Life Insurance
Life Insurance with Care and Compassion at ThruCore Financial Solutions!
At ThruCore Financial Solutions, we understand that choosing life insurance is a major decision. That’s why our approach is built on compassion and respect as we guide you through your options. Whether you’re considering a term or whole life policy, we’re dedicated to helping you find the best rates.
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Life Insurance
Guiding You Through the Enrollment Process with Clarity
At ThruCore Financial Solutions, we ensure that every step of the enrollment process is thoroughly explained, so you fully understand the details, including the fine print! We have access to a wide range of policies from top carriers such as Assurity, AIG, LSW, Minnesota Life, MetLife, Mutual of Omaha, North American, Prudential, Sagicor, TransAmerica, and many others.
If you’re ready to explore your options, give ThruCore Financial Solutions a call today. We offer free consultations and are dedicated to earning your trust and satisfaction. As your Davie and Pembroke Pines area Life & Health Insurance Advisors, we’re here to help you make informed decisions about your future.
Cash Value Life Insurance
College Funding
Retirement
What is life insurance, and why do I need it?
Life insurance is a contract between you and an insurance company that provides financial protection to your beneficiaries in the event of your death. It’s important because it ensures that your loved ones can cover expenses like funeral costs, debts, and living expenses if you’re no longer there to provide for them.
What’s the difference between term and whole life insurance?
- Term life insurance covers you for a specific period, usually 10, 20, or 30 years, and pays out a death benefit if you pass away during the term. It’s generally more affordable but has no cash value.
- Whole life insurance provides coverage for your entire life and includes a savings component (cash value) that grows over time. It tends to be more expensive than term life.
How much life insurance do I need?
This depends on your financial situation and needs. A common rule of thumb is to have coverage that’s 5 to 10 times your annual income. Consider factors like outstanding debts, living expenses, your family’s future financial needs, and any other financial obligations.
How does the life insurance payout work?
Upon your passing, your beneficiaries file a claim with the insurance company. Once the claim is approved, the company pays out the death benefit either as a lump sum or in installments, depending on your policy and what your beneficiaries choose.
Can I get life insurance if I have a pre-existing medical condition?
Yes, it’s possible, but it may be more expensive or come with some limitations. Some insurance companies specialize in policies for individuals with pre-existing conditions. It’s important to be honest about your medical history to avoid any issues with claims.
What happens if I outlive my term life insurance policy?
If your term policy expires and you’re still alive, the policy simply ends, and you receive no payout. However, many term policies offer a renewal option or a conversion to a whole life policy, though the premiums may increase.
Is life insurance taxable?
The death benefit from life insurance is generally not subject to income tax. However, if the policy’s proceeds are paid as installments with interest, the interest may be taxed. If your estate exceeds certain limits, the death benefit may be subject to estate taxes.
Can I borrow against my life insurance policy?
If you have a whole life insurance policy, you can borrow against the cash value that has accumulated over time. The loan will accrue interest, and any unpaid balance at your death will reduce the death benefit paid to your beneficiaries.
What’s the process for applying for life insurance?
The process typically includes filling out an application, answering questions about your health and lifestyle, and undergoing a medical exam (for some policies). The insurer will assess your risk and determine your premium based on your health, age, and coverage amount. We are here to help with your application and further questions you may have.
What happens if I miss a premium payment?
Most life insurance policies have a grace period (usually 30 days) during which you can make up a missed payment without losing coverage. If you don’t make the payment within that period, your policy may lapse, meaning you lose your coverage.