Ken Banks, Life Insurance Agent
Ken Banks
The Alford-Banks Group
Life Insurance Agent Licensed in GA
Contact Details
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Location
Atlanta, GA
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Website
Ken Can Help With:
About Me
Hey there, my name is Ken, and I am here to make life insurance simple. Choosing coverage can feel overwhelming, but I do the heavy lifting by comparing trusted providers on your behalf. Together, we'll find the protection your loved ones deserve — at no cost to you.
Q&A with Ken Banks
What happens if you lie on a life insurance application?
Answer: They have 2 years to caught it! If not the policy could hold up years later. Best advice: Don't lie.
What is the most common mistake people make when buying life insurance?
Answer: Thinking they have the lowest price because their old agent said so years ago. Best to shop around if your healthy enough to do so.
Can I change my life insurance policy after I buy it?
Answer: Yes. Long as your health didn't change you can change anything you get ready. Or update for more coverage.
Can I buy life insurance for my parents?
Answer: Yes. Long as you have permission from them and have them sign application as well. Otherwise it's unethical.
Is whole life insurance better than term life insurance?
Answer: Term life insurance is better for most people because it is straightforward and significantly cheaper, often costing 5 to 21 times less than whole life insurance for the exact same payout amount. Neither policy is universally superior, as they serve different financial needs. Term life covers you for a specific period (like 10, 20, or 30 years) to protect temporary needs like a mortgage or raising children. Whole life insurance provides permanent, lifelong coverage and includes a built-in savings component known as cash value, but it requires a much higher monthly budget.
Can you convert a term life insurance policy to permanent coverage?
Answer: Yes, you can convert a term life insurance policy to permanent coverage, provided your policy contains a "conversion privilege" or you purchased a convertible term rider. This allows you to upgrade your temporary protection into a lifelong policy, such as whole life or universal life, without losing coverage.
How quickly can a beneficiary receive the payout after a death?
Answer: Beneficiaries typically receive a life insurance payout within 14 to 60 days after filing a completed claim with the insurer. In highly straightforward cases where the paperwork is submitted electronically, some insurance companies can issue payouts in as little as 3 to 10 business days. The clock does not start at the date of death, but rather on the date the insurance company receives all necessary, completed documentation.