Insurance FAQs
Welcome to the Insurance FAQs page of Hedrick Agency. Here you will find answers to some of the most frequently asked questions about life insurance. If you have any other questions, feel free to contact us.
What is Term Life Insurance?
Term Life Insurance provides coverage for a specific period of time, usually in increments of 10 years. It pays a benefit in the event of the insured's death.
What is Accidental Hospital coverage?
Accidental hospital coverage is a type of insurance that helps cover medical expenses if you're hospitalized due to an accident. It’s a practical option for those looking to safeguard themselves or their families from unplanned medical bills caused by unforeseen circumstances.
Can I change my life insurance policy?
Yes, you can make changes to your life insurance policy, such as increasing or decreasing coverage, adding riders, or changing beneficiaries.
What happens if I miss a premium payment?
If you miss a premium payment, your policy may lapse or be subject to a grace period. It is important to contact your agent or insurance provider to discuss your options.
Can I have multiple life insurance policies?
Yes, you can have multiple life insurance policies to provide additional coverage or meet different financial needs.
How can I determine how much life insurance coverage I need?
There are various methods to calculate the amount of life insurance coverage you need, such as income replacement, debt repayment, and future expenses. Consulting with a financial advisor can help you determine the right amount for your specific situation.
What is Whole Life Insurance?
Whole Life Insurance provides coverage for the entire life of the insured. It also has a cash value component that grows over time.
What is a Cancer Policy?
A cancer policy is a type of supplemental health insurance designed to provide financial support if you're diagnosed with cancer. Typically the options for cancer coverage are lump sum or per procedure, depending on your state. Ask your agent for details.
How do I choose the right life insurance policy?
It is important to consider your financial goals, budget, and long-term needs when choosing a life insurance policy. Your agent with Hedrick Agency can help choose what may be best for your situation.
What factors affect the cost of life insurance?
Factors such as age, health, lifestyle, and coverage amount can affect the cost of life insurance.
Is life insurance taxable?
In most cases, life insurance death benefits are not taxable. However, there may be exceptions for certain situations.
How do I make a claim on a life insurance policy?
To make a claim on a life insurance policy, contact your agent or insurance provider and submit the necessary documentation. They will guide you through the claims process.
Contact Us for More Information
Have more questions about life insurance? Contact us today to speak with one of our insurance experts.