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FAQ

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WHAT IS LIFE INSURANCE AND HOW DOES IS WORK?

A life insurance policy is an agreement between an insurance company and a person (or legal entity). Each life insurance policy is different, and each state’s laws regulating insurance policies are different. In general, most insurance policies identify the following:

  • The insurer: Only certain companies can provide life insurance, and these companies are regulated by state insurance departments.
  • The policyholder: The person or entity (such as a family trust or a business) which owns (or “holds”) the policy. The policy can insure the holder, or it can insure another person.
  • The Insured: The person whose life is insured.
  • The death benefit: is the amount the insurer will pay when the insured dies.
  • The beneficiaries: The people or entities that will receive the death benefit. It can all go to a single person (e.g., a surviving spouse) or it can be divided by percentage among many different people and entities (e.g., three children could each get 30% and 10% could go to a charity).
  • The policy length: is when the insurer agrees to pay a death benefit. This can be a specific term (e.g., 10 or 20 years) or it can be permanent – a policy that lasts for the life of the insured for as long as premiums are paid.
  • The premium: The monthly or yearly payments needed to keep the policy in effect.
  • The cash value: Permanent life policies, like whole life insurance, have a cash value component that builds over time2 and can be cashed out or borrowed against. A term policy has no cash value.

WHO NEEDS LIFE INSURANCE?

The bottom line. Everyone has different needs and considerations when it comes to deciding whether they need life insurance. In general, life insurance could be beneficial for small business owners, parents with jobs, stay-at-home parents, retirees, single people without children, and empty nestersEveryone!

WHY DO I NEED LIFE INSURANCE?

Because the future is uncertain and no matter how healthy someone is today, it is possible for them to pass away tomorrow. By purchasing life insurance, you will ensure that no matter what happens to you, your family will receive financial security to be all right.

DO I QUALIFY FOR LIFE INSURANCE?

Everyone possesses a distinctive and singular circumstance. Discerning one’s personal situation and medical background becomes crucial in determining potential approval avenues. It is important to acknowledge that not all providers grant approval universally; however, at Rendom Financial, we are adept insurance brokers. Collaborating with a diverse network of providers, we ensure to locate an accommodating provider capable of granting you approval. 

DO I NEED TO TAKE A MEDICAL EXAM TO GET COVERAGE?

In some cases, an exam will be necessary, but for many, it is not. Many of the policies found on my website can get you approved without one by using electronic health records. Electronic health records sync to your medical provider and send the insurance company your health history. This greatly diminishes the need for invasive medical exams and chances are you won’t need one. The introduction of electronic health records into the industry has greatly diminished the need for them.

WHEN SHOULD I GET IT?

It is never too early to get coverage. In fact, the younger you get it, the cheaper your premiums will be because your health is less of a risk. Most young people wait until they are older or they have hit a life milestone, but you can get it at any age or get it for your children at any age.

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