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Life Insurance FAQ's

Here are some of the most frequently asked questions about life insurance.

Term Life Insurance

Term insurance is a type of policy that provides coverage for a definedperiod of time. Typically 5-20 years.
If the insured person dies during the policy term, the beneficiaries receive a specified death benefit.

Most of this type of policy is offered to younger healthy adults looking to coverage large gaps in their overall finacial legacy plan. These policies are meant to cover large expenses such as primary home, college expenses for children, debt elimination and provide burial coverage as well in the event the insured passes away before these large expenses are coverage with other investment tools.

Many of our clients think of term life insurance like a subscription. You buy a certain amount of coverage for a set period (this is your term) and pay a flat-rate premium every month. Your beneficiaries are guaranteed a lump-sum payout, also known as a "death benefit," if you pass away during your term.

Rule of thumb is buy this type of coverage while you are young, while you are healthy and less expensive to insure. Typically an average 30 yr old male non smoker can buy $1 Million 20 year level term policy and coverage for as low as $25 per month with our carriers. (subject to underwriting and health screening)

Final Expense Life Insurance

Final expense insurance, also known as burial or funeral insurance, is a type of life insurance policy offered to older adults ages 50-85 that helps cover costs associated with a person's passing including but not limited to Funeral costs, Medical bills, Cremation, Memorial services, Hospice care, and Legal fees.

Final expense insurance is designed to cover the burial costs to be a financial burden on those you leave behind and is meant to cover small to moderate costs, typically policies are between $5,000 and $50,000.
It's a permanent policy, and as long as premiums are paid, loved ones will receive a death benefit.

Final expense insurance is often a more reasonable option than traditional life insurance policies because it usually has a smaller death benefit. It's also a good option for seniors because it's more affordable, easier to qualify for with less health concern restrictions, and assists with planning final arrangements.

Guaranteed Issue Life Insurance

A guaranteed issue insurance policy is a type of insurance that guarantees coverage to an applicant regardless of certain factors, such as health status.

Guaranteed issue life insurance, also known as guaranteed acceptance life insurance, allows applicants to skip health questions and medical exams during the application process.
This type of policy is designed to help people who have serious health problems or who may have difficulty qualifying for traditional whole life or final life insurance policies.

Guaranteed issue life insurance policies typically have low coverage amounts, usually between $5,000 and $25,000 and for specific candidates, this can be particularly beneficial.

Guaranteed acceptance life insurance plans have some type of waiting period before the benefits go into effect. Most of these policies fully function after 2 to 3 years.

If the guaranteed life insurance policyholder were to pass before the waiting period was over and the cause of death was accidental, this would result in a full payout of the death benefit. If the cause of death was non-accidental, on the other hand, the beneficiary would not receive the death benefit. However, the insurance company will pay the beneficiary all the paid premiums back with interest.

The guaranteed issue life insurance waiting periods are put in place to prevent end-of-life candidates from cashing into the death benefit too early. This would put a serious financial strain on most insurance companies.

Usually, you need to fall within the age requirements to access this type of plan. This depends on the company you are working with, but it’s usually between 50 - 80 years old

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Please note, this is NOT a complete list; Questions - Just Reach Out...

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About Overwatch Insurance

Life Insurance Options

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In today's fast paced world, it's difficult to know who has your back...

Overwatch Insurance Group offers a complete line of individual life insurance products that are crafted to meet you and your family’s specific needs.

We work with several different top-rated insurance companies, and will place your account with the company that provides you the coverage and benefits you desire.