Dean Chiapetto, Life Insurance Broker

Answer: If you have the policy, call the number in the policy and they will walk you through the process. If there is an agent listed call the agent and they will help.

Answer: What type of policy is this? Is Term or permanent? How long is the Term? Can I convert this term policy to whole life? For permanent insurance, is it whole life or universal life. If it is universal life you need to know what type, universal life, indexed or variable. Make sure to seek out a local broker to explain this to you.

Brokers make a difference.

Answer: You can sell a life policy for cash if you are the owner. Before you do that make sure to get with your agent to go over all of your options. You may be creating a tax issue. Always use a trusted broker for your insurance needs.

Brokers Make a Difference.

Answer: AD&D insurance pays if you are in an accident or lose a limb. It is typically low cost and has very specific conditions to pay out. Ask your broker for details on the policy.

Brokers Make a Difference.

Answer: This depends on who pays for the insurance. If you are paying most likely you can take it with you. If your employer pays, you probably will not be able to take it. Check with your HR to be sure.

Answer: Agents are paid by the insurance company. You need to use an agent to purchase insurance. You want to work with an insurance broker. A broker will represent many different companies and be able to find a policy that fits best for you.

Brokers Make a Difference!!!

Answer: A 1035 exchange is in Part 72 of the IRS tax code. It allows you to move money from one policy to another like policy with no tax consequence. Speak with a qualified broker who can help explain this to make sure you have no problems.

Brokers Make a Difference!!!

Answer: Term insurance is like renting a house, you can use it for a term(period of time) and then you walk away with nothing. It is important to contact a qualified broker who can see if you have any options. Some policies allow you to purchase additional insurance no matter your health condition.

Brokers Make a Difference!!!

Answer: Return of premium is typically attached to term policies. At the end of your term the insurance company will pay you all the premiums you paid for the policy. It can be a good deal, it depends on your situation. Contact an experienced broker.

Brokers Make a Difference!!!

Answer: The answer is YES! If you cannot qualify for a fully underwritten policy you may qualify for a graded policy or a guaranteed policy. A graded policy asks some health questions and a guaranteed policy asks few questions. Both policies will have a waiting period before they pay the full face value. If you die during the waiting period your beneficiaries will receive what was paid in plus interest. Contact a qualified Broker.

Brokers Make a Difference!!!

Answer: You can name as many people as you like on a policy. The owner of the policy can change beneficiaries if needed. Policies allow for beneficiaries and contingent beneficiaries, who only get paid out if the primary beneficiaries are deceased.

Contact a local broker.

Brokers Make A Difference!

Answer: A rider is something added to a policy. Think of it this way, the policy is a horse and there someone on its back, the rider.

The rider I like is a Long term care rider. They will allow you to use a portion of the death benefit for care if needed and what is not needed goes to the beneficiary. If you don't need long-term care then the beneficiary receives the full death benefit. Life Insurance strategies require a competent broker. Find a local broker.

Brokers Make a Difference!!!

Answer: Properly done life insurance will pass directly to a beneficiary and avoid probate, not in the will. Will is how an estate is settled.

Find a competent broker in your area.

Brokers make a difference!

Answer: Dividends can be paid in different ways. They can go to the policy owner, be used to increase death benefit or used toward the payment.

Contact a local broker.

Brokers Make a difference!

Answer: Level Term is exactly that, everything stays level, the premium and the death benefit.

Decreasing Term the premium stays the same and the death benefit decreases over the term of the policy.

Level Term is used to cover all your expenses now and for the length of the term.

Decreasing Term is used to cover loans like mortgages and car loans. The idea is that as you are paying off the loan you need less and less coverage. These policies are usually cheaper than level policies.

Speak with a qualified broker.

Brokers Make a Difference!

Answer: Yes. There are companies that will cover just about anything. The policy will most likely be more expensive. Be honest with your broker, the underwriters will find out.

Brokers Make a Difference!

Answer: There is no better when it comes to life insurance. Life insurance serves a purpose: if you need to protect yourself and your family for a short duration, Term Life is the answer. For example, if you have a mortgage and it is 30 years long a 30 year Term Life policy would protect your family from losing their home.

Permanent Life, Whole Life and Universal Life, is typically used for long term planning. For example with a Whole life policy part of your payment goes into a cash account, you can borrow from your cash account at a very low interest rate and use it instead of going to a bank for a loan.

Brokers Make a Difference. You need to find a good local broker and sit down with them so you can explain your needs and they can recommend a solution for you.

Answer: There is no one answer for the premium payment on life insurance. A 20 year old will have low rates. Get with a local agent who can do a thorough job of asking you questions to find the right product at the best rate for you.

Brokers Make a Difference!

Answer: If you stop paying for a whole life policy the company will use the cash value to pay the policy until there is no more cash in the account, then the policy will lapse. If you die before it lapses your death benefit will still be paid out.

You should speak with a licensed insurance professional who can explain your options with your policy. One of the features in Whole Life policies is a reduce paid up option. This takes your current cash value and shows what a paid up policy today is worth.

For example you have a Whole Life policy for $10,000 and have had it for 20 years, the cash value is $3,000 and you are now 70 years old, your reduced paid up amount might be 6-7,000. You can take the cash out, it's your money and surrender the policy, and a good broker can help you find the best solution.

It is never a good idea to just not pay.

Brokers Make A Difference!!!

Answer: This is an unanswerable question. The premium on a policy is determined by many factors: Death Benefit, Age, location, health, type of policy(Term, Whole Life, Universal Life...), and can ask about occupations, hobbies, etc.

You should always sit down with a qualified Life broker who can find out what the purpose is for your life insurance and then make a recommendation for the right policy type and can shop for the best price.

Brokers Make a Difference!

Answer: The only reason you cannot get life insurance is because your are near death or dead. Life insurance companies rate plans based on health. If you are super healthy you get lower rates. If you are unhealthy and need a guaranteed issue policy it will be expensive and usually comes with a waiting period for full death benefit.

It is important to get with a good Life Insurance Agent and they can go over all of your options.

Brokers Make a Difference!

Answer: Some companies will adjust the rate if you quit smoking. A good insurance broker can help you find a policy and can be a good resource if you quit after the policy is written.

Brokers Make A Difference!

Answer: Term is temporary insurance, it last a certain length of time, 10, 20, or 30 years.

Indexed Universal Life is a Permanent policy and can be set up many different ways. These policies are used for anything from pure death benefit to funding retirement. Find a qualified Life insurance broker who can find out what your requirements are and guide you to the right policy for your situation.

Brokers Make A Difference!

Answer: You need to get with a competent broker who can look at your situation and help you determine the right amount of death benefit and the right way to structure your policies, ex. Whole Life, Universal Life and Term Life.

There is no need to go it alone or rely on some one who calls out of the blue. Brokers Make a Difference and you will get the best advice to guide you into the right policies for you and your family.

Answer: Websites in todays world help to add credibility to an agent. If an agent is willing to take the time and spend the money on a website they are probably serious about the business.

As far as what should be on a website, that is different for everyone. Some websites have every little bit of information on the subject and others hit the high points.

You Do YOU!!!

Brokers Make a Difference!

Answer: This is an accountant question. Most likely you will not owe taxes, however if you overfunded the policy and are taking more than you put in you will owe taxes on the gain. Speak to your agent, there may be better options than cashing out or surrendering a policy.

Brokers Make a Difference!

Answer: They are two sides of the same coin. Life insurance protects you from dying too soon and Annuities protects you from living too long.

Both products are sold by insurance companies and your local Broker can help you find the best solution for you.

Brokers Make a Difference!

Answer: The lender want to make sure they can be repaid their interest in the loan, so they require life insurance. How collateral assignment works is, basically the lender becomes the primary beneficiary on the life insurance. You don't lose control of the policy, so you can still be the owner and the insured and have control over beneficiaries. If you die before the loan is paid off the Life policy will pay out to the Lender first, and then to any other beneficiaries. If the loan is paid off then the Lender is removed from the policy.

Get with a local Broker.

Brokers Make a Difference!

Answer: If you are convicted of a Felony there are companies that will insure you. The premium is most likely going to be more. If you are on probation it is unlikely that you can get insured because of the unknown.

Answer: Find an agent that you like and that can be done. You will need to request an agent of record change. Find a good local broker and they should be able to handle this for you.

Brokers Make a Difference!!!