Question 1

At what age do life insurance policies expire?

Accepted Answer

Life insurance policies do not necessarily expire at a specific age. Instead, the expiration depends on the type of policy. Term life insurance expires at the end of the term period, which can be set for specific durations like 10, 20, or 30 years. Permanent life insurance policies, like whole life or universal life, remain active as long as premiums are paid and the policy is in force.

Question 2

At what age do you no longer need life insurance?

Accepted Answer

The need for life insurance varies based on individual circumstances. Many people consider reducing or canceling their life insurance policy when they reach retirement age, have sufficient savings, or no longer have dependents. However, it is important to evaluate your personal financial situation and goals when making this decision.

Question 3

Can term life insurance premiums increase?

Accepted Answer

Generally, term life insurance premiums remain fixed throughout the policy term. However, some policies might have increasing premiums after each term period or renewal. It&#8217;s important to check the terms of your specific policy to understand how premiums may change over time.

Question 4

Can we extend the term of a LIC policy?

Accepted Answer

The ability to extend the term of a Life Insurance Corporation (LIC) policy depends on the policy’s terms and conditions. Some policies may offer renewal options, while others may not. Contacting your LIC representative or reviewing your policy details will provide specific information on extensions.

Question 5

Can you get money back from a lapsed life insurance policy?

Accepted Answer

Typically, if a life insurance policy lapses due to non-payment of premiums, you will not receive money back. However, some policies offer a grace period or reinstatement options where you might be able to restore the policy and potentially receive benefits.

Question 6

Can you have two life insurance policies at the same time?

Accepted Answer

Yes, you can have two or more life insurance policies simultaneously. Many people do this to increase their coverage or to address different financial needs. Be sure to consider the total coverage amount and how it fits with your financial plans.

Question 7

Can you have life insurance with more than one company?

Accepted Answer

Yes, it is possible to have life insurance policies with multiple companies. This approach can help you diversify your coverage, manage costs, or meet specific needs that one policy might not fully cover.

Question 8

Do you get money back after term life insurance expires?

Accepted Answer

No, term life insurance typically does not provide a refund or payout after the term expires, unless you have a return-of-premium term policy, which refunds premiums paid if you outlive the term.

Question 9

Do you get money back from a term life insurance policy?

Accepted Answer

Standard term life insurance policies do not offer a refund of premiums if the policyholder outlives the term. However, some term policies come with a return-of-premium option, which refunds the premiums paid if the insured survives the term.

Question 10

Do you get money back if you outlive term life insurance?

Accepted Answer

Standard term life insurance policies do not provide a refund if you outlive the term. A return-of-premium policy might offer a refund of premiums paid if the insured survives the term.

Question 11

Does smoking cigarettes show up in blood tests?

Accepted Answer

Yes, smoking cigarettes can be detected in blood tests through the presence of nicotine and its metabolites. Many life insurance companies use these tests to assess health risks and determine premiums.

Question 12

Does State Farm offer life insurance?

Accepted Answer

Yes, State Farm offers a range of life insurance products, including term life, whole life, and universal life insurance policies. You can contact a State Farm agent for more details on their offerings.

Question 13

Does State Farm life insurance cover suicidal death?

Accepted Answer

State Farm life insurance policies typically have a suicide clause that limits coverage if the insured commits suicide within the first two years of the policy. After this period, coverage for suicide is generally provided.

Question 14

Does term life insurance cover accidental death?

Accepted Answer

Yes, most term life insurance policies cover accidental death. However, it’s important to review the specific policy details as some exclusions or additional requirements might apply.

Question 15

Does term life insurance decrease in value?

Accepted Answer

No, the death benefit amount of a standard term life insurance policy remains constant throughout the term. However, the value of the policy does not build up cash value as it does in whole or universal life policies.

Question 16

Does term life insurance expire at a certain age?

Accepted Answer

Term life insurance does not necessarily expire at a specific age but rather at the end of the specified term period (e.g., 10, 20, or 30 years). Some policies might have age limits for renewal or conversion options.

Question 17

Does the premium for term life insurance increase with age?

Accepted Answer

Standard term life insurance premiums remain fixed for the duration of the term. However, if you renew or purchase a new term policy later in life, the premiums will be higher based on your age at that time.

Question 18

Does the VA offer life insurance for veterans?

Accepted Answer

Yes, the Department of Veterans Affairs (VA) offers life insurance options for veterans, including the Servicemembers&#8217; Group Life Insurance (SGLI) and Veterans&#8217; Group Life Insurance (VGLI).

Question 19

Does universal life insurance build cash value?

Accepted Answer

Yes, universal life insurance policies build cash value over time. This cash value can be used for various purposes, such as paying premiums or taking loans against the policy.

Question 20

Does universal life insurance expire?

Accepted Answer

Universal life insurance does not expire as long as the premiums are paid and the policy is in force. It is designed to provide lifelong coverage with flexible premium payments and a cash value component.

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