Frequently Asked Questions
Financial decisions come with a lot of questions. Below are some questions that you should ask us and some for you.
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 listen, educate, and empower our clients to view life insurance for what is: an asset class with real living benefits. We will remove the uncertainty by articulating the importance of Life Insurance as a not so complex asset in your investment and savings portfolio.
Your needs for Life Insurance varies based on your age and responsibilities. It can be a very important part of your financial planning. 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.
Some things 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
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
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 pay 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.
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Yes, our California license number is 0B65035.
The answer to this question is different for everyone. Some insurance experts will 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 (ie. 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?