Life Insurance
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Life Insurance Information
Protect What Matters Most.
If you provide financial security for a spouse, children or other family members, consider obtaining a life insurance policy. Life insurance can help ensure that your dependents are protected financially when you pass away. Below are some commonly asked questions about life insurance to help you learn more about how life insurance works.
How Far Back Do Life Insurance Companies Look?
Life insurance companies often examine your health from a medical exam or previous medical records. Life insurance companies sometimes check up to 10 years of an applicant’s medical records. They may also look at your family’s medical history, including your parents and siblings.
How Many Life Insurance Policies Can I Have?
You can have more than one life insurance policy. It’s critical to ensure that your benefits are no more than what would be reasonable for a person with your expected income levels and assets.
How Much Life Insurance Do I Need at 60?
In your 60s, you may double down on your life insurance policy or drop coverage. If any of the following statements is true as you enter your 60s, you should most likely keep your life insurance:
- You have a high net worth.
- Other people depend on you financially.
- You intend to live off its cash value.
If you are considering a life insurance policy for the first time at 60, you may have difficulty finding an affordable one because life insurance quotes increase as you age. Discuss your life insurance options with a qualified insurance provider to make the most educated decision possible.
Can You Use Your Life Insurance Policy While Living?
Some life insurance policies allow the policy owner to build cash value that accumulates over your lifetime. This is considered a living benefit of life insurance because it can be used while you’re still alive. You can withdraw money from the cash value or take a loan against it and use it for anything. It is often used for emergencies, supplementing retirement income and paying premiums. However, there is no limit to how you can use the cash value. If you decide to terminate your coverage completely, you can also receive the cash value minus any surrender charge for removing the policy.
Life Insurance Quote in Westwood, NJ
If you want to learn more about life insurance benefits, contact Johl & Company. We can help you navigate coverage and provide an accurate quote.
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