Lt Col Tim Brown, Life Insurance Agent

Answer: Yes, you can. These plans are pricy at this age, and if you’re healthy, it’s a full benefit right away. If not, you can get a graded policy that has limited benefits for the first two years.

Lt Col Tim Brown, licensed in 14 states

Insurance Services of KY and TN Inc.

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Answer: It’s more expensive. They figure you have health issues when a person chooses that type of plan, so no questions about higher premiums. Of course, if you do have issues that would normally get a decline, then this is the only option.

Tim

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Answer: Life insurance proceeds are tax-free unless the premiums were paid by a business. Then it might be.

Lt Col Tim Brown

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Answer: Level term, the death benefit remains at a level amount of coverage the entire length of the contract. You buy various terms or lengths of time, i.e., 10 yr, 20 yr, etc.

Decreasing term plans would be used, say to cover a mortgage. An example: if you bought a home on a 30 yr loan, as the mortgage decreased in amount owed over time, the face amount of the death benefit would decrease along with it.

That's it.

Lt Col Tim Brown

Insurance Services of KY and TN Inc. (In 14 states now).

I do life, Medicare plans, investing, hospital plans, dental vision hearing and critical illness plans.

Answer: The insurance company needs a death certificate. So part of that answer is how fast you can get one to them. The other is just the time it takes for the carrier to do what they do. They don't intentionally hold anything up. I would say that a 30-day window after they receive the death certificate.

Lt Col Tim Brown

Insurance Services of KY and TN Inc. and 12 other states.

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Answer: You call that company and tell them you need to file a death claim. They will need a birth certificate. I’m sorry for your loss.

Answer: It depends on your age, health, and amount of coverage you want. There are underwritten plans where they ask medical questions, and then there are guaranteed issue plans. These plans are not underwritten, and they cost more because people who are not healthy enough to pass underwriting will get the guaranteed issue plans. I'd be happy to help should you need to pursue a policy.

Lt Col Tim Brown

agent/ broker 38 years in the business, licensed in 14 states.

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Answer: Waiver of premium means if you become disabled, you do not have to pay your premiums once you contact the insurance company and let them know and show them proof of your disability

Answer: I’m an independent agent. I’m in 14 states.

Lt Col Tim Brown

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Answer: Whole life (WL) and universal life (UL) can be cheaper in the long run. Here is a perfect example. Lets say you compare a 20 year term, say for a mortgage and you see the price by comparison with a UL plan. Seems term is cheaper on the surface. UL and WL builds cash value. So the end of 20 years comes along and you the term its over. With WL or UL on the other hand, what can you do. You can draw the cash value out and go away. That will be the lowest insurance compared to the term plan. You could keep the cash value. You could say to the insurance company and how much life insurance can I keep for the rest of my life, keep the policy in force and never make another premium payment, now you still have some insurance. You could just keep the plan in force cause you may see a need to have life insurance and you're paying for it at the price you bought it at 20 years earlier. You could also just suspend premiums and let the cash value pay the premiums for the life insurance. So Term is not always nor necessarily the cheapest.

Lt Col Tim Brown

Agent Broker

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Answer: No, they can not. Life proceeds free and clear of creditors.

Lt Col Tim Brown

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