Frequent questions

In its simplest form, life insurance is a promise between an insurance company and you, the policy holder. If you pay a certain amount of money (premium) to the insurance company, the insurance company will pay a certain amount of money (death benefit) to the person (beneficiary) whom you tell us when the person whose life is being passed away dies. insured.

There are many types of life insurance. Term insurance only provides a death benefit for a limited period of time. In contrast, permanent insurance can provide a death benefit and the potential to build policy cash value that you can access over your lifetime through policy loans and withdrawals. Permanent insurance can also offer the flexibility to increase or decrease your death benefit as your needs change, as well as the ability to reduce or skip your premium payments.

Before you can buy life insurance, you must qualify for it. First, we will ask you to provide us with information that will then be used in what is called a subscription. This is the process an insurance company uses to determine the risk and the amount for which they will insure you.

Second, All of this information is provided to an insurer. An underwriter is someone who is specially trained to evaluate your application and determine what risk, if any, or what might exist. Once all of your information has been reviewed, the company will approve or reject your request. This process can take days or weeks depending on the information received.

Finally, your agent will contact you and go over your underwriting results and your policy details.

Life insurance with benefits in life is insurance that pays in life. They protect the financial stability of your family if you are diagnosed with a chronic, critical or terminal illness. In other words, you don’t have to die to collect your life policy benefits. As a supplement to this life insurance policy, living benefits allow you to collect a percentage of the policy’s death benefit to deal with credit card debt, medical bills, mortgage, etc.

This is how the benefits in life are described.

• Chronic diseases: these are long-term diseases, it is usually considered chronic when it lasts more than 6 months. They are those diseases that prevent us from being able to carry out two of the six daily activities of life such as: eating, washing, dressing, moving around, controlling the sphincter and bathing.
• Serious illnesses: These illnesses include stroke, cancer diagnosis, kidney failure, organ transplantation and heart attacks, severe burns, etc.
• Terminal illnesses: Are those injuries or illnesses that are advanced, progressive or incurable, from which no response to treatment is obtained and can reduce life expectancy to 12 months or less.

* This policy also acts as a savings account as it accumulates money for your retirement.

The idea of ​​buying life insurance for your child is something that no one wants to consider because it forces us to consider the unthinkable. But buying a policy for a child is not just about having financial protection for example for tuition or university since these policies generate

Most of today’s insurance policies also offer riders that will allow the child to increase their insurance coverage when they reach a certain age in life.

You could name any legally competent person as the beneficiary, including your spouse, children, other relative, or friend.

You could also name a beneficiary entity, such as a trust or charity. The proceeds of your policy will be paid directly to your beneficiary, privately and without the delays of legalization. If your needs are more complex, perhaps to care for an elderly parent or child with special needs, you may consider using a trust as your beneficiary. The trust will outline the provisions on how the proceeds will be distributed and a trustee of your choice may be appointed to manage the proceeds on behalf of the beneficiary.