This FAQ breaks down how life insurance works, what affects price, and how to select the right policy for your family.
1. Are death benefits taxable?
In most cases, the benefit paid to beneficiaries isn’t subject to income tax. Large estates or interest earned can have tax implications—consult a tax professional.
2. 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.
3. Can I convert term to permanent coverage?
Many term policies include a conversion option within a set window. You can switch to a permanent policy without a new medical exam.
4. 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.
5. 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.
6. How much coverage do I need?
Many Martinsburg families target 10–15× annual income, then adjust for mortgage balance, debts, savings, and college or childcare costs.
7. Do I need a medical exam?
Some policies require an exam to qualify for lower rates. Others offer no‑exam or simplified issue coverage with different eligibility and pricing.
8. What riders should I consider?
Common options include accelerated death benefit, waiver of premium, child rider, and term rider—each adds specific protections.
Still have questions? Connect with a licensed local professional for clear, no‑pressure guidance and quotes.