Jim Mentink, Life Insurance Agent
Jim Mentink
dba Borealis Insurance Services
Life Insurance Agent Licensed in ME, FL, IL, IN, MI, NM, NV, OH, PA, TN and TX
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Location
Auburn, ME
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About Me
Hi there, my name is Jim, and I'm here to make life insurance simple. Choosing coverage can feel overwhelming, but I work to create a personalized policy by comparing trusted providers on your behalf. Together, we’ll find the protection your loved ones deserve.
Life insurance is not a 'one size fits all', and we'll work to ensure you have exactly what you need. No product pushing here. We don't recommend anything unless it will result in an improvement in your life.
P.S. I'm also able to assist you with dental/vision and disability insurance, as well as assist you with retirement planning that will ensure you don't run out of money during retirement (the number one concern retirees face)!
Q&A with Jim Mentink
At what age should someone start thinking about life insurance?
Answer: There isn't a set age when someone should start thinking about life insurance. However, if someone is old enough to ask this question, they are old enough to think about life insurance. There are many variables, of course.
Folks who are about to have a new child, buying or building a home, between jobs, don't have enough life coverage with their current job, etc--at ANY age--can consider life insurance.
If someone is thinking about life insurance for themselves, it's a good idea to consider getting covered when you are young. Premiums will be lower and whole life policies will maintain a static premium as long as they are paid (and build cash value).
As many parents will have policies on their children until they are adults (and beyond frequently), many people will start thinking about a policy for themselves when they begin to become more autonomous.
What questions should a first-time life insurance buyer ask their agent?
Answer: Are you an independent or captive agent? (Put another way, do you represent me or the agency?)
How long is my premium good for? (Should be expressed proactively; but if not, a good question).
How can I change beneficiaries?
Are there any risks with this policy?
How much coverage do I need?
Do I actually need life insurance?
What happens if I miss a payment?
Another good question to ask independent agents is if you're getting the best benefit for the price. Many agents will lead with a particular carrier because they have a good reputation, competitive pricing, or their organization has a long relationship with them--things like that. It's okay to ask for another carrier's price and ask them to compare the benefits of each.
How do you help a client decide between term and whole life insurance?
Answer: By asking the right questions.
Determining if they're looking for something short-term (out of work, bought a house, had a baby, etc) or permanent (wanting to build cash value, static premium for life as long as premiums are paid). Finding this out alone can guide the conversation.
In some cases, maybe the client has less resources but expects to have some within a period of time. Since term life is less expensive for a larger death benefit, sometimes this makes sense until they can get into a whole life policy.
Ultimately, learning their overall goals and needs is critical for guiding them in this decision. Oftentimes clients will have a blend of both.
What should someone with a pre-existing condition know about getting life insurance?
Answer: Carriers vary widely on their underwriting for pre-existing conditions. It's imperative that potential clients be very honest with their agent about conditions because the underwriters will find the medical history. The process is much smoother when all the cards are on the table.
That said, there are definitely options for people with pre-existing conditions. Many of the "simplified issue" carriers will work with these, though they might be graded in a way that premiums might be higher.
It's also worth noting that there are some "guaranteed issue" carriers, though be aware the premiums are typically higher.
What is the difference between a beneficiary and a contingent beneficiary?
Answer: A beneficiary receives the death benefit on a life insurance policy.
The contingent beneficiary receives the death benefit on a life insurance policy if the primary beneficiary (above) has passed away, refuses the payout, or in any other way is unable to receive the benefit.
Do I need life insurance if I'm retired and my mortgage is paid off?
Answer: Maybe. The reason we'd say that is because even being retired and having a mortgage paid off, there can be other financial obligations some might hold. Also, the cost of burials is increasing, as is cremation.
Some individuals have family members that can cover the costs of burial and funeral, but often we don't want them to have to worry about that while they're grieving the loss of someone important to them.
Discussing your situation with an agent would help clarify whether it's needed or not.
What is a waiver of premium rider?
Answer: Typically these are going to be riders that will waive the premium for a period of time if you become unable to work due to a disability. If your policy has this, it's important to understand the duration you can have that waiver.
What is the difference between level term and decreasing term life insurance?
Answer: Level term features a consistent premium payment with a death benefit that also stays consistent. You make the same payment for the term and if you pass, the full death benefit is available.
Decreasing term features a consistent premium payment with a death benefit that *decreases* over time. Usually these are used with, for instance, a mortgage that decreases over time.
Can I cancel a life insurance policy if I change my mind?
Answer: Some carriers will offer a 30 day free look window wherein your initial premium is usually refunded if the policy is canceled within that timeframe.
Not all carriers offer that, and it's always best to check with the carrier or agent what the cancelation rules are (surrender fees? refund? cash value rules?).
In short, you can cancel most policies but rules may differ.
How do I find out if a deceased loved one had a life insurance policy?
Answer: There are several steps you can take. One is to look over the loved one's personal effects and documents to determine if they had one. Checking things that might be linked to an insurance agent or an estate manager might be helpful. You can look at their state's website for unclaimed property as another lead. Finally, you can check the NAIC policy locator using their name and death certificate information--it's a free service that can help you find the carrier your loved one had.