Allen Harris, Life Insurance Broker
Allen Harris
Life Insurance Broker Licensed in TX, AZ, CT, OK and SC
3+ Years of Experience
Contact Details
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Location
Princeton, TX
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Website
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About Me
As a financial advisor for Eagle Strategies, a wholly-owned subsidiary of New York Life Insurance Company, I specialize in providing personalized advisory services and financial solutions to meet the needs of clients like you. Working together, we’ll develop a comprehensive approach that addresses today’s needs, tomorrow’s goals, and helps transfer wealth to the next generation.
Q&A with Allen Harris
What happens to the cash value of a whole life insurance policy when I die?
Answer: When the insured passes away, the beneficiary receives the policy’s death benefit, which is generally income-tax-free. Assuming there are no outstanding policy loans, the death benefit will typically be greater than the policy’s cash value.
The important distinction is that cash value and death benefit are not two separate amounts that are added together at death. Cash value is a feature of the policy that the policyowner can access during the insured’s lifetime. At death, the policy pays the death benefit to the beneficiary according to the terms of the contract.
What questions should a first-time life insurance buyer ask their agent?
Answer: How do you determine the type of policy and amount of coverage that is most appropriate for me and my unique circumstances?
Do life insurance companies check your credit score?
Answer: Generally, life insurance companies are not checking your credit score in the same way a lender does when deciding whether to approve a loan.
However, depending on the company and underwriting process, an insurer may review certain consumer, financial, or public-record information as part of evaluating an application. This can be used alongside medical history, prescription history, driving records, and other underwriting information.
The exact information reviewed varies by insurance company and type of coverage, and applicants are typically provided disclosures and authorizations explaining what information may be obtained.