We’ve gathered the most useful questions and answers to help you navigate coverage choices with clarity and ease.
1. Can I own more than one policy?
Yes. It’s common to layer a term policy for income protection with a smaller permanent policy for lifelong needs.
2. How do I choose a beneficiary (and update them)?
Name primary and contingent beneficiaries and review them after major life events—marriage, divorce, or the birth of a child.
3. How are premiums determined?
Age, health, tobacco use, coverage amount, and policy length/type all affect price. Generally, younger and healthier applicants pay less.
4. What happens if I miss payments?
Term policies usually lapse after a grace period. Some permanent policies can use built‑up cash value to keep coverage active temporarily.
5. Do I need a medical exam?
Some policies require an exam to qualify for lower rates. Others offer no‑exam or simplified issue coverage with different eligibility and pricing.
6. What are the main types of life insurance?
Term life covers you for a set period (10–30 years) at a lower cost. Permanent life (Whole or Universal) lasts your entire lifetime and can build cash value.
7. Are death benefits taxable?
In most cases, the benefit paid to beneficiaries isn’t subject to income tax. Large estates or interest earned can have tax implications—consult a tax professional.
8. How much coverage do I need?
Many Surprise families target 10–15× annual income, then adjust for mortgage balance, debts, savings, and college or childcare costs.
Still have questions? Connect with a licensed local professional for clear, no‑pressure guidance and quotes.