Life Insurance

How much life insurance do I need?

A common guideline is 10–15 times your annual income, but the right amount depends on your debts, dependents, future education costs, and desired standard of living for your family. Michael can help calculate your ideal coverage amount.

What is the difference between term and whole life insurance?

Term life covers a set period (10–30 years) and is the most affordable option. Whole life provides permanent coverage with a cash value component that grows over time. Term is ideal for temporary needs; whole life serves as both protection and savings.

Can I get life insurance with a pre-existing condition?

Yes, many carriers offer coverage for people with pre-existing conditions, though premiums may be higher. Some policies like guaranteed issue life insurance require no medical exam. Michael shops multiple carriers to find options for your situation.

At what age should I buy life insurance?

The younger and healthier you are, the lower your premiums will be. Many financial advisors recommend purchasing life insurance in your 20s or 30s. However, it's never too late — options exist for every age group.

Does life insurance have a cash value?

Whole life and universal life insurance policies build cash value over time that you can borrow against or withdraw. Term life insurance does not have a cash value component but offers the most affordable premiums for pure death benefit protection.

A: A healthy 30-year-old can typically get a $500,000, 20-year term policy for $20–$35/month. Costs increase with age and health conditions. A 40-year-old might pay $35–$60/month for the same coverage.

A: Whole life insurance provides guaranteed death benefit plus cash value growth at a fixed rate. While not a pure investment vehicle, it offers tax-advantaged growth, guaranteed returns, and lifelong protection — making it a good financial planning tool.

A: Not always. Many carriers offer no-exam policies with simplified underwriting. These may have lower coverage limits or higher premiums. Traditional policies with exams typically offer the best rates.

A: When your term expires, coverage ends. Some policies offer a conversion option to whole life without a medical exam. Others allow renewal at a higher premium. Planning ahead with your agent ensures continuous coverage.