Taylor Langlois, Life Insurance Agent

Answer: I don't look at age as much as I look at liabilities. If you have dependents, debt, or assets, you likely need some type of policy in place, regardless of how old you are. For most people, that reality tends to hit in their 20s or 30s, but everyone's situation is different, which is why I focus more on your current needs than on an age number.

Answer: First-time buyers should come in with a few key questions. Start with how much coverage you actually need based on your income, debts, and dependents, that drives everything else. We use out own equation in case you need assistance with that. From there, ask whether term or permanent insurance makes more sense for your situation, what the premiums look like, and whether a medical exam is required. Don't forget to ask as well about available riders as well; some policies have neat ones like "return-of-premium" if you want them.

Answer: Yes, whole life insurance is generally much more expensive than term. In many cases, you're looking at premiums that are 5 to 10 times higher for the same death benefit. That extra cost comes with some added benefits though, like lifelong coverage and a cash value component that builds over time, which term policies typically don't offer.

Answer: Most life insurance companies invest the premiums they collect into bonds, stocks, and other assets to help keep the company financially healthy. For whole life policies, those investment returns can actually affect your dividends and cash value growth depending on what type of policy you buy, so a well-managed portfolio can work in your favor over time. Term policies are less affected since there's no cash value component, but obviously the company's overall financial strength still matters.

Answer: Most beneficiaries get the payout within 30 to 60 days, as long as the claim forms and death certificate are turned in quickly. It can take longer if there are any questions about the cause of death or if the policy is still in the two-year contestability window.

Answer: Life insurance is less critical when you're single with no dependents since there's no one financially relying on your income, but it can still make sense in certain cases. For instance, it can cover funeral costs and any debts (like student loans that aren't discharged at death) so those don't fall on your parents or estate, and locking in a policy while young and healthy often means much lower premiums if you expect to need coverage later in life.

Answer: Life insurance agents typically earn commissions paid by the insurance carrier out of your premiums, rather than charging you a separate fee directly. Because these commissions are built into the insurer's standard pricing, buying through an agent generally doesn't cost you more than buying the same policy on your own, and a good agent can actually help you avoid overpaying by comparing options across multiple carriers.

Answer: Look for a company that is transparent about policy costs (like annual fees), exclusions, and how claims are paid out, rather than burying details in fine print. It also helps to check their complaint history with your state insurance department and their financial strength ratings, since a company's track record for actually paying claims fairly and promptly says a lot about its ethics. After all, that's what you're getting the policy for.

Answer: Honestly, most people don't cancel on purpose. They just get busy, move, change banks, or forget to update a card on file and the payment bounces a few times until it lapses. Others buy a policy without really understanding what it does for them, so a few years later when money's tight, it's the first bill they stop paying. That's why we focus on going through the ins and outs when working with folks so they don't have a policy they let lapse due to not understanding it.

Answer: Yes, with quite a few options in fact. The main focus is what type of coverage you're looking for. Some companies specialize in higher-risk applicants, and there are also guaranteed acceptance policies if a medical exam is the sticking point.

Answer: If you stop paying premiums, your policy will lapse after a grace period (usually 30 days). Once lapsed, coverage ends and no death benefit will be paid, plain and simple. With some companies, you can reinstate the policy by paying back premiums with fees, but not all of them are lenient that way. With permanent policies however, you can also use cash value to keep coverage active if there's any in there.

Answer: The cash surrender value is basically what you can get back if you decide to cancel your permanent life insurance policy early. It's the money your policy has built up over time, minus any surrender charges. Think of it like your savings account within the policy; you can take it out, but you'll lose your coverage and might pay a fee.

Answer: Absolutely! There's actually some policies made by carriers that are designed exactly for this. Permanent life insurance policies build up cash value over time, and you can borrow against it or withdraw funds for college expenses including tuition, room and board, and books. Just keep in mind that loans or withdrawals reduce your death benefit, so chat with your agent about the best strategy for your situation.

Answer: Don't worry, your coverage is protected by state insurance guaranty funds. If your insurance company goes under, these funds step in to pay out death benefits and protect your policy. It's a safety net built into the system, so you're not left hanging even if the worst happens to your insurer.

Answer: An ILIT is a trust that owns your life insurance policy instead of you personally. This keeps the death benefit out of your taxable estate, which can save your family a lot in estate taxes. I typically recommend talking with an estate planning attorney to see if it's the right move for your situation, but it's a smart strategy for people with larger estates.

Answer: The grace period is typically 30 days after a missed payment. It gives you a window to catch up without losing coverage. If you pay within that time, you're all set. But if you miss it, your policy lapses and I won't be able to help you collect benefits. If you ever have trouble making a payment, just reach out and we can talk about your options.

Answer: Life insurance and a will serve different purposes, so you actually need both. Your life insurance provides immediate cash to your beneficiaries, but a will lets you decide who gets your other assets and who cares for your kids. I always recommend talking to an estate planning attorney alongside us about creating a comprehensive plan that includes both, along with any other documents like trusts or powers of attorney.

Answer: As inflation rises, the cost of living goes up, which means your family will need more money to maintain their lifestyle if something happens to you. That's why I recommend reviewing your coverage every few years to make sure it still matches your situation. If you locked in a policy years ago, a lot of options offer inflation protection either as an additional rider or with the cash value in a whole life policy. There's a good chance your family would still benefit though from additional coverage to keep up with today's costs if your circumstances have changed alongside inflation.

Answer: Some whole life policies are participating policies, meaning they can pay dividends when the insurance company has strong performance. Think of it as a share of the company's profits. You can take dividends as cash, use them to reduce premiums, or reinvest them to buy more coverage. I always go over your specific policy options so you understand what dividends you might expect and how to use them best.

Answer: Absolutely, you can get life insurance with depression or anxiety. Insurers look at the whole picture like how you're managing your condition, whether you're in treatment, and your overall health. I won't sugarcoat it: being upfront during the application process is important, but getting coverage is definitely possible. You just gotta find the right agent that knows the best options ;)

Answer: Yes you can absolutely get life insurance after a cancer diagnosis. What matters most to underwriters is how long you've been cancer-free, what type of cancer it was, and your overall health now. If you're in remission or have completed treatment successfully, you'll likely qualify for coverage. I've helped plenty of people in your situation find good rates, so let's talk about your specific case and find what works for you.

Answer: We use the L.I.F.E. method:

Liabilities - Any outstanding debts that need to be paid off, such as mortgages, car loans, credit card debt, and other personal loans

Income - An amount of money needed to replace the income of the insured person, typically covering a certain number of years worth of the insured's salary

Final Expenses - Costs associated with end-of-life expenses, including funeral costs, medical bills, and any other expenses related to the passing of the insured person

Education - Future education expenses for the insured’s children or other dependents. It ensures that funds are available for schooling and higher education

Find the sum total of those and you have the estimate that works really well with our clients.

Answer: Mortgage protection insurance is a policy specifically designed to pay off your remaining mortgage balance if you pass away before it's paid off, with the payout typically going directly toward the loan. Regular life insurance, on the other hand, pays a death benefit to whoever you name as your beneficiary, and they can use that money however they choose, whether that's covering the mortgage, daily living expenses, college tuition, or anything else. Mortgage protection policies are also often tied to your loan amount and decrease in coverage as your mortgage balance shrinks, while a standard term or whole life policy keeps a level death benefit for the life of the policy.

Answer: There's no single fixed percentage that works for everyone, but a common rule of thumb is to keep life insurance premiums somewhere around 1 to 3 percent of your monthly income, especially if you're buying affordable term coverage.

That being said, we use the L.I.F.E. method.

L - Liabilities: debt, mortgage, credit cards, etc.

I - Income: 3 to 5 years of your annual income.

F - Final Expenses: funeral costs, medical bills, etc.

E - Education: Help fund your children's future schooling.

Answer: A life insurance medical exam typically takes 30-45 minutes and involves basic measurements (height, weight, blood pressure), blood and urine samples to screen for conditions like diabetes and high cholesterol, and sometimes an EKG depending on your age and coverage amount. The insurance company uses these results to confirm your health and calculate your premiums accurately.