Age and Life Insurance Premiums The cost of life insurance increases as you get older. This is because, as you age, your risk of death increases, and insurance companies charge more to compensate for this added risk. The premium you pay for your life insurance policy is based on a number of factors, including your…
Coverage and Beneficiaries When it comes to coverage, having multiple Life Insurance policies can increase the total amount of death benefits paid out to your beneficiaries. This can be especially useful if you have a large mortgage or other debts to pay off. However, if not properly managed, multiple Life Insurance policies can also create…
Market Volatility One of the biggest risks involved with life insurance is market volatility. The life insurance market is subject to fluctuations, and the value of your policy may decrease over time. This is particularly true for those who opt for variable life insurance policies that invest in the stock market. In such cases, the…
Factors that affect eligibility When evaluating an individual’s life insurance application, insurance companies consider a variety of factors, including the individual’s criminal record. Some common factors that may impact an individual’s eligibility for life insurance include: The type of crime committed: Some crimes, such as embezzlement or fraud, are considered more serious and may make…
Buckalew Life and Health Insurance At Buckalew Life and Health Insurance, we believe that insurance should be more than just a policy. It should be a tool that can help you achieve your financial goals, support your health and well-being, and provide you with peace of mind. That’s why we offer insurance products that not…
Step 1: Review Your Policy Before canceling your final expense insurance policy, it is important to review the terms and conditions of your policy. Look for any penalties or fees that may be associated with canceling your policy. Additionally, review your policy to determine if you will receive a refund of your premiums if you…
Term Life Insurance Term life insurance provides coverage for a specific period of time, typically ranging from 10 to 30 years. During this time, your beneficiaries will receive a death benefit if you die. Term life insurance is often more affordable than permanent life insurance because it is designed to cover only a specific period…
Updating Your Personal Information It’s important to keep your life insurance policy up-to-date with your current personal information. This includes your name, address, phone number, and other contact information. If your policy is underwritten by an insurance company, you may be able to update this information directly with the company. In other cases, you may…
Cash Value Many life insurance policies come with a cash value component. This means that, as the policyholder pays their premiums, a portion of the premium is set aside in a savings account that grows over time. If the policyholder outlives their coverage, they can choose to receive the cash value as a lump sum…
Why financial history matters The financial history of an individual can indicate their ability to pay their life insurance on time. Insurers will look at the applicant’s credit score and debt-to-income ratio to determine if they are a high or low-risk individual. If an applicant has a high debt-to-income ratio and a low credit score,…
