11/03/2024 Session

“Life insurance pays a death benefit if you die while the policy is in effect, in exchange for premiums you pay before your death. You can use the death benefit to protect against financial hardships such as loss of your income, funeral expenses, medical or nursing care expenses, debt repayments, and child care costs after your death.” – National Association of Insurance Commissioners (NAIC), Life Insurance Buyer's Guide. 

“How much life insurance to buy depends on the financial needs that will continue after your death. Examples include supporting your family, paying for child(ren)’s education, and paying off a mortgage. Some questions you may want to ask about your own needs include:

1. Does anyone depend on me financially?
2. How much of the family income do I provide?
3. How will my family pay my final expenses and repay debts after my death?
4. Do I want to leave money to charity or family?
5. If I have life insurance through my employer, is it enough to meet my financial obligations? 

The answers to these questions can help you decide how much coverage you need. An insurance agent, financial advisor, or insurance company representative can help you evaluate your insurance needs and give you information about available policies.” – National Association of Insurance Commissioners (NAIC), Life Insurance Buyer’s Guide. 

You can also use the "Life Insurance Needs Calculator" that can be found by clicking on this webpage : 

https://www.shallhelp.com/life-insurance-needs-calculator/ 

“It’s important to compare your current policy with any new policy you might buy.

Keep in mind that you may be able to change your current policy to get benefits you want. Also, know that any changes in your health may impact your ability to get a new policy or the premium you’ll pay. Don’t cancel your current policy until you get the new one.

Also, while you may have free or low-cost life insurance through your employer, the death benefit usually is less than you need. And if you leave the employer, you may not be able to take this coverage with you.” – National Association of Insurance Commissioners (NAIC), Life Insurance Buyer’s Guide. 

You can also use the "Life Insurance Needs Calculator" that can be found by clicking on this webpage :

https://www.shallhelp.com/life-insurance-needs-calculator/  

"There are many types of life insurance policies. You should choose a policy with features that fit your individual needs. Some things to consider are:

TERM VS. CASH VALUE: Term insurance is intended to provide lowercost coverage for a specific period of time (“a term”). If you want coverage for a longer period of time, such as for your lifetime, cash value insurance may be more cost effective. Most term policies don’t build up cash values that you can use in the future.

RENEWABLE TERM VS. NONRENEWABLE TERM: Most term life insurance coverage can be continued (“renewed”) at the end of the term, even if your health has changed. If you renew a term policy, the new premiums are higher. Ask what the premiums will be before you renew the policy. Also ask if you’ll lose the right to renew the policy at a certain age. A nonrenewable term policy can’t be continued. You’ll have to apply for a new policy if you still want coverage.

WHOLE LIFE VS. UNIVERSAL LIFE: Whole life and universal life insurance are two types of cash value insurance. A key difference between the two is how you pay for the coverage. You typically pay premiums for whole life insurance according to a set schedule. In a universal life policy, you can choose a flexible premium payment pattern as long as you pay enough to keep your policy in force. 

VARIABLE LIFE VS. NON-VARIABLE LIFE: The investments you will choose (such as stock and bond funds) in a variable life policy directly impact your cash value. These policies have the greatest potential to build cash value but also the greatest risk of losing cash value. Non-variable life policies often have guaranteed minimums for some features (interest or cash value, for example) but not all. Non-variable life policies also have less potential to build cash value than variable life policies.” – National Association of Insurance Commissioners (NAIC), Life Insurance Buyer's Guide.  

“Before you buy a life insurance policy, be sure you can pay the premiums. Can you afford the initial premium? If the premium increases later, will you still be able to afford it? The premiums for many life insurance policies are sensitive to changes in the company’s investment earnings, claims costs, and other expenses. If those are worse than expected, you may have to pay a much higher premium. Ask what might be the highest premium you’d have to pay to keep your coverage.” – National Association of Insurance Commissioners (NAIC), Life Insurance Buyer’s Guide. 

You can also use the "Life Insurance Needs Calculator" that can be found by clicking on this webpage :

https://www.shallhelp.com/life-insurance-needs-calculator/  

After you use the "Life Insurance Needs Calculator ", you can then request for a Life Insurance Quote. Usually a Life Insurance Agent would ask how much can you budget for it per month, because premiums can be customized for "Face Value Amount" or "Premium Amount".  

Just fill out the form by clicking HERE so that we can schedule an interview and research the quotations for you and then submit the Application for an Life Insurance Policy Contract. The Insurance Company would know best whether to Accept or Decline the application. Most insurance premiums can be designed for affordability as well. The best insurance is the one that pays, because we have made the wise decision to put a policy in place for when that time comes that we leave our family members behind.     

Begin, act now . Click here .

“You can apply for life insurance through life insurance agents, the mail, and online. In addition to basic information, such as your name, address, employer, job title, and date of birth, you’ll be asked for more personal information. Depending on the type of policy, the insurer may require you to see a doctor, answer health-related questions, or have a medical professional come to your home or office to assess your health. Usually a policy that doesn’t require detailed health information will cost more and provide less coverage than one that does. 

It’s important to tell the truth on the application. The insurance company will check your answers so review the application before you sign. If the insurance company discovers false statements on your application after it issues your policy, it could reduce or cancel your coverage.” – National Association of Insurance Commissioners (NAIC), Life Insurance Buyer’s Guide. 

The form that was developed on our Quotes Page contains, more or less, the typical questions asked by majority of Life Insurance Companies. I developed it here for those who are wondering about the process and how much time it takes. You can review the page at: 

https://www.shallhelp.com/begin/ 

Then, the case would be assigned to a Licensed Agent to research which among the 11 Carriers we represent, has the higher probability of accepting the application, based on the Underwriting Guides that we have. We can also then run the numbers and quotes and then give you a call so you can decide on the Options.  

If you decide to go on ahead with an Application, prepare the following: 

1. Social Security Number
2. Driver's License or State ID Number
3. Bank Details (Routing Number and Account Number)

The Insurance Company needs those three, because they also will run their own research as to your insurability. Your Health Information is attached to your SSN, so they run a Medical Information Bureau (MIB) Check and Prescription Background Check. They need Driver's License Number to also check insurability eligibility. They need the Bank Account, because if their research shows that you are insurable, they will draft your bank for the first premium amount.  

Once you're Insurance policy is approved and considered In Force, or Active, you will also receive an emailed policy and a mailed paper copy of your Insurance Policy.   

You have a 30 Day "free look" period - and after that, it becomes the Life Insurance Policy Contract that is binding, for as long as premiums are paid on or before their due dates.  

Peace of mind is priceless. So. let's get started at: 

 https://www.shallhelp.com/begin/  

“A beneficiary is the person(s) or organization(s) you name to receive your life insurance policy’s death benefit. You’ll need to know the Social Security or tax identification number for all beneficiaries. Experts advise you not to name a minor child as a beneficiary. Insurance companies won’t pay a minor. Instead, consider leaving the money to your estate or trust.” – National Association of Insurance Commissioners (NAIC), Life Insurance Buyer's Guide.  

“Does your policy have a cash value? In some cash value policies, the values are low in the early years but build later on. In other policies the values build up gradually over the years. Most term policies have no cash value. Ask your insurance agent, financial advisor, or an insurance company representative for an illustration showing future values and benefits. “ – National Association of Insurance Commissioners (NAIC), Life Insurance Buyer's Guide.  

"After you buy life insurance…  

READ YOUR POLICY CAREFULLY

After you carefully read your policy, you should be able to answer the following important questions:

1. Is your personal information correct?
2. Do premiums or policy values vary from year to year?
3. What part of the premium or policy value isn’t guaranteed?
4. How will the timing of money paid and received affect any interest the policy might earn?

Your insurance agent, financial advisor, or an insurance company representative can help you understand anything that isn’t clear.

If you’re not satisfied with your new policy, you can return it for a full refund within a certain period, usually 10 days after you receive it. The review period usually is stated on the first page of the policy”

REVIEW YOUR LIFE INSURANCE POLICY EVERY FEW YEARS

Review your policy with your insurance agent, financial advisor, or an insurance company representative every few years to keep up with changes in your policy and your needs. 

1. Have the premiums or benefits changed since your policy was issued?
2. Do the death benefits still meet your needs?
3. Do you need more or less coverage after life events, such as birth, adoption, marriage, job change, death, or divorce?

The insurance company can provide policy statements and illustrations to help with this review. As the policy owner, you can change beneficiaries at no cost. Be sure to review your beneficiaries every few years, especially after major life events that affect your life insurance needs." – National Association of Insurance Commissioners (NAIC), Life Insurance Buyer's Guide.  

A Licensed Professional needs to know at the very least the following: 

Date of Birth

Sex at birth

Tobacco Use

Height and Weight

Health Status

The Quote Page was developed so that Consumers would know the prequalification questions that are asked in a typical Life Insurance Policy Contract.  

https://www.shallhelp.com/begin/ 

Insurance is highly regulated by the State of Texas (and regulated in all States in the United States). Life Insurance Agents are Licensed Professsionals who have studied the regulations and are also FBI background checked and fingerprinted. Only those with Active Licenses and Continuing Education compliant Life Insurance Agents can sell Life Insurance. They use their Active State Licenses to contract with different Insurance Companies who are also licensed to do business in Texas. All Life Insurance Policies are sold through appointed or contracted Independent Licensed Agents. They can either work for a specific Insurance Company or Carrier as a "Captive Agent", or can be contracted with different Insurance Carriers as an "Independent Broker / Agent". Some Licensed Agents also use technology (like websites like this one) to share information on how to apply for a Life Insurance Policy. As Licensed Agents, it is our duty to "Know our Customers", because we want to make sure that we are putting our client's best interests at heart, in assisting in the application process, using our own access to the Insurance Companies secured portals as we try to give them the best policy that we can apply to after doing a Needs Analysis. Each person's insurance needs are different, there's no one size fits all.