Dina Todd, Life Insurance Broker

Answer: People make the mistake of not shopping around to see what options are available. They don't look at what different companies offer and prices for the amount they cover. People should check into more than one company to see what the prices run for their coverage. People also do not get the appropriate amount of coverage for their needs.

Answer: First time buyers should ask their agent if they do consultations on types of coverages that are available. They should also ask what coverages are appropriate for their needs.

Answer: Your first beneficiary should be your spouse. Secondary beneficiaries should be 2 that you feel you can trust to fulfill your wishes split 50\50. I wouldn't leave all decisions on 1 single person for a multitude of reasons.

Answer: The younger you are when you shop for insurance, the cheaper your rates are. Rates on life insurance goes up with age. Depending on the whole life insurance you get, you can also additional benefits rolled into your insurance policy. Some policies offer a point you no longer need to pay into the policy to keep it in force.

Answer: There are no tax breaks currently for life insurance premiums.

The death benefit your beneficiaries receive is usually tax-free generally speaking.

Answer: It is possible that a non-us citizen can purchase life insurance in the United States. There is different factors that determine eligibility. Guidelines of the insurance company also determines insurance offerings.

Answer: While there are no deadlines to file a claim, it is usually best to file a claim within 30-90 days. It also depends on the insurance policy and/or company.

Answer: I would say definitely yes. At a minimum I recommend final expense to cover expenses related to burial. Depending on the stage of your life, you can set up your surviving spouse to live comfortably without your income source contributing to the household. Life insurance can help cover expenses you would not think of while you are living. Brokers can help you structure proper coverage to cover your situation.

Answer: Level term insurance is an insurance that your premiums and the face amount stay the same during the term of the insurance policy. A decreasing term life insurance means the face amount decreases during the policy period. This is usually a mortgage insurance policy designed to cover in the event one or both insured passes away before the mortgage is paid off.

Answer: It is usually recommended to review your policies on a yearly basis. If your situation changes it is also advisable to review your policies to see if you need to make any changes. If you have a broker, they can usually keep up with the appropriate times you may need to review your policies to make any needed changes.

Answer: Active Military insurance consists of automatic group term policies during active service. Veterans can be converted or supplemented with various specialized or private programs tailored to civilian life after active duty service. Some life insurance companies won't cover active military service members due to the increased risk factor.

Answer: Key person life insurance covers any key person that fills an important role in the operations of a business, that in their absence could cripple business operations. This is usually the owner, upper management, etc... It is worth getting this type of coverage to help cover expenses while the business is restructured or potential loss of business due to loss of this key person.

Answer: Shop around to different companies. Whole life costs more than term due to whole life offering more and lasting longer. Being in better health is another way to lower premiums. Companies charge more in premiums for smokers and people in bad health due to higher risk factors. Brokers can usually help you with your options and show you different companies.