Mountain View Insurance Solutions is a family operated insurance agency in Bel Air, Maryland. We have over 35 years of experience helping people with life insurance.
Here are the internet’s most asked questions about life insurance. If you have any other questions or want to dive into a specific topic, give us a call at (410) 262-3176.
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Life Insurance FAQ
Life Insurance is an agreement between an “named insured”, which is often a individual, and a insurance company that states when the named insured passes away then the beneficiary receives a death benefit
There are over 100 life insurance companies that offer their services in the United States. How to pick the right one to work with is what can be difficult.
There are many services to apply for life insurance online. We offer our viewership quotes for life insurance. Click here for a quote.
Unfortunately, there is no average for term insurance. It mainly depends on age and the amount of death benefit the policy offers.
Shopping for life insurance can be fun (At least we think it is). The consumer has many options when shopping including an in-person broker, agent, and online services as well
When term life insurance expires the policy contract because null. At that time you have to pre-apply for a new life insurance policy.
When term life insurance expires the policy contract because null. At that time you have to pre-apply for a new life insurance policy.
Burial life insurance is also referred to as final expense insurance. It offers a death benefit that can be used to off-set the cost of a burial. It usually comes in the amount of $10,000 - $25,000 of death benefit coverage.
A whole life insurance policy is a life insurance contract that is designed to last the “whole life” on the named insured. The age that whole life insurance usually lasts to is age 120. Whole life insurance is very customizable – so it is important to research your options.
Mortgage protection life insurance is a policy that is designed to pay off the mortgage in the case of premature death. It can be designed with term life, whole life, and universal life insurance but most often accomplished with term.
The best life insurance plan is the one that meets your unique needs. For instance, a twenty five year old newlywed has much different needs than a sixty five year old retiree.
The benefit of life insurance is to provide a windfall of tax-free money in the case that someone passes away. It can also provide other benefits while the named insured is alive depending upon what riders were included on the policy
To find the best life insurance rates you should seek out multiple life insurance companies to compare. There is often a wide spread of pricing across the industry.
Mutual companies are those that are owned 100% by the policyholders. This contrasts with a stock company which is owned by shareholders, who may or may not be policyholders.
There are many things to consider when choosing the best policy for you. Term insurance meets a temporary need while whole and universal life can last your whole life. There are also riders to consider that are “add-ons” that change the policies benefits.
In order to get life insurance, you must first qualify for it. Depending upon which type of insurance and how much death benefit will decide how much underwriter you will have to undergo.
Underwriting is a term that refers to the life insurance company evaluating your health to determine what they will offer you in terms of price. This can include a urine and blood sample. They will also audit medical files.
The best company to buy from is the one that meets your needs the best and has financial stability to remain in business for years to come. Review all of your life insurance prospect’s AM Best score to evaluate their stability.
You can compare the death benefit, monthly price, riders, company, and type of life insurance. There are many other considerations so it is smart to do a little homework before making a decision.
A life insurance illustration is paperwork that has many important features of the policy such as premium, death benefit, beneficiaries, owners, and more.
In order to get life insurance on your parents you have to proof insurable interest and have your parent go through the underwriting process which how the life insurance company evaluates them. There are also policies that do not require underwriting such as final expense policies.
Cash value is an accumulation of money within the policy that grows over time. The cash value’s growth can be dependent upon an index, such as the S&P 500, or the life insurance companies dividend payments.
Cash value policies come in the form of universal life insurance and whole life insurance. These both have a cash value portion in the policy but they grow in different ways depending upon which policy you choose.
To properly read a life insurance policy you need to locate the illustration. This gives the pertinent information needed such as premium, death benefit, beneficiaries, owners, and more.
Life insurance cash value is calculated by calculating the premium amount, cost of insurance, accumulation factor, and any fees within the policy
Flexible premium refers to the fact that universal life does not have a “set” premium amount monthly. The policy offers more flexibility because of this. The premium “required” by the policy is calculated by current cash value, cost of insurance, and fees.
Yes, you can borrow from life insurance if it is a policy that accumulates cash value such as whole life or universal life.
You can have many life insurance policies. When you apply for a new policy the insurance company requires that you tell them about any other policies you have. They then compare that with your current income and decide whether or not they would like to offer you more.
Whole life insurance can get to the point where the cash value amount can pay for the majority or all the premium amount.
Life Insurance Experts
Mountain View Insurance Solutions is an independent insurance agency in Bel Air, Maryland that specializes in life insurance. We help people from all over the country with life insurance so don’t be afraid to reach out. If you have anymore questions that were not answered here feel free to call us at (410) 262-3176 or click here for an online quote.