Frequently Asked Questions (FAQs)

Q: How do I know if I need life insurance?
A: If anyone depends on your income (spouse, children, aging parents), or someone will be responsible for your final expenses or inherit your debt, life insurance is essential.

Q: Is life insurance worth it if I’m single?
A: Yes, if you have debts or co-signed loans.

Q: Can I get life insurance with pre-existing conditions?
A: Yes, but premiums may be higher depending on what condition, medications, how well it’s managed, etc. Some insurers specialize in high-risk cases.

Q: What happens if I outlive my term life policy?
A: You can renew (at higher rates), convert to permanent insurance, or let it expire. However, if it expires, you will no longer have any coverage.

Q: Is life insurance taxable?
A: Death benefits are generally tax-free, but cash value withdrawals may have tax implications.

Q: How often should I review my policy?
A: Every 2-3 years or after major life changes (birth of a child, new mortgage, career shift).

Q: Can life insurance help build wealth?
A: Yes! Cash value accumulation and tax advantages are a couple of ways to do so.

Q: Can I invest my life insurance payout?
A: Beneficiaries can—consider a trust for tax efficiency.