Felipe Parker, Life Insurance Agent
Felipe Parker
Northwestern Mutual
Bilingual English & Español
Life Insurance Agent Licensed in FL, CA, CO and TX
Contact Details
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Location
North Miami Beach, FL
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Website
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Schedule An Appointment
Felipe Can Help With:
About Me
Hello there! I'm Felipe, a life insurance advisor serving our community. My mission is to take the confusion out of life insurance and replace it with clarity and confidence. Whether it's protecting your family, your income, or your future, I'm here to help every step of the way.
Q&A with Felipe Parker
What happens to my life insurance if I change jobs?
Answer: There are two ways to own life insurance: individually or through an employer. If you only have coverage through your job, you will lose it when you change employers.
While employer policies are an excellent benefit, you should also maintain a private policy. It is best to put something in place now since rates go up as you get older.
What is the most common mistake people make when buying life insurance?
Answer: They failed to consider the correct death benefit amount. You must plan ahead. Buying more coverage later will cost more, and you might no longer be eligible.
Are life insurance premiums tax deductible?
Answer: Generally, life insurance premiums are not tax deductible. If a premium is deducted (such as when an employer pays it as a business expense) the resulting death benefit typically becomes taxable.
How do joint or survivorship life insurance policies work?
Answer: Survivorship life insurance policies work similarly to regular permanent life insurance in that the death benefit is permanent, and they accumulate cash value.
The main difference is that they insure two people and only pay the benefit after the second person dies. Because of this, the risk of payout is deferred, making the monthly premiums lower for the same amount of coverage.
What happens if my life insurance company goes out of business?
Answer: If your life insurance company goes out of business, you won't lose your coverage immediately. The industry is highly regulated and features a safety net designed to protect policyholders when companies face financial insolvency.
That being said, when looking for life insurance, it is very important to analyze not only the product but also the financial strength of the company.
Do life insurance rates go down if I quit smoking?
Answer: Yes, it is possible. If your original policy was rated for tobacco use, you can request a rate reconsideration once you have been smoker-free for a specific number of years.
If the insurance company approves the request, your premium rates will likely decrease.
How much does a $250,000 life insurance policy cost?
Answer: The cost of the life insurance depends primarily on the insured's age (the younger you are, the lower the cost) and health classification.
It also depends on whether you choose Term or Permanent coverage.
Finally, if you opt for Term Life Insurance (which offers a lower monthly premium per amount of coverage), the price will vary based on your chosen length and whether your premiums stay level or increase annually.
It is very important to contact an agent to find the right product for your specific situation.