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Originally intended to provide financial relief for widows and children of Presbyterian ministers, the life insurance industry has expanded to protect millions of American families since the 1700s.  

Believing in the significant impact of life insurance policies, the federal government eventually declared May 2 as National Life Insurance Day. We think it’s a great reason to celebrate not only the first day life insurance became available, but how securing a life insurance policy is an act of care for the people you love most. 

While our Life Insurance 101 provides you with a more comprehensive guide, here are ten common questions about life insurance and answers to get you started! 

Who needs life insurance?
If you have debt, a partner, dependents, own a business, or have a sizeable personal estate, life insurance is for you.
Do I need an additional life insurance policy if I already have one through my employer?

Yes. Most life insurance policies offered through an employer fall far short of the coverage your loved ones would need in the event of your death.

It’s also important to remember that your employer policy ends when your employment ends. The earlier you can purchase a personal life insurance policy, the better rate you’ll secure and the more security you’ll create for your loved ones. 

What are three main things to consider when choosing the type of life insurance I need?
  • Desired coverage amount (usually around 10 times the amount of your annual salary)
  • Number of years you want your insurance to last 
  • What you want your policy to do for your loved ones (support college savings, pay off debts, etc.) 
Do all policies require a medical exam?
Nope! Quility Level Term life insurance policies are simple and budget-friendly plans with no medical exams* and coverage options up to $1M.
As a designated beneficiary, what information do I need to have and what is the first step I would take if the insured person were to pass away?

You will want to make sure you have: 

  • The policyholder’s full name and policy number
  • The insurer’s contact information
  • If possible, a copy of the policy 

In the event of the insured person’s death, you’ll need to file the necessary claims forms. Part of this process will require submitting the insured’s death certificate. Often a funeral director can help you obtain this document, however copies can be ordered from the vital statistics office in the state where the death occurred as well. 

If mortgage protection insurance is designed to cover mortgage payments, who is the beneficiary of the policy?

 With many insurance companies, the mortgage lender must be the designated beneficiary. When using Quility though, you get to decide who receives the cash payout (also known as the death benefit) and how that money is used to cover both mortgage payments and other expenses. 

How does using a broker help me save money?

 Using a company like Quility ensures that you have access to policies from more than 80 insurance companies. We do all the shopping and comparing so that you get the best product at the best price

Are life insurance premiums tax deductible?

Premium payments for individual life insurance policies are not tax deductible. The tax benefit of a life insurance policy applies to the death benefit which is usually classified as tax-free income.  

Is there any type of life insurance policy that would protect me and my loved ones should I become disabled?

There is! Disability insurance is a policy that protects your income if you were not able to work due to illness or injury. This coverage provides payouts over time and can account for lost income during the time you spend recovering. 
 
The most common claims for disability insurance are not workplace injuries, they are conditions related to pregnancy complications, serious illnesses, or mental health conditions like anxiety or depression. 

Can I secure a life insurance policy online?

Yes! With Quility you can secure a life insurance policy 100% online.  
 
(psst…because of its customizable and budget-friendly coverage, easy online application and instant decision, we believe Quility Level Term is a great place to start!) 

A 10 minute playlist for your life insurance application

Phew! That was a lot. Dance break? Enjoy our Life’s a Dance playlist while you secure your policy in 10 minutes or less.

*Most individuals will qualify for life insurance coverage without the need for a medical exam. 

Let’s Get Started

If you are ready to get coverage now, our online application takes less than ten minutes.

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Brook van der Linde
Contributing Writer and Content Specialist
Brook van der Linde is a contributing writer and content specialist for Quility. She provides up-to-date articles on life, insurance and retirement via Quility’s online magazine. Her industry and leadership-focused content can be accessed via LinkedIn.

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Disclosure

The rates shown are based on past examples of quotes provided to people based on their demographic information. These are examples of the kinds of rates you can expect. All life insurance quotes and approvals are based on age and overall health at the time of purchase. Generally, non-smokers in good health will get the most affordable life insurance rates.

To get your real rate, fill out our short form.

Disclosure

The samples shown above are real numbers from past Debt Free Life clients. They are examples of the types of quotes you can expect but are presented for example only.

To get your real rate, fill out our short form.

Disclosure

The rates shown are based on past examples of quotes provided to people based on their demographic information. These are examples of the kinds of rates you can expect. All life insurance quotes and approvals are based on age and overall health at the time of purchase. Generally, non-smokers in good health will get the most affordable life insurance rates.

To get your real rate, fill out our short form.

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