Life insurance FAQs

Life insurance is something that many people talk about, but few people understand. You know what and why you want it, but there is more to choosing life insurance than just the death benefit. There is what kind of insurance to have and how much. At Ruddy Insurance Group in Niles, OH, we get to know our customers to suggest better the type and amount of life insurance that is right for them. 

Do you need to get a doctor’s exam to get a life insurance policy?

That is a tricky question. The answer is no, there will always be some policies you can get without a physical, but it is not necessarily in your best interest to get those policies. They will be more expensive. 

Can your life insurance be canceled?

Yes, it can. The most common reason for cancelation is nonpayment. If you plan to keep your policy, you might want to ensure it is on autopay. Your policy may also be canceled if it is discovered that you were not truthful in your application. This can be about whether you are a smoker, have ever been a smoker, or have a preexisting condition. 

How long of a term does term insurance have? 

Typically, term life insurance will last from 10 to 30 years. The premium will remain the same for the entire term of the policy, and when the 30 years are up, you will have no accumulated cash value. What you are paying for with term-life policies is the death benefit. You may be able to renew the policy a year at a time, but the premium will increase as you age, sometimes quite dramatically. 

Contact Ruddy Insurance Group in Niles, OH with any questions about life insurance.