David Lewis, Life Insurance Agent

Answer: To prepare for a meeting with an agent, you only need a valid driver's license or ID and a list of medications if you're taking them.

And if you have any other questions, feel free to contact me.

-David Lewis Jr

Answer: The most common mistake really depends on your situation. Most either buy way to little, the common suggestion is to purchase at least 10x your annual income.

Some in other situations buy more than they can afford, then end up lapsing the policy. Not good for anyone involved.

Answer: You can buy life insurance on anyone who has insurable interest, ex. a spouse, child/legal dependent, parent or grandparent, siblings, cousin, civil union, or domestic partners.

Answer: Depends on a number of factors, whether male or female, whether term insurance or permanent insurance, the amount of coverage, and health conditions.

Answer: You can get life insurance with a DUI on your record, but your options and rates depend heavily on how recently the incident occurred, the number of offenses, and your overall health profile. A single older DUI may have little impact, while a very recent conviction can lead to higher rates or a temporary denial.

How Insurers Look at DUI Timeline: If your DUI happened within the last 12 to 24 months, many traditional insurers will postpone coverage until some time has passed. After 3 to 5 years, you are much more likely to qualify for standard rates. Frequency: Multiple DUIs signal a higher behavioral risk and can result in an outright denial of traditional coverage.

Underwriting Focus: Companies check your motor vehicle record and look for signs of a broader substance abuse pattern, medical notes criticizing alcohol use, or related health complications. Cost: A recent DUI typically prevents you from getting "preferred" or best-tier pricing, meaning you will pay higher premiums (a table rating) until the infraction ages off the insurer's primary look-back window.

Alternative Options if you are denied traditional term or whole life insurance due to a very recent or multiple DUIs, alternative paths exist:

Guaranteed-Issue or Simplified Policies: These plans require fewer or no medical exams, though they usually offer lower face values and higher costs. Working with an Independent Broker: An experienced broker can shop multiple insurance carriers anonymously to find a company with a more lenient look-back window for your specific timeline.

Answer: Yes, in many cases you can make changes to a life insurance policy after you buy it. Depending on the policy and carrier, you may be able to change beneficiaries, adjust coverage, add or remove riders, or convert a term policy to permanent coverage.

The important thing is to check the specific policy provisions before making any changes. And if you're considering replacing an existing policy, don't cancel the old policy until the new coverage is approved and in force.

Answer: A Modified Endowment Contract (MEC) is a life insurance policy that has been funded with premiums above the IRS limits under the 7-pay test. The policy can still provide a death benefit, but its cash-value tax treatment changes.

The biggest difference is that withdrawals and loans from a MEC are generally taxed income-first (LIFO), meaning gains come out before your principal. If you're under 59½, taxable distributions may also be subject to a 10% IRS penalty.

The death benefit generally remains income-tax-free to beneficiaries, assuming the policy is otherwise properly structured.

So, if you're using permanent life insurance for cash value, it's important to understand the MEC rules before making large premium payments. A life insurance professional or tax advisor can help you determine whether a policy is approaching MEC status.

Answer: A simple way I look at it is: match the term to the financial responsibility you’re trying to protect.

10 years can make sense for a shorter-term need. 20 years is often a good fit for families with kids or a mortgage. 30 years can make sense when you have young children and want income protection through most of your working years.

I wouldn’t automatically choose the cheapest option. The real question is, “How long would my family need my income if I wasn’t here?”

Once you answer that, choosing between 10, 20, or 30 years gets a lot easier.

Answer: You can usually qualify for more life insurance than just a multiple of your income, but there isn’t one universal formula.

Insurers typically look at things like your income, age, existing life insurance, debts, financial obligations, and the amount of coverage your family would actually need.

As a general starting point, many people look at roughly 5–15 times annual income, but that’s only a starting point. Someone making $75,000 a year could have very different needs depending on whether they have a mortgage, young children, a spouse who depends on their income, or significant debt.

I’d start with the question: “If I’m not here tomorrow, how much money would my family need to maintain their lifestyle and handle the bills?”

Then look at what you already have through work or personally and fill the gap from there.

And don’t assume the amount you qualify for is the amount you need. Those are two different questions.

Answer: You can verify a life insurance agent’s license pretty easily, and I’d recommend doing it before buying a policy.

If you’re in Virginia, check the agent through the Virginia SCC Bureau of Insurance license lookup. You can search by the agent’s name or license information and confirm that the license is active and that they’re authorized to sell life insurance.

You can also ask the agent for their license number. A legitimate agent should have no problem giving it to you.

I’d also go one step further and make sure the person you’re dealing with is actually appointed/authorized to sell the type of insurance they’re offering.

It only takes a few minutes to verify, and it’s worth doing when you’re trusting someone with an important financial decision.

Bottom line: Verify the license, ask questions, and don't feel pressured to buy just because someone is sitting in front of you.

Answer: Generally, no — life insurance companies don't use your credit score the way a bank or lender does when deciding whether to approve you.

When you apply for life insurance, the company is primarily looking at things like your age, health history, medications, tobacco use, occupation, and the amount and type of coverage you're applying for.

There are some situations where an insurer may obtain information related to your financial history, particularly for certain underwriting or high-dollar policies, but that's different from pulling your credit score to decide if you qualify.

So if you're worried that having less-than-perfect credit will automatically keep you from getting life insurance, that's generally not something you need to worry about.

The bigger question is whether the type of policy you're applying for fits your health, age, and coverage needs.

Answer: A life insurance illustration is basically a roadmap showing you how a life insurance policy is expected to perform over time.

When I look at one, I don't just look at the monthly premium or the death benefit. I pay attention to a few key things:

• Premium: How much are you paying and for how long?

• Death benefit: How much would your beneficiaries receive if you died?

• Cash value: If it's a permanent policy, how is the cash value projected to build?

• Guaranteed vs. non-guaranteed values: This is a big one. Some numbers are guaranteed by the policy, while others are based on assumptions and aren't guaranteed to happen.

• Policy year: Look at what the policy is projected to look like 10, 20, or even 30 years down the road—not just year one.

The biggest mistake I see is looking at the illustration and assuming every number shown is guaranteed.

An illustration is a projection, not a promise of future performance.

If you're buying permanent life insurance, make sure you understand what is guaranteed, what isn't, how long you have to pay, and what happens if you stop paying.

And if the illustration doesn't make sense to you, don't be afraid to ask the agent to slow down and explain it. You should understand what you're buying before you sign the application.

Answer: A primary beneficiary is the person who receives the life insurance benefit when the insured dies.

A contingent beneficiary is the backup if the primary beneficiary can’t receive it.

Example: You name your wife as primary and your children as contingent. If you die, your wife receives the benefit. If she can’t receive it, your children receive it.

Primary = first choice. Contingent = backup.

Answer: Not always. If a life insurance company denies a claim, first ask for the denial and the specific reason in writing. Review the policy and give the insurer a chance to reconsider.

If the denial appears incorrect or the claim involves a significant amount of money, speaking with an attorney who handles insurance disputes may be a good idea. You can also contact your state insurance department for help with a complaint.

The key is to understand why the claim was denied before deciding what to do next.

Answer: Moving to another state usually doesn’t cancel your life insurance policy. In most cases, your coverage continues as long as you keep paying your premiums.

If you move to another country, things can be more complicated. The policy may have restrictions depending on the insurer and the country you move to, so it’s important to contact the insurance company before relocating.

Bottom line: Moving doesn’t automatically mean losing your coverage, but always check with your insurer before making an international move.

Answer: A life insurance laddering strategy means buying multiple term policies with different coverage amounts and expiration dates instead of one large policy.

Example: Someone might have a $500,000 30-year policy, a $300,000 20-year policy, and a $200,000 10-year policy. As financial obligations like a mortgage and raising children decrease, portions of the coverage expire.

The goal is to have more coverage when you need it most while potentially reducing the total cost of insurance.