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!
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.
- 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.)
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.
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.
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.
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.
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.
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!)
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.
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