This FAQ breaks down how life insurance works, what affects price, and how to select the right policy for your family.
1. Can I convert term to permanent coverage?
Many term policies include a conversion option within a set window. You can switch to a permanent policy without a new medical exam.
2. How much coverage do I need?
Many Grants Pass families target 10–15× annual income, then adjust for mortgage balance, debts, savings, and college or childcare costs.
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. 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.
5. What is life insurance?
It’s a contract where you pay premiums and the insurer pays a lump‑sum benefit to your beneficiaries if you pass away while the policy is active. The benefit can help with funeral costs, debts, mortgage payments, and day‑to‑day expenses.
6. How fast can I get coverage?
Accelerated underwriting can approve some applicants the same day. Traditional underwriting may take 1–2 weeks depending on your health profile.
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. What riders should I consider?
Common options include accelerated death benefit, waiver of premium, child rider, and term rider—each adds specific protections.
Still have questions? Connect with a licensed local professional for clear, no‑pressure guidance and quotes.