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Planning your financial future can feel overwhelming — but it doesn’t have to be.
At PlanningTheFuture.org, we believe everyone deserves clear, honest answers about protecting their family, building wealth, and securing peace of mind.
Whether you’re exploring coverage options, preparing for retirement, or simply want to understand the process, we’re here to guide you every step of the way.
Browse our most commonly asked questions below — and if you need personalized help, book your free consultation today.
Insurance Questions People Are Asking
1. What is life insurance and why do I need it?
Life insurance provides a tax-free payout to your beneficiaries if you pass away. It helps replace lost income, pay off debts, cover funeral costs, and secure your family’s future.
2. What’s the difference between term life and whole life insurance?
Term life provides coverage for a set period (like 20 years) and is more affordable. Whole life lasts your entire life and builds cash value over time.
3. How much does term life insurance cost per month?
Rates start as low as $15-$30 per month for healthy individuals in their 20s-30s. Your age, health, and coverage amount will determine the final price.
4. How does Indexed Universal Life (IUL) insurance work?
An IUL provides life insurance protection while allowing your policy’s cash value to grow based on stock market index performance, without the risk of losing value if the market drops.
5. Is final expense insurance worth it?
Yes — final expense insurance is affordable coverage designed to handle funeral costs, medical bills, and any leftover debts, so your family isn’t financially burdened.
6. Can I qualify for life insurance if I have health issues?
Many insurance companies offer policies for people with conditions like diabetes, high blood pressure, or past surgeries. Your options depend on the severity and type of condition.
7. How much life insurance coverage do I really need?
Most experts recommend 10 to 15 times your annual income — but your debts, family size, and financial goals should also be factored in.
8. What happens if my term life insurance expires?
When a term policy expires, you usually have options to renew it, convert it to permanent insurance, or purchase a new policy — though rates may be higher.
9. Why do wealthy people use IUL policies?
Wealthy individuals use IULs for tax-free retirement income, legacy planning, and asset protection because the cash value can grow tax-deferred and can be accessed tax-free through policy loans.
10. Is life insurance taxable?
In most cases, life insurance death benefits are tax-free for beneficiaries. However, certain situations (like large estates) may trigger taxes.
11. What’s the easiest life insurance to qualify for?
Final expense insurance (also called burial insurance) is often the easiest. It typically doesn’t require a medical exam and accepts people with health conditions.
12. Can I borrow money from my life insurance policy?
Yes — if you have a policy with cash value (like Whole Life or IUL), you can take policy loans or withdrawals, often tax-free.
13. What’s the minimum coverage amount I can buy?
Some policies start as low as $10,000 (common for final expense insurance). Term policies typically start at $100,000 or higher.
14. Can I get life insurance if I’m over 60?
Yes! Many companies offer policies for people in their 60s and even 70s. Rates will be higher with age, but coverage is still accessible.
15. How fast can I get life insurance coverage?
Some policies (especially no-medical-exam ones) can issue coverage within 24-72 hours after you apply and complete the basic health questionnaire.
General FAQs:
The Process of Getting Coverage
1. How does the insurance process work from start to finish?
We start with a free financial analysis to understand your needs, goals, and budget. Then we recommend the best options, complete a simple application, and assist you through approval and activation of your coverage.
2. Will I need a medical exam?
It depends on the type of coverage and amount requested. Some policies may require a quick health check, while others can be issued without an exam.
3. How long does it take to get covered?
It typically takes between 1 to 4 weeks, depending on the type of policy and underwriting requirements. Some approvals are even faster.
4. What information do I need to provide to apply?
You’ll typically need your basic information, health history, income details, and beneficiary information.
5. What if I’m declined for coverage?
If you’re declined, we’ll help you explore alternative options that may better fit your situation — there’s often a solution for everyone.
6. Do I have to pay anything for the consultation?
No — the consultation and financial analysis are 100% free. There is no obligation to buy anything.
Service-Specific FAQs
Term Life Insurance
1. What is term life insurance?
Term life provides protection for a specific period, such as 10, 20, or 30 years. If you pass away during the term, your beneficiaries receive a payout.
2. What happens if I outlive the policy term?
When the term ends, coverage expires. Some policies allow you to renew or convert to permanent coverage.
3. Is term life expensive?
Term life is often the most affordable type of life protection, especially if you start when you are young and healthy.
4. Who should consider term life coverage?
Anyone with financial responsibilities like a mortgage, children, or debts should consider term life to protect their loved ones.
IUL (Indexed Universal Life) Insurance
1. What is an IUL policy?
An IUL is a type of permanent coverage that also builds cash value based on the performance of a stock market index (like the S&P 500), without direct market risk.
2. Can I access the cash value from my IUL?
Yes, you can borrow from the cash value or withdraw funds, usually tax-free under certain conditions.
3. How does an IUL help with retirement planning?
IULs can supplement retirement income by providing tax-advantaged access to the policy’s cash value later in life.
4. Is an IUL risky like investing in stocks?
No — your policy’s cash value is protected from market losses. It grows based on market performance up to a cap but won’t lose value in a down market.
Final Expense Insurance
1. What is final expense coverage?
Final expense policies are smaller, affordable plans designed to cover funeral costs, medical bills, and other end-of-life expenses.
2. Who typically needs final expense coverage?
Anyone who wants to ease the financial burden on their loved ones by pre-planning for final expenses should consider this option.
3. How much coverage do I need for final expenses?
The average funeral costs range from $7,000 to $12,000, but we tailor coverage based on your personal wishes and needs.
4. Is there an age limit for applying?
Most final expense policies are available for individuals between 0–85 years old.
401(k) Rollovers
1. What is a 401(k) rollover?
A 401(k) rollover moves your retirement savings into an individual retirement account (IRA) or annuity when you leave a job or retire.
2. Why should I roll over my 401(k)?
Rolling over can help you avoid taxes, gain better investment options, lower fees, and secure guaranteed lifetime income depending on your goals.
3. Can I lose money if I roll over my 401(k)?
If structured correctly (direct rollover), there are no taxes or penalties. Choosing the right product can also protect your principal from market losses.
4. How do I start the 401(k) rollover process?
We’ll guide you step-by-step, from contacting your current plan administrator to choosing the best new plan for your future income needs.