Frequently Asked Questions
What is VEST? What does VEST do?
Vest is a new platform created by some of the most experienced consultants in the Insurance Industry. Our team brings more than 50 years combined experience serving clients and making the discussion of Life Insurance more palatable, easy to understand, less intimidating and most importantly, simple.
We take the complexity, fear and uncertainty about Life Insurance to give you the confidence to make the decisions that will help you plan your financial future. Our mission is to be the most trusted, alternative financial platform that will help families protect their present and future. We will remove the uncertainty by articulating the importance of Life Insurance as a not so complex asset in your investment and savings portfolio.
Can I trust Vest?
We are here to provide the best advice for, guidance on and the execution of Life Insurance policies for individuals and families. It is of the utmost importance to us to make sure the information you provide is secure.
Vest uses military grade 256-bit AES encryption to ensure data is safe and secure. All data is encrypted and stored on ISO 27018 compliant systems, the industry standard for protection of customer data.
How can I speak to someone about a situation that could affect my life insurance, monthly expenses or other financial questions?
There are many ways you can reach us:
Call us at 833-ASK-VEST during business hours and speak directly with a Vest representative. Your call is extremely important to us, you are our priority.
Contact us at firstname.lastname@example.org and the right person will respond to you within 24 hours.
Like us on Facebook and Instagram and join the conversation with others Asking Vest.
If you have questions regarding your monthly expenses, contact our Partner, BillShark, and let them assist you in lowering your monthly bills and improving your financial situation. They are there to negotiate recurring monthly bills, like your Cable, Cell Phone etc. BillShark will help you fight the large corporations and help you save on these expenses. They will find the savings if they are there.
Everyone on our support team is licensed and eager to help. Feel free to reach out to us anytime.
Who Needs Life Insurance?
Your needs for Life Insurance varies based on your age and responsibilities. It can be a very important part of your financial planning. Some of the reasons you should consider when purchasing Life Insurance. You may need to replace any income that would be lost in the event of the loss of the main bread winner. You may want to protect your heirs from incurring large amounts of debt when you die. The last thing you would want is for them to have to sell assets to cover debts.
Somethings to consider when purchasing Life Insurance:
Incurred medical expenses, burial costs and estate taxes
Financial support for surviving family members
Continued monthly living expenses, college expenses and retirement
What is the Right Kind of Insurance for You?
Policies are not all the same. Some will give you coverage for your lifetime and some will only cover for a specific number of years. Some will build up cash value and others will not. Some may offer benefits while you are still living. There are 2 basic types of Insurance; Term and Permanent.
Term Insurance: Term will cover you for a specific number of years and will only play benefits if your die. It will generally offer the largest protection for your premiums dollars and will not build up cash value. You can usually renew most Term policies for one or more terms, even if you have changes to your health. Each time you renew, your premiums will be higher. With some policies, you may be able to trade in your term policy for a cash value policy during a “Conversion Period”, even if you are not in good health. In that case, premiums will be higher than you had paid in the past for the term policy
Permanent Insurance: These will provide long-term financial protection. They include both a Death Benefit and Cash Savings. Because of this, premiums will tend to be higher.
How Much Life Insurance Do I need?
The answer to this question is different for everyone. Some insurance experts would tell you to purchase five to eight times your current income. That could be a good starting point but before deciding on anything here are some questions you should ask yourself to come up with a more accurate figure.
How much Income do I provide?
Does anyone else depend on me financially, parents, siblings etc?
If something happens to me, how would my survivors get by?
How will they pay for all my final expenses?
Are my children’s college expenses fully covered?
Is there any person/organization I would like to leave something to?
Will my family be responsible for sizeable Estate taxes?
What do I Need to Know When Purchasing Life Insurance?
Here are some tips you should keep in mind when ready to purchase Life Insurance:
Have confidence in the Agent and Insurance Carrier
Know what you need, for how long and what you can afford to pay
Learn about the kinds of policies that will provide what you need and choose the best one for you
Make sure all your questions are answered completely before you sign the application
Make the check payable to the Carrier and not the Agent
Who Can Take Out a Policy on My Life?
Only someone with an “Insurable Interest” can take out a policy on your life. Usually, that would be an immediate family member. In some instances, an business partner or employer could have an insurable interest as well. This means no stranger can take out a policy on your life.
Who Should I Name as My Beneficiary?
You, as the owner of any policy can name anyone you want as the beneficiary. They do not need to have an insurable interest in your policy.
Is Vest licensed in California?
Yes, our California license number is 0B65035.
DID YOU KNOW?
- Permanent Life Insurance is non-taxable and should be part of your core strategy in your Retirement Plan
- It builds cash value that you can borrow against in the event of an emergency
- It covers you for your whole life or a specified period of time
- It can be turned into a tax-free income stream
- It can provide you with Long-Term care in case illness or injury
- Whole Life policies collect dividends that increases the policy’s value at no cost for you.
- It can be set-up to be Income and Estate Tax Free
- It can be used it to ride out a Bear Market
- It can be used as your own personal Bank
- It can be used to give one last gift to your favorite charity
- It can be used to cover expenses after you are gone like your child’s College Tuition