Carrier Insurance Answers Life Insurance Questions ::


CLARION, PA (EYT) – Protect what matters most with life insurance from Carrier Insurance.

Planning for the future can be exciting and scary at the same time.

Whether you’re buying your very first policy or planning the next chapter of your legacy, it’s common to have questions.

Here are some common questions you may have:

1. How much life insurance do I need anyway?

A number of factors, including your age, debts, monthly expenses and number of children, can affect how much life insurance you may need to comfortably plan for your future. A local insurance professional like a Carrier Insurance Agent can give you a free quote based on your unique needs. As a general rule, experts at recommend buying a policy worth 10 to 15 times your gross income. Try our free life insurance calculator for a private, no-obligation estimate you can do right from home.

2. Isn’t life insurance really expensive?

Buying an insurance policy worth hundreds of thousands of dollars can seem like an expensive proposition. But the truth is, life insurance is more affordable than you might think. With Carrier Insurance, a $250,000 life insurance policy could cost less than $15 a month.

3. Do I need a medical exam to purchase life insurance?

Not always, but expect to answer some questions. Generally speaking, you are more likely to need an exam as your age and/or the amount of cover requested increases. For some life insurance policies, your insurer will require a brief medical exam, more commonly known as a paramedical exam. It is similar to a basic physical. A paramedical exam professional will measure vital parameters such as your height, weight, temperature and blood pressure. You will also need to take a blood test and perform a urinalysis.

4. Can I buy life insurance without a health exam?

Not all life insurance policies require you to pass a paramedical exam. Life insurance policies under $100,000 generally only require you to complete an application (with the help of your agent) before it is reviewed by an underwriter. Looking for more coverage? Ask your local agent about ERIExpress Life. If you are between 18 and 55 years old, you may be able to get Instant Issue Term Life or Whole Life Insurance with coverage up to $500,000 by answering several application questions without having to pass a medical exam. life insurance paramedic.

5. Why should I think about life insurance if I’m young and healthy?

Life insurance is a smart buy at any age. Even if no one depends on your monthly income, a life insurance policy will cover your funeral expenses and debts, including student loans. And there’s another benefit to getting a policy at a young age: lower rates. Since insurers price policies based on risk (and young people have a much lower mortality rate than older age groups), your rates are usually cheaper if you’re young and healthy. Buying a policy when you’re young and healthy makes it easier for you to buy additional coverage in the future. Plus, you’ll have a policy (locked in at a great rate) now, if you ever need it.

6. I have a work policy. Isn’t that enough?

As part of an overall benefits package, many employers offer some form of life insurance coverage to their employees. Since this coverage is usually paid for by the employer, this is a great advantage. But it’s always wise to have your own personal life insurance policy. There are several reasons for this. First, the coverage provided by your employer may not be sufficient to support your family in the event of your death. Employer-provided life insurance often covers you for a small, fixed amount, such as $50,000. Also, your coverage will be lost if you take another job or become unemployed.

seven. I don’t work outside the home. Why should I think about life insurance?

Being a stay-at-home parent is a full-time job. And even if your work does not generate income, it significantly reduces your household expenses. Think of all the extra costs associated with childcare, transportation, and meal preparation that would be incurred if you were gone. Just because you’re not bringing home a paycheck doesn’t mean you’re not contributing significantly to your family’s bottom line.

8. What is the difference between term life insurance and permanent life insurance?

Term life insurance provides coverage for a set period of time. Term life insurance is a cost-effective option for protecting loved ones you leave behind. With this type of policy, you can select a term that will cover you when you need it most, such as the time it will take for your children to reach adulthood. Permanent policies, such as whole life policies, provide coverage for your lifetime. This means your family and beneficiaries are covered for your lifetime. Whole life insurance also accumulates cash value, giving you the flexibility to borrow against it in the future.

9. I am a climber. Can you still cover me?

Risk assessment is a key part of taking out a life insurance policy. Dangerous hobbies — like skydiving, rock climbing, or car racing — inherently make you riskier to insure. However, just because you’re an adrenaline junkie doesn’t mean you can’t automatically buy life insurance. Before giving you a quote, your insurance agent may ask you to complete a written questionnaire to find out more about your hobby. In many cases, you will still be able to get insurance. Expect to pay a little extra to account for the added risk.

ten. Can I “stretch the truth a little” in my life insurance application to get a better rate?

When purchasing a life insurance policy, you will be asked questions about your occupation, health status, family medical history and potentially risky hobbies. Although your answers to these questions may impact your insurance premiums, you should always answer them honestly. Misrepresentation of your medical condition or other important information in your application could lead to negative consequences that could affect your coverage.

11. Couldn’t my family just fund my final expenses if I died unexpectedly?

Websites like GoFundMe provide a platform for users to request donations online to cover funeral and burial costs or fund other memorial wishes in honor of a deceased loved one. But crowdfunding does not replace life insurance. Unlike a life insurance policy, the amount of money you will collect is totally unpredictable and can be further reduced by fees and taxes.

12. What is a life insurance beneficiary?

A beneficiary is a person or entity designated to receive the funds from your life insurance policy in the event of your death. Your beneficiary can be an individual, business, trust, charity, church, or even a school. An insurance policy can have more than one beneficiary.

13. How to choose a beneficiary?

Choosing a life insurance beneficiary largely depends on how you want your life insurance benefit to be used when you die. If you have young children, naming a spouse or close family member you trust as your beneficiary and memorializing your wishes can be a way to provide for your children in your absence. Adult children could use the insurance benefit to help pay for their college education. Ask your ERIE agent how to bequeath your benefit to a charity, school or church. In these cases, it is recommended that your donation conforms to an established donation or support pattern.

14. Could I be the beneficiary of a long-lost life insurance policy?

An estimated $1 billion in profits from forgotten and lost life insurance policies go unclaimed in America. Based on this statistic, you may be the beneficiary of a life insurance policy that you are unaware of. Organizations like the National Association of Unclaimed Property Managers, which operates, allow you to do a quick search online.

15. I have no children. Why should I think about life insurance?

The need for life insurance is not limited to parents. Whether you are entering adulthood or approaching retirement, everyone can benefit from a life insurance policy. In addition to supporting children, a life insurance benefit can be used to cover expenses such as funeral expenses or pay off any outstanding debt. When you’re busy caring for others, a trusted partner can anticipate your needs and help you carry the load. And when it comes to life insurance, we’re here for you. Your local Carrier insurance agent can help you consider the variables, narrow down the options, and make the process comfortable and efficient.

Learn more about life insurance options and get a free quote from one of our Carrier insurance agents.

Contact Carrier Insurance to arrange a free, no-obligation consultation.

21823 Route 68 Suite 3
Clarion, Pennsylvania

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