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Life Insurance Information
A life insurance policy can help ensure your loved ones have financial protection when you die. Many people choose life insurance as part of their financial and estate planning, and at Sunstar Insurance of Arkansas, we can help you find a policy for your planning needs.
What Is Life Insurance?
Life insurance is a contractual agreement between you and an insurer. In exchange for your regular premium payments, your insurer agrees to pay your beneficiaries the designated amount following your death.
There may be various life insurance policies available to you, and determining the type and amount of life insurance you need depends on your financial objectives. Life insurance policies typically fall into two categories: term life and whole life.
Term life insurance
provides coverage for a specific period called a term. It can provide money for your beneficiaries if you die during your policy’s term, which may be a period of 10, 20, 30 or more years, depending on your policy. If you don’t die during this period, your policy doesn’t pay, and you must reapply for a new policy to continue coverage.
Whole life insurance
provides coverage for the entirety of your life. If you pay your premiums, your coverage may last for the rest of your life once you’ve enrolled. Unlike term insurance, whole life insurance may provide a cash-value component, which you may be able to borrow against while you’re still alive.
We can help you explore the various types of life insurance available and find suitable coverage for your financial needs.
How Far Back Do Life Insurance Companies Look?
As part of the underwriting process, an insurance company assesses its risk of insuring you by reviewing aspects of your life. This process helps to determine the premium they will charge you for coverage if they approve you for a policy. For example, your insurer or insurer’s underwriter might look at your health, age, medical history and other data to see if you had a serious illness or injury that would increase the risk of insuring you. Every insurance company varies in how far back into your history they may look. We can work with you to find an appropriate policy based on your personal information and level of risk.
How Many Life Insurance Policies Can a Person Have?
The simple answer to whether you can have multiple insurance policies is that you may be able to have more than one policy. However, insurers usually recommend that you begin with one policy. You may consider more insurance if you require numerous policies due to your financial commitments (e.g., mortgage, college tuition). Insurers may review your existing policy coverage to ensure you’re not exceeding your insurability limit and extending yourself financially. We can discuss if additional policies would be beneficial.
How Much Life Insurance Should You Have?
To evaluate the amount of insurance coverage you should have, you should meet with your financial advisor and insurance agent to discuss your financial goals and commitments. As your financial needs change over time, you may choose to adjust your policy, adding more coverage.
A Plan for Your Financial Needs
Sunstar Insurance of Arkansas can help you with a suitable life insurance policy for your financial objectives. Call 501-225-3454 to speak with us or visit one of our Arkansas locations to talk with an insurance associate.