Understanding life insurance helps you make confident choices for your family’s future. Below you’ll find clear answers to common questions—no jargon.
1. How much coverage do I need?
Many St. Peters families target 10–15× annual income, then adjust for mortgage balance, debts, savings, and college or childcare costs.
2. Can I convert term to permanent coverage?
Many term policies include a conversion option within a set window. You can switch to a permanent policy without a new medical exam.
3. What are the main types of life insurance?
Term life covers you for a set period (10–30 years) at a lower cost. Permanent life (Whole or Universal) lasts your entire lifetime and can build cash value.
4. Do I need a medical exam?
Some policies require an exam to qualify for lower rates. Others offer no‑exam or simplified issue coverage with different eligibility and pricing.
5. What is life insurance?
It’s a contract where you pay premiums and the insurer pays a lump‑sum benefit to your beneficiaries if you pass away while the policy is active. The benefit can help with funeral costs, debts, mortgage payments, and day‑to‑day expenses.
6. Can I own more than one policy?
Yes. It’s common to layer a term policy for income protection with a smaller permanent policy for lifelong needs.
7. How do I choose a beneficiary (and update them)?
Name primary and contingent beneficiaries and review them after major life events—marriage, divorce, or the birth of a child.
8. Are death benefits taxable?
In most cases, the benefit paid to beneficiaries isn’t subject to income tax. Large estates or interest earned can have tax implications—consult a tax professional.
Still have questions? Connect with a licensed local professional for clear, no‑pressure guidance and quotes.