were to pass away prematurely. It's a contract between an insured and an insurance company. You pay periodic premium payments and the company promises to pay your named beneficiary(ies) a set amount of money upon your death.
Amount of premium depends on the following factors:
  • Age
  • Gender
  • Occupation
  • Medical history
  • Intentions to build up cash value in your policy
Why do I need life insurance?
Life Insurance can replace income and to pay off debts upon your unexpected death. It can be used for expenses your family will be responsible for after you pass. This will ensure that your dependents will not have to suffer financially in your absence.
How do I determine which type of policy is right for me?
Research your options. Plan and check facts before buying a policy. Speak with a licensed professional to determine the type of policy that will best meet your needs. The following factors should be considered:
  • Affordability
  • Needs
  • Time frame
How much insurance do I need? Consider these questions:
  • In addition to income protection, what else am I trying to achieve by owning life insurance?
  • Should I account for funds needed for education expenses or retirement?
  • Does my family need a way to pay my estate taxes?
  • Do my family need some additional supplemental income for their retirement or emergencies?
  • Request a quote from Life Insurance Oracle and an Independent Life Insurance Agent will help determine how much coverage is right for you.
Why are Insurance Company ratings important?
To guarantee your beneficiaries are paid in full, purchase a policy from a highly rated company. Ratings provided by independent rating agencies such as Standard and Poor's, A.M. Best, Moody's, Fitch and Weiss give indication of a company's financial strength and claims paying ability.
What is the difference between term and permanent life insurance?
Often the most affordable and simple type of life insurance coverage is Term life insurance. Term life policies are issued for a limited time period, usually ten to 30 years, and may be renewed after the initial term. The policy does not build up a cash value and your beneficiary(ies) are paid a predetermined amount you pass away while the policy is in force.

  Term Life Insurance Universal Life Insurance Whole Life Insurance
Most Affordable X    
Guaranteed/Fixed Premium X Some Policies X
Builds Cash Value   X X
Flexible Premiums   Some Policies  
Can I change or replace my life insurance policy if I already have a policy?
You always have the option to change or replace an existing life insurance policy. However, there are several items to consider when determining a change in coverage. As people continue to live longer and longer, the life insurance carriers continue to cut the cost/premiums on new policies. This may afford you the opportunity to purchase the same type of policy you currently but with a lower premium. If you want to increase the value of your total life insurance, it may be better to keep your old policy and simply add a new one (if rates for a new policy are not lower), or increase your specified face amount under the same life insurance policy (if allowed by the policy).
Are life insurance death benefits tax-free income?
Usually, death benefits paid to your beneficiary(ies) are received tax-free income. However transferring or selling the policy may bring forth taxes.
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