Life Insurance FAQs

General Life Insurance Information

Because life insurance serves as a replacement for lost income in case of an unfortunate event, the proceeds from your policy should be sufficient to cover immediate expenses and ensure a continuous income stream for your beneficiaries. Financial advisors often suggest coverage in the range of 5 to 10 times your annual income. For instance, if your yearly income is $50,000, it’s advisable to consider coverage between $250,000 and $500,000. For younger individuals who are just starting a family, a higher coverage, potentially up to 15 times your income, may be necessary to account for future salary increases. Since personal circumstances vary, we recommend consulting one of our licensed sales agents to assist you in determining the most suitable coverage for your specific needs. Additionally, seeking advice from your attorney or financial advisor is advisable for professional guidance on legal, tax, and financial planning matters.

What if I currently possess a life insurance policy?

If you intend to replace an existing life insurance policy with one from Newline Life, it’s important not to cancel your current coverage until you have received, reviewed, and accepted your new policy. Only terminate your old policy after all the final requirements for the new one have been met, and you have received confirmation from the insurance company that your new policy is active. We strongly advise consulting with your legal or tax advisor since surrendering cash value policies may result in surrender penalties and tax implications. Additionally, be aware that new policies come with contestability and suicide period provisions.

What does spouse life insurance entail?

The necessity for term life insurance is relevant not only for income-earning spouses but also for non-earning partners. There are compelling reasons to consider obtaining life insurance for a spouse who does not contribute financially to the household. For instance, the loss of a stay-at-home spouse can result in significantly increased childcare expenses, the need for the surviving spouse to take time off work, final expenses, and the settlement of outstanding debts. These are just some of the financial implications of such a profound loss. As a general guideline, it’s recommended to secure at least 50 percent of the term life coverage for a non-earning spouse as you would for the primary breadwinner.

What is the price of life insurance?

The price of life insurance is influenced by the level of financial protection you wish to provide for your loved ones. Life insurance serves to replace income, cover mortgage obligations, or fund a child’s education, making it essential to take your expenses into account when establishing your coverage needs. Allow us to assist you with our insurance calculator to determine the appropriate coverage for your situation.

Is a medical examination required for me?

For both term and permanent life insurance, the majority of companies mandate a brief medical examination. It’s important to note that this examination is provided to you free of charge and can be scheduled at your convenience, either at your home or office. Typically, the exam takes less than 20 minutes. You can find additional information about these medical exams.

What is the typical duration to acquire a policy?

Typically, it takes 4-7 weeks after your application is submitted to get the policy in your hands.

Can I renew my policy?

yes, your policy will renew automatically upon its expiration, and there’s no need for a medical exam. It’s important to note that premium rates may rise as insurance carriers adjust their pricing. During this period, we are available to assist you in exploring other options to ensure you continue to have the necessary coverage at a cost that aligns with your budget.

Is life insurance necessary for children?

While none of the companies we work with provide standalone policies for children, several of them offer cost-effective “child riders.” Typically, with a single fixed fee added to the parents’ coverage, these riders can extend coverage to each of your children, both existing and future, with a benefit limit of up to $25,000. To explore the available choices in your state, please consult your licensed sales agent at Newline Life.

Life Insurance Coverage

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For what duration should I maintain life insurance coverage?

The duration of the coverage you require is influenced by various factors, with the primary consideration being the period during which you anticipate your beneficiaries will rely on your financial support. If your spouse is the beneficiary, it’s advisable to have coverage until your planned retirement age. In the case of your children, you’ll likely want to ensure protection until they reach the age of 18 or complete their college education. For covering a mortgage, select a policy with a duration matching the length of the loan. Depending on your age, you can obtain policies with guarantees for 10, 15, 20, or even 30 years.

Am I allowed to modify my coverage?

Should significant life events, like a career transition, the addition of a new family member, or a change in residence, prompt a reevaluation of your life insurance coverage following your initial policy purchase, we’re here to assist you. Whether you’re contemplating adjustments to your coverage amount, term length, beneficiary designation, or any other aspects, we can aid in modifying your current policy or assist in searching for a new one.

Term and Whole Life Insurance

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What distinguishes term life insurance from whole life insurance?

Term life insurance is issued for a defined duration, typically ranging from 10 to 30 years, whereas a whole life insurance policy remains in force as long as you continue to make premium payments. Term life insurance tends to be more affordable than whole life insurance due to its limited coverage period.

Is it possible to switch my term life policy to a whole life insurance policy?"

Certainly. Every term policy provided by the life insurance companies we partner with can be transformed into permanent insurance, such as whole life or universal life insurance, at different points during the term of the policy. It’s important to note that while this benefit is typically included, it has an expiration date. One significant advantage of conversion is that you can switch your term policy to permanent insurance without the necessity of undergoing another medical examination or reapplying, regardless of any changes in your health. This option offers peace of mind and adaptability in case your health or insurance requirements evolve.

Newline Life's Life Insurance Information

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How do I apply for life insurance?

Newline Life follows a straightforward 3-step procedure: Step 1: Begin by requesting a complimentary quote. Step 2: We will promptly identify the most suitable option for your requirements, considering your health and lifestyle. It’s important to note that our services are free and impartial. After choosing a plan, you may be required to undergo a medical examination. Step 3: After the medical exam, the insurance provider you’ve chosen will furnish you with a policy offer.

Does Newline Life have the necessary license to sell life insurance in my state?

Newline Life holds licenses to offer life insurance in all states except South Dakota. Furthermore, your dedicated representative is completely licensed in your specific state, ensuring you can communicate with someone who is well-versed in your state’s regulations and prerequisites.

Which life insurance companies does Newline Life work with?

Newline Life exclusively partners with top-rated life insurance companies to offer you competitive and extensive coverage choices. We consistently review the products and pricing offered by these carriers to guarantee that the companies we represent align with our stringent service standards. Discover additional details about the esteemed life insurance companies we collaborate with. Please be aware that the availability of companies and their products may vary depending on your state of residence.

Is my information kept private and secure?

Your information is kept entirely confidential. Only Newline Life and the insurer you opt to work with have access to your information. We do not engage in the sale of your name, address, or personal details to any third parties.