The Nuts and Bolts of Life Insurance

The Nuts and Bolts of Life Insurance

Looking for some straight forward answers to common life insurance questions?

If you want answers but don’t want to be judged, here are some questions and answers you may be looking for.

Can You Take Out a Life Insurance Policy on Someone Else?

You must have their consent and you must be able to prove you have an insurable interest. If you are asking if you can take out life insurance on someone you don’t know, the answer is no.

Can Someone Insure Your Life Without Your Knowledge?

A life insurance policy requires the consent and signature of the insured. This would make it impossible for someone to insure your life without your knowledge, unless they were to forge your signature. This, of course, is illegal.

Are Life Insurance Proceeds Paid Promptly?

Yes. Unless there are issues with the claim, life insurance proceeds are usually paid within 30 days.

Are Life Insurance Proceeds Paid in a Lump Sum?

Yes. Unless arrangements are otherwise made, benefits are paid in one single payment.

Are Life Insurance Benefits Taxable?

No. Generally speaking, any money you receive as a beneficiary of someone who has passed away is non-taxable. Any interest made on those proceeds, however, may be.

Is Life Insurance Affordable?

Most find it surprisingly affordable. Keep in mind it is most affordable when purchased in good health at a young age, so don’t wait.

Can I Make My Pet My Beneficiary?

No. You can, however, have someone be a caretaker for your pet and assign that person as a beneficiary.

Will I Need to Have a Physical Exam?

The vast majority of life insurance applicants can get coverage quickly and easily with no medical exam.

If you have any questions about life insurance, please don’t hesitate to ask. We are independent agents and are qualified to review life insurance policies issued by any company. Discover how affordable life insurance can be. Connect with us for your quote today!

Leave a Comment





Things You May Not Realize You Can Do In Michigan

December 2, 2022

Nurturing Your Small Business

December 1, 2022

What Do You Do With Your Spare Time?

November 30, 2022

The Art of the Car: Famous Car Designers You Likely Never Heard of

November 29, 2022

Why Paying Home Insurance with Your Tax and Mortgage Payment May Not Be a Good Idea

November 28, 2022

Cities That Need Clarification to Determine Location

November 25, 2022

Key Elements to Business Insurance

November 24, 2022

Five Tiny Things You Can Do Daily to Make Life Better

November 23, 2022

The World of Small Cars

November 22, 2022

Six Surprising Things You May Not Know About Your Home Insurance

November 21, 2022

Time Machine: 1998

November 18, 2022

Work From Home Side Hustles

November 17, 2022

Things You Need to Be Thinking About When You Turn 40

November 16, 2022

Gas Stations of the Past

November 15, 2022

The Problem of Home Insurance Fraud

November 14, 2022

Gilligan’s Island Uncovered

November 11, 2022

The Biggest Threats to New Businesses

November 10, 2022

Life Insurance Facts That Are Actually Interesting

November 9, 2022

Hidden (and Not so Hidden) Costs of Driving a Car

November 8, 2022

Re-Evaluating Your Homeowners Insurance

November 7, 2022

Some Trendy and Some Tried-&-True Activities to Consider

November 4, 2022

Why an Independent Agent is a Smart Choice for Business Insurance

November 3, 2022

When is Your Need for Life Insurance at its Greatest? 

November 2, 2022

5 Good Reasons to Review Your Auto Insurance Regularly

November 1, 2022

How Old is Your Homeowners’ Insurance?

October 31, 2022

Practical Gifts for Singles

October 28, 2022

Help in Building Your Business Insurance Plan

October 27, 2022

The Problem With Life Insurance

October 26, 2022

Car Doors: Who Would Have Thought There Were So Many Choices?

October 25, 2022

Car Doors: Who Would Have Thought There Were So Many Choices?

October 25, 2022

Simple, cheap, Easy Ways to Improve the Safety and Security of Your Home

October 24, 2022

How Much Does It Cost To…

October 21, 2022

Know What You Are Saying No To

October 20, 2022

Imagine If There Was No Such Thing As Life Insurance

October 19, 2022

What Becomes of Your Recycled Motor Oil?

October 18, 2022

The Good, Bad, and Ugly of Living in an Association Managed Community

October 17, 2022

One for the Record: Vinyl Records Revisited

October 14, 2022

Why “Targeting” Prospects is so Important in Business Advertising

October 13, 2022

What You Can Learn From Reading Obituaries

October 12, 2022

Let the Sunshine In: Classic Convertibles and T-Tops

October 11, 2022

Five Mysteries of Your Home: Resolved!

October 10, 2022

Becoming a Pro in the Produce Department

October 7, 2022

The Dangers Within: Inside Threats to Your Business

October 6, 2022

Buying Life Insurance on Your Terms

October 5, 2022

Answers to Common Car Questions You May Be Too Embarrassed to Ask

October 4, 2022

Making the Most of Space in an Apartment

October 3, 2022

How Long Would It Take?

September 30, 2022

Preparing Your Business for “Sickness Season”

September 29, 2022

The Nuts and Bolts of Life Insurance

September 28, 2022

What to Check Before Buying Your Next Car

September 27, 2022

Should You Buy Renters Insurance Through Your Property Manager or Leasing Agent?

September 26, 2022

America’s Biggest….

September 23, 2022

Why Some Partnerships Fail

September 22, 2022

Worldwide Facts About Life Insurance

September 21, 2022

What Your Car Knows About You

September 20, 2022

Five Factors Influencing Home Insurance Rates

September 19, 2022

The Indelible Impact of “Happy Days”

September 16, 2022

Fast Growing Industries

September 15, 2022

Life Insurance: A Good Investment?

September 14, 2022

Should You Own a Collectible Car?

September 13, 2022

Contact Us

-CONTACT US

OUR LOCATION

Have A Question?

We have an answer. Call us at 720-249-3038

11916 Washington Street Northglenn, Colorado 80233

720-249-3038

© Copyright 2022 Premium Advantage Insurance, LLC  |   All Rights Reserved
Site by ICA Agency Alliance

11916 Washington Street Northglenn, Colorado 80233
720-249-3038

© Copyright 2022 Premium Advantage Insurance, LLC  |   All Rights Reserved
Site by ICA Agency Alliance