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With life insurance, you're not just providing financial protection – you're showing your family that you care.
Life comes with a lot of surprises. Let's protect those.
Reach out to us if you're interested in taking the next step towards life insurance. We're committed to providing you with the help you need.
Get versed on all things life insurance.
We understand that there can be hesitation when it comes to purshasing life insurance. Our goal is to provide you with answers to ensure your journey with life insurance is easy and understandable. Take a look at common insurance questions below and the answers to them!
Do I really need life insurance?
There are many benefits to having a life insurance policy. The purpose of life insurance is to protect your family from catastrophic financial loss because of your passing and provides financial security, as well as peace of mind. Life insurance policies can be multi-faceted. Many people see life insurance as a commodity and a strict death benefit.
What many people don’t know is we can also use life insurance as a living benefit as well. We can leverage life insurance policies to help provide a more fruitful lifestyle. Ultimately, it is your choice whether to get life insurance, but it is a great tool to protect your family and provides a lasting legacy for your loved ones.
What is the underwriting process?
So, you’re in the process of finally getting your life insurance and then get asked to enter into the underwriting process. What is that and what goes into the underwriting of a life insurance policy?
For starters, underwriters set your life insurance premiums using information about your health and lifestyle. The underwriting process usually involves a medical exam and review of your prescriptions, hobbies, and driving record. Additionally, an underwriter may give you a credit for better premiums if you are actively working to improve your health.
Now you may ask “how do I get approved in underwriting?”
It will take a quick 10 minutes to complete Penn Mutual's ACE online application. Quick and easy for both of us, you won’t have to worry through this process!
Life insurance is too expensive.
People who are just beginning to look at protecting their wealth, life, and family may think life insurance is too expensive. We totally understand the perception that life insurance looks like an additional cost into the monthly budget and is simply not affordable. The cost of life insurance can vary most notably on term or permanent life insurance policies.
Term life insurance policies, or temporary, act as a commodity, because it provides a straight death benefit. Because this is a commodity, a term life insurance policy is coming directly out of your budget.
Permanent insurance lasts for your entire life and develops a cash value which you can borrow against or withdraw at any time for any purpose. The cash value that accrues in the account throughout the duration of the policy is generally higher than the initial amount of cash put into the policy.
I don't need life insurance if I'm young, single, and healthy.
“I’m young, healthy, and single so I don't need life insurance.”
Not quite! Another common myth, no one is too young for life insurance. There are life insurance policies to cover people of all ages, including infants and seniors.
When buying a life insurance policy, generally, the younger the person, the lower the premium rate, although a major health issue might bring the cost up. Despite “life expectancy” projections, no one can clearly predict the duration of someone’s life.
Ask yourself this basic question: “If so-and-so family member passed away, what would be the financial impact on the survivors?”
When younger or middle-aged adults pass away, they often leave behind children. They may have outstanding debt for major purchases, such as a home or a car. And the loss of income to their spouse can be catastrophic.
A good life insurance policy can protect your family. It can provide a tax free death benefit to your beneficiaries. This will give you and your family peace of mind.