F.A.Q

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Waiting can increase your costs or make it harder to qualify due to age or health changes.
Life insurance is a financial contract between you and an insurance company. You pay regular premiums, and in return the insurer pays a death benefit to your beneficiaries if you pass away while the policy is active. The money can help replace income, pay debts, cover funeral costs, or protect your family’s financial future.
You might need life insurance if:
  • Someone depends on your income
  • You have debts like a mortgage
  • You want to leave a financial legacy
  • You want to cover final expenses
  • Most people buy life insurance to protect loved ones financially if they die unexpectedly. 
There’s no one-size-fits-all answer, but a common guideline is to cover:
  • Your yearly income × 10–15
  • Outstanding debts (e.g., mortgage)
  • Future expenses (college tuition, living costs)
  • Life Insured By Chris can help you calculate the exact amount based on your financial situation.
The two primary types are:
  • Term Life Insurance: Covers you for a set period (e.g., 10, 20, 30 years) and is usually more affordable.
  • Whole Life Insurance: Covers you for life and may build cash value that grows over time.
Even if you’re healthy and young, buying life insurance sooner can:
  • Give you lower premiums
  • Lock in coverage before health issues develop
  • Young, healthy buyers often get the best rates. 
Not always. Many traditional policies require a medical exam, but there are also:
  • Simplified Issue Policies (no medical exam, but health questions)
  • Guaranteed Issue Policies (no exam and no health questions usually higher premiums)
  • Not requiring an exam can mean paying more, but it’s easier to qualify. 
You can get a personalized quote by speaking with a licensed agent with Life Insured By Chris or scheduling a consultation online.
Yes. You can hold multiple life insurance policies at the same time to meet different needs for example:
  • One policy for income replacement
  • Another to cover your mortgage
  • Just make sure the total coverage aligns with what you actually need.
A beneficiary can be:
  • A spouse or partner
  • Children
  • Trusts or charitable organizations
  • You can also name multiple beneficiaries and specify how the benefit is shared between them. 
Most policies have a grace period (usually about 30 days) during which you can pay your premium without losing coverage. If you still don’t pay, the policy may lapse but some types of permanent insurance let you use cash value to make up payments. Terms vary by company. 
Yes. Most life insurance policies will still pay a death benefit if you die abroad, but you should check your policy’s exclusions or limitations. Some policies may have specific provisions for high-risk travel or activities.
Premiums are based on factors like:
  • Age
  • Health & medical history
  • Gender
  • Tobacco use
  • Policy type and coverage amount
  • Healthy applicants generally receive lower rates. 
Many life insurance policies allow changes such as:
  • Increasing coverage through riders
  • Converting a term policy to permanent coverage
  • Options depend on the policy you buy and the insurer. 
Term Life Insurance:
  • Temporary coverage
  • Typically more affordable
Whole Life Insurance:
  • Lifetime protection
  • Builds cash value you can borrow against
  • Permanent policies may be more expensive, but offer lifelong protection and financial flexibility.
  • Claim denial
  • Policy cancellation
  • Honesty is important misstatements can affect your coverage, especially during the “contestability period" (usually the first 2-3 years).
An incontestability clause prevents an insurer from cancelling your policy for misstatements after a set period typically 2–3 years unless fraud is proven. This protects policyholders and beneficiaries from later claim denials over minor errors.
The right policy depends on your age, budget, health, and financial goals. Life Insured By Chris can help you compare options and find the best fit.
If anyone depends on your income or would struggle financially if you passed away, life insurance is essential.
Most claims are paid within 14–60 days after documentation is submitted.
In most cases, death benefits are paid tax-free to beneficiaries.
Yes, many policies (especially final expense) are designed for people with health conditions.
Approval can take anywhere from same-day (no exam) to several weeks (fully underwritten policies).
Final expense insurance is a small whole life policy designed to cover funeral costs, medical bills, and other end-of-life expenses.
It’s a practical solution for those who don’t need large coverage but want to ensure their family isn’t burdened with end-of-life expenses.
It can cover funeral costs, burial, medical bills, and small debts left behind.
Some policies have a 2-year waiting period (graded benefit) before full coverage applies for natural causes.
Most policies do not require exams. Many are simplified or guaranteed issue, making approval easier.
It’s most common for seniors or individuals who want to cover burial costs and avoid leaving financial burdens on their family.
Policies typically range from $5,000 to $50,000 depending on the provider and applicant. 
Part of your premium goes into a savings component (cash value) that grows over time. You can borrow against it, though this reduces the death benefit.
Whole life is primarily a protection tool, not a high-return investment. It offers stability, guarantees, and lifelong coverage.
Whole life lasts your entire life and builds cash value, making it significantly more expensive than term coverage.
Yes, you can take loans against your cash value. Unpaid loans will reduce the payout to beneficiaries.
No, coverage lasts your entire life as long as premiums are paid.
Whole life may be a good fit for those wanting permanent coverage, estate planning, or guaranteed benefits.
Term life insurance provides coverage for a specific period (such as 10, 20, or 30 years). If you pass away during that term, your beneficiaries receive a tax-free payout. If you outlive the term, coverage expires unless renewed or converted.
A common rule is 7–10x your income, but the right amount depends on your debts, income replacement needs, and future expenses like college or mortgage payments.
When the term ends, coverage typically stops. You may have options to renew at a higher rate or convert to a permanent policy depending on your plan.
Yes, term life is one of the most affordable ways to protect your family’s income during your working years, especially if you have dependents.
Many policies offer a conversion option, allowing you to switch to permanent coverage without a medical exam.
Yes, many people layer policies to cover different financial responsibilities over time.
  • Level term: payout stays the same
  • Decreasing term: payout reduces over time (often used for mortgages)