Life Insurance FAQs: DG Life Group Answers Your Questions

Your individual rate is calculated by the type of policy, the coverage amount, how long the coverage lasts, your age, medical history, and personal history. It's important to be honest about your history when receiving a quote as this will provide accuracy.

For 99% of people, the answer is yes! There are policies available for those with moderate to severe health histories and up to age 85.

Age is one factor that's unavoidable. The cost of insurance can increase 8-10% every year you wait. If you're serious about coverage, it's important to lock it in prior to an age change.

No medical exam policies can be Term, Index Universal Life, or Whole Life. The amount available will depend on your age, health history, and personal history. The Carriers will still ask medical questions and run health check to determine approval. Additionally, there are Guaranteed Issue policies that do not ask any medical questions. These policies have a coverage cap of $25,000 and come with a waiting period.

Some policies have waiting periods and details may change based on policy. The standard waiting period is two years before the full death benefit is available. The Carrier will typically offer a return of period during that time period which will allow 110% refund of premiums paid, upon death.

Most people use Life Insurance to pass money to their loved ones. The reason for this is typically for tax-free payments, bypass probate, specific amounts, and final expenses. Some policies also offer living benefits which allow access to the policy during major medical events or times of hardship.

Yes, absolutely! Life insurance at work is an excellent benefit as the prices are often cheaper than an individual policy. Some issues people have with life insurance at work is that it does not stay active when you retire, move jobs, or become sick (no longer full time). This leads to qualifying for a policy at a later age which increases your premiums. Also, most company plans have coverage limits which are often lower than individual plans.

Living benefits life insurance grants policyholders the option to access a portion of their death benefit during a qualifying event. This is often added to the policy as riders such as  critical illness, chronic illness, or terminal illness. These riders can provide financial assistance for medical needs, monthly expenses, or other financial obligations.

Life insurance policy recommendations are based on your individual needs and are ever evolving as life changes. It's important to explain your situation and intention for the policy. This helps determine how much coverage is needed and a comfortable monthly budget. It will also help identify how long your coverage should last and the duration of your premium payments.