{"id":1370,"date":"2021-07-22T10:00:00","date_gmt":"2021-07-22T10:00:00","guid":{"rendered":"http:\/\/itcblog.zywaveinternal.wpengine.com\/itc-syndicate\/\/\/\/faqs-of-first-time-life-insurance-buyers\/"},"modified":"2022-11-28T09:51:14","modified_gmt":"2022-11-28T15:51:14","slug":"faqs-of-first-time-life-insurance-buyers","status":"publish","type":"post","link":"https:\/\/www.shoopins.com\/es\/blog\/faqs-of-first-time-life-insurance-buyers\/","title":{"rendered":"FAQs of First-time Life Insurance Buyers"},"content":{"rendered":"<p>        <span id=\"litH1\" style=\"text-align: left;font-family: Helvetica, Arial, sans-serif, 'Ubuntu';font-size: 20px;color: #363636;line-height: 24px;font-weight: 600\">FAQs of First-time Life Insurance Buyers <\/span><\/p>\n<p>        <span id=\"litContent\" style=\"text-align: left;font-family: Helvetica, Arial, sans-serif, 'Ubuntu';font-size: 14px;color: #808080;line-height: 24px;font-weight: 400\"><\/p>\n<p>If you have never bought life insurance before, then the process might seem like a challenge. For help, consider frequently-asked questions those in your position often ask.<\/p>\n<p><strong>1. What is life insurance?<\/strong><\/p>\n<p>Life insurance will pay out an amount of money if a person, whose life the policy insures, dies. The sum it will pay is a death benefit.<\/p>\n<p><strong>2. Who\u2019s Who in Policies<strong> <\/strong><\/strong><\/p>\n<p><strong><strong><br \/>\n<\/strong><\/strong><\/p>\n<p>There are three parties involved in most life insurance policies.<\/p>\n<ul>\n<li><strong>The policyholder:<\/strong> The person who owns the policy. They make decisions about the policy and pay the premium.<\/li>\n<li><strong>The insured:<\/strong> The person who has to die for the policy to pay.<\/li>\n<li><strong>The beneficiary:<\/strong> The party that will receive the death benefit. The beneficiary can then use the money to afford various costs they might face down the road.<\/li>\n<li>You often also name contingent or alternate beneficiaries. These parties will receive the death benefit if the primary beneficiary cannot. <\/li>\n<\/ul>\n<p>Sometimes, you can be both the insured and the policyholder. In other words, you can take out a policy on your own life that will pay someone else as the beneficiary.<\/p>\n<p>You can also be both the policyholder and the beneficiary. You might name someone else (like a spouse), the insured. You can then make yourself the beneficiary in case your spouse dies. Yet, to name someone else as the policy&#8217;s insured, you will likely need their permission. <\/p>\n<p>If you are the insured, then you cannot be the beneficiary. That\u2019s because you\u2019ll have to die for the policy to pay.<\/p>\n<p><strong>3. Who can be my beneficiary? <\/strong><\/p>\n<p>You can name almost anyone as a beneficiary if you are the insured, including: <\/p>\n<ul>\n<li>Spouses <\/li>\n<li>Parents <\/li>\n<li>Adult children<\/li>\n<li>Trust accounts <\/li>\n<li>Your estate\u2019s executor<\/li>\n<li>Charities <\/li>\n<\/ul>\n<p><strong>4. How much coverage do I need?<\/strong><\/p>\n<p>We recommend that you carry at least 10-15 times your annual income if yours is the insured life. <\/p>\n<p>Some people want their death benefit to go towards specific purposes, like mortgages or a child\u2019s education. In these cases, you will need at least enough coverage for these costs. <\/p>\n<p><strong>5. Are there different types of policies? <\/strong><\/p>\n<p>The two most-common types of life insurance are: <\/p>\n<ul>\n<li><strong>Whole-life insurance:<\/strong> Once you enroll, this policy will remain active indefinitely as long as you pay your premium. Many whole-life policies offer both death benefits and cash-value accumulation options.<\/li>\n<li><strong>Term life insurance:<\/strong> A term policy will only last for a set number of years. If you die before the term ends, the policy will pay the death benefit. If you don\u2019t, the policy expires and will not pay.<\/li>\n<\/ul>\n<p>Within the spheres of term and whole-life policies, there are further options. Let one of our agents help you determine the right course of action for your needs.<\/p>\n<p><strong>6. What will my policy cost?<\/strong><\/p>\n<p>The type and amount of coverage you buy will of course influence your policy\u2019s premiums.<\/p>\n<p>Insurers will also look at various demographic factors to set individual rates. Those can include (but are not limited to):<\/p>\n<ul>\n<li>Your age and gender <\/li>\n<li>Your overall health  <\/li>\n<li>Your occupation <\/li>\n<li>Your smoking habits <\/li>\n<\/ul>\n<p>Generally, the policyholder will pay more for a policy if the insured person has a higher risk of dying. The factors above might influence those risks. <\/p>\n<p>If you want life insurance, but have questions, we are ready and able to help. Contact us or request a quote today to get started on your life insurance policy.<\/p>\n<p><\/span><\/p>\n<div id=\"pnlSource\" style=\"margin-top: 20px\">\n<table border=\"0\" cellpadding=\"0\" cellspacing=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td width=\"auto\" align=\"center\" height=\"40\" bgcolor=\"#d52728\" style=\"padding-left: 20px;padding-right: 20px;font-family: Helvetica, Arial, sans-serif, 'Ubuntu';color: #ffffff;font-weight: 400\">\n\t\t\t<a href=\"#\" style=\"color: #ffffff;font-size: 16px;text-decoration: none;line-height: 34px;width: 100%\">SOURCE<\/a><\/p>\n<\/td>\n<td width=\"10px\"><\/td>\n<td width=\"auto\" align=\"center\" height=\"40\" bgcolor=\"#999999\" style=\"padding-left: 20px;padding-right: 20px;font-family: Helvetica, Arial, sans-serif, 'Ubuntu';color: #ffffff;font-weight: 400\">\n      <a id=\"lnkSource\" style=\"color: #ffffff;font-size: 16px;text-decoration: none;line-height: 34px;width: 100%\">INSURANCE TECHNOLOGIES CORPORATION<\/a>\n\t\t<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>FAQs of First-time Life Insurance Buyers If you have never bought life insurance before, then the process might seem like a challenge. For help, consider frequently-asked questions those in your position often ask. 1. What is life insurance? Life insurance will pay out an amount of money if a person, whose life the policy insures, [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":null,"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_analytify_skip_tracking":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1370","post","type-post","status-publish","format-standard","hentry","category-blog"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.shoopins.com\/es\/wp-json\/wp\/v2\/posts\/1370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.shoopins.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.shoopins.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.shoopins.com\/es\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.shoopins.com\/es\/wp-json\/wp\/v2\/comments?post=1370"}],"version-history":[{"count":0,"href":"https:\/\/www.shoopins.com\/es\/wp-json\/wp\/v2\/posts\/1370\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.shoopins.com\/es\/wp-json\/wp\/v2\/media?parent=1370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.shoopins.com\/es\/wp-json\/wp\/v2\/categories?post=1370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.shoopins.com\/es\/wp-json\/wp\/v2\/tags?post=1370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}