Carter Thompson Insurance

Life Insurance

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Life Insurance Information

Life insurance can offer a financial safety net that may provide solace and security amid life’s uncertainties. The right life insurance can offer peace of mind by ensuring that dependents will be financially supported and can maintain their standard of living after the policyholder’s passing.  

The policyholder pays regular premiums to the insurance company, and in return, the insurance company guarantees a death benefit will be paid out upon the insured’s death. This money is typically used to cover funeral expenses, outstanding debts, mortgage payments and income replacement for the family. Speak with your agent to understand the different types of life insurance policies available and how their death benefits may vary. 

How Far Back Do Life Insurance Companies Look? 

Life insurance companies typically conduct underwriting assessments to evaluate the risk associated with insuring an individual’s life. During this process, they gather information to assess factors that may impact the policy, such as the applicant’s health, lifestyle and medical history. The timeframe in which life insurance companies look back can vary depending on the specific company and policy type.  

As a general guideline, life insurance companies typically review the applicant’s medical records for up to the past 10 years. This may include information related to preexisting medical conditions, previous surgeries, medications and any relevant diagnoses. They may also consider lifestyle factors such as tobacco or alcohol use, driving records and participation in high-risk activities, and they may look at your parent’s and sibling’s medical history. 

How Many Life Insurance Policies Can You Have? 

There is no set limit on the number of life insurance policies an individual can have. Having multiple life insurance policies from different insurance companies or even multiple policies from the same insurer is possible. Having multiple policies may depend on your financial goals, coverage needs and personal circumstances. 

How Much Life Insurance Should You Have? 

Determining the appropriate amount of life insurance coverage is a personal decision that depends on various factors, including your financial situation, your family’s needs and long-term goals. Discuss your coverage options and goals with your agent. 

How Much Life Insurance Do I Need at 60? 

Determining the appropriate amount of life insurance at age 60 requires careful consideration of a variety of factors, including: 

  • Financial obligations
  • Future needs of dependents
  • Retirement savings
  • Potential income sources

It may be difficult to secure an affordable life insurance rate at age 60, but options are usually available. Your insurance agent can help explain coverage availability for your circumstances. 

Contact Carter Thompson Insurance to discuss your life insurance needs. We can help answer all of your life insurance questions based on your situation to ensure adequate coverage. 

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