Understanding life insurance helps you make confident choices for your family’s future. Below you’ll find clear answers to common questions—no jargon.
1. Can I own more than one policy?
Yes. It’s common to layer a term policy for income protection with a smaller permanent policy for lifelong needs.
2. How do I choose a beneficiary (and update them)?
Name primary and contingent beneficiaries and review them after major life events—marriage, divorce, or the birth of a child.
3. What is life insurance?
It’s a contract where you pay premiums and the insurer pays a lump‑sum benefit to your beneficiaries if you pass away while the policy is active. The benefit can help with funeral costs, debts, mortgage payments, and day‑to‑day expenses.
4. How are premiums determined?
Age, health, tobacco use, coverage amount, and policy length/type all affect price. Generally, younger and healthier applicants pay less.
5. How fast can I get coverage?
Accelerated underwriting can approve some applicants the same day. Traditional underwriting may take 1–2 weeks depending on your health profile.
6. What happens if I miss payments?
Term policies usually lapse after a grace period. Some permanent policies can use built‑up cash value to keep coverage active temporarily.
7. What are the main types of life insurance?
Term life covers you for a set period (10–30 years) at a lower cost. Permanent life (Whole or Universal) lasts your entire lifetime and can build cash value.
8. How much coverage do I need?
Many West Palm Beach families target 10–15× annual income, then adjust for mortgage balance, debts, savings, and college or childcare costs.
Still have questions? Connect with a licensed local professional for clear, no‑pressure guidance and quotes.