Mark Boone, Life Insurance Broker
Mark Boone
Symmetry Financial Group
Life Insurance Broker Licensed in MN, FL, MI, NC, SC and VA
29+ Years of Experience
Contact Details
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Location
Rochester, MN
About Me
Welcome! I'm Mark, a local life insurance specialist who understands the importance of protecting what matters most. From growing families to individuals planning ahead, I help people at every stage of life choose coverage with confidence.
Q&A with Mark Boone
What is final expense insurance and how is it different from regular life insurance?
Answer: Final expense insurance is usually a smaller-scale permanent life insurance policy designed to cover end-of-life costs like funeral services, burial or cremation, and unpaid medical bills. It typically features smaller payouts, usually in the $5000-$50000 range and has an easier application process. Final Expense policies usually have no medical underwriting or a simplified underwriting. Usually they ask a few medical questions and there is no medical exam. Regular life insurance usually has a medical exam and detailed underwriting questions.
What is the most common mistake people make when buying life insurance?
Answer: The most common mistake people make is buying too little coverage. Many severely underestimate the amount needed to maintain their family's standard of living, resulting in a death benefit that is only enough to cover basic funeral costs rather than replacing lost income, covering a mortgage, or funding long-term needs
Does life insurance cover suicide or accidental death?
Answer: Life insurance generally covers both accidental death and suicide, though each comes with specific conditions and waiting periods.
Accidental death is typically covered immediately, whereas suicide is subject to an initial exclusion period, usually 2 years, to prevent policies from being purchased with the immediate intent to self-harm.
Accidental deaths (such as car crashes, falls, or drowning) are covered immediately from the date the policy goes into effect.
An insurer may deny the claim if the accident occurred during the commission of an illegal act, from an intentional self-inflicted injury, or while participating in extremely high-risk or prohibited activities.
How do life insurance agents get paid, and does using one cost me more?
Answer: Life insurance agents are paid from the insurance company and not directly from the client. In most cases it does not cost you more to use an agent instead of buying direct. All premiums must be approved by the state insurance commissioners so you would be paying the same if you use an agent. An agent can actually save you money because most will do a fact finder and find out what type of insurance is right for you as well as how much coverage to purchase. They can also be your ally if you have some health issues and be able to work with the underwriter to get you the best premium.
Do you have to pay taxes on life insurance benefits?
Answer: Life insurance death benefits are generally income tax-free for beneficiaries.
However, taxes may apply in specific scenarios:
Payout Structure: If you receive the payout in installments or as an annuity, the interest that accrues is taxable.
Employer-Provided Policies: Group-term life insurance paid by an employer is tax-free up to $50,000; coverage exceeding that amount may be treated as taxable imputed income.
Estate Taxes: If the deceased owned the policy, the proceeds are included in their estate and could be subject to federal or state estate taxes if the total estate value is extremely high.