Norma Reynoso, Life Insurance Broker

Answer: How much coverage do I actually need?

What is the difference between term and permanent/whole life for my situation?

Answer: Purchasing too little coverage they underestimate their financial obligations.

Relying only on Employer coverage usually not portable if you leave job

Answer: Yes, their unpaid labor - childcare, housekeeping and transportation - would be expensive to replace.

Provides funds to pay off mortgages or cover funeral expenses

Answer: Your policy will likely lapse.

With Term life insurance, If the grace period expires without payment, the policy terminates.

With Permanent/whold Life insurance, If you have accumulated cash value, you may be able to use it to pay premiums.

Answer: If a beneficiary dies, you should contact your life insurance company directly to request a beneficiary change form and name new primary and contingent beneficiaries.

Answer: Yes, many life insurance policies offer immediate, day-one coverage with no waiting period. Final expense is one. Provides immediate, day-one full coverage for natural and accidental death

Answer: In a divorce, a life insurance policy's status depends on whether it has cash value. Term policies hold no cash value, while permanent policies are treated as marital assets. Ex-spouses must also update beneficiaries, and courts often require policies to secure alimony or child support.

Answer: Yes, you can absolutely have multiple life insurance policies with different companies.

When you apply for a new life insurance policy, one of the questiions asks if you have or are you going to replace. You must disclose all active life policies. Companies check to see if you are over insured as well.

Answer: When you are young insurance rates are low. We don’t know what tomorrow brings so guarantees your insurability for the future. Also pays for funeral expenses that will otherwise be left to your loved ones.

Answer: The grace period is usually 30 to 31 days when your policy remains active even if you miss a payment.

Answer: It’s a 2 year period in which an insurer, if discovers false information within this timeframe, that was provided on application can deny death claim.

Answer: Yes, they can, but with requirements such as legal residency in the country, Social Security number or tax ID number and a US bank account for premiums to withdraw from.

Answer: Premiums vary it's depending on policy type, coverage amount, age, gender, and overall health status. A young healthy individual can pay as low as $20 or $30 monthly with term life policy, whereas an older person with the same coverage $200 or $400 per month.