Straightforward answers to the questions we hear most, tailored for everyday decisions about coverage and cost.
1. 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.
2. 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.
3. What riders should I consider?
Common options include accelerated death benefit, waiver of premium, child rider, and term rider—each adds specific protections.
4. How much coverage do I need?
Many St. Augustine families target 10–15× annual income, then adjust for mortgage balance, debts, savings, and college or childcare costs.
5. 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.
6. 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.
7. What happens if I miss payments?
Term policies usually lapse after a grace period. Some permanent policies can use built‑up cash value to keep coverage active temporarily.
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.