Frequently Asked Questions

Life insurance is a financial product that provides a payout to your beneficiaries in the event of your death. It helps protect your loved ones financially after you're gone, covering expenses like funeral costs, mortgage payments, and more.

Life insurance works by paying regular premiums to the insurance company. In return, the insurer provides a death benefit to your beneficiaries when you pass away. The payout is typically tax-free.

There are various types of life insurance, including term life insurance, whole life insurance, universal life insurance, and variable life insurance. Each type has its features and benefits.

The amount of coverage you need depends on your financial goals, debts, and family's needs. An insurance advisor can help you determine the right coverage amount for your situation.

Several factors influence your premium, including your age, health, smoking status, occupation, and the type and amount of coverage you choose.

Yes, many life insurance policies offer options for adjusting coverage, such as adding riders or changing the death benefit. However, changes may be subject to underwriting approval.

A beneficiary is the person or entity who receives the death benefit. You can choose one or more beneficiaries when you purchase the policy. It's crucial to keep your beneficiary designation up to date.

Yes, you can have multiple life insurance policies from different insurers. Some people choose this option to diversify their coverage or address changing needs.

If you stop paying premiums, your life insurance policy may lapse, and your coverage will end. However, some policies have options to use the accumulated cash value to cover premiums temporarily.

To file a claim, contact the insurance company, provide necessary documents (e.g., death certificate), and follow their instructions. The insurer will guide you through the process.

The time to receive a payout can vary but typically takes a few weeks to a few months. It depends on the insurer's processing time and the complexity of the claim.

In general, the executor is the person named in your Will to settle your affairs after your death. Your executor will file your Will with the probate court, pay your debts, distribute your assets as provided for in your Will, and oversee the entire probate process until your estate is closed.

State laws vary as to who can qualify as executor. Generally, your executor must be a resident of the state you resided in at the date of your death, an adult, and not a criminal or mentally incompetent — or a financial institution with an office in your state. A network attorney can advise you about your state's laws.

If you name two people as executors, they will have to agree on any decisions that are made. If you name three or more people as executors, they will act by majority vote.

Yes, generally your executor is entitled to compensation but can opt not to take it. The rate of compensation is usually determined by state law. To specify how your executor is compensated, contact an attorney to include that provision in your Will.

The successor executor takes over if the first named executor cannot serve. As with the first named executor, two successor executors serving together must agree on decisions, and three or more act by majority vote.

The probate court will usually appoint an administrator for the estate. The administrator serves the same function as the executor.

A guardian is a person named in a Will who is responsible for the support, education, and welfare of the deceased person's minor children. If your minor child's other parent is living, he or she will likely be given custody.

No, the guardian must spend the money for the benefit of your minor child or children.

Generally, your residuary estate is the assets remaining to be distributed under your Will after debts and taxes are paid and specific bequests and tangible personal property are distributed — such as real estate, cash, bank accounts, closely held business interests, or stocks and bonds.

When you die, your Will must be filed with a court, starting a lengthy process during which heirs have no access to assets. Property in a Living Trust generally passes immediately, stays confidential and out of the public record, and can protect children's inheritance by keeping it in trust until the ages you select.

This document allows a person to name others who will manage their medical care. A Healthcare Agent is the person who will make your healthcare decisions when you cannot — generally anyone over 18 who is not providing your healthcare at the time of signing.

This document allows a person to name others who will manage their financial affairs. An Attorney-in-Fact is authorized to make financial decisions and actions for another person, such as signing checks to pay bills, buying or selling real estate, and voting stocks.

Some permanent life insurance policies can build cash value that may be accessed later, depending on the policy structure and performance.

An annuity is a financial product designed to create income, often for retirement. Options vary, including fixed, indexed, and variable structures.

Book an appointment or send a message through the contact form. The team will review your needs and walk you through suitable options.