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Four Questions You Might Be Afraid To Ask About Life Insurance

Our families are some of the most important pieces of our lives, and we would do anything to make sure that they are safe and taken care of no matter what happens. If heaven forbid, something were to happen to you, would your family have the luxury of being able to properly grieve without having to worry about making ends meet? The best way to help make sure that your family is protected and taken care if something happens to you as a provider is to choose an appropriate insurance policy. Chances are if you have lived long enough to be considering life insurance that someone might have tried to sell you a life insurance policy. Here at WAEPA, we believe in providing federal employees with Group Term Life Insurance policies designed to help meet your specific needs. If you would like to learn more or have any questions, feel free to contact us today.*

Here are four of the most common questions we get about life insurance:

 

Do I Have The Right Coverage?

Just because you have a life insurance policy doesn’t mean that your family is covered in the case of an accident or an emergency. Certain life insurance policies can be restrictive and limiting when it comes to covering your family’s expenses. The first thing you need to do is to find a company with a strong financial base that you can count on. Once you have chosen the right company, you need to make sure that you get a policy that works for you and your family’s needs. The most expensive policy may not necessarily provide you with the most complete coverage, but the lowest cost option may leave your family under-protected. We’ve made it easier than ever with our life insurance calculator. This tool allows you to quickly input your basic personal information and help find the policy to fit your needs.

 

If I Have a Preexisting Condition, Can I Still Get Insurance?

Certain conditions can limit the policies and plans that you have access to. Higher risk issues like obesity, diabetes, heart disease, and other life-threatening issues can make your policy more expensive in some cases. Make sure that you know your risks, protect your health, and find a company that will work for you. There is no harm or cost associated with applying for life insurance, so you have nothing to lose.

 

Can I Have Multiple Policies?

As long as you medically qualify for any given policy, you can apply for as many policies on the private market that you want to. Make sure that you are doing your research, as applying for multiple policies from different companies owned by the same parent company, as there may be limits placed on multiple claims filed by the same household.

 

How Can My Family Collect on my Life Insurance?

Once you or the policyholder has passed away, a member of your family will need to file a claim for your policy. Make sure that your family is not only aware of the fact that you have a life insurance policy, but that they know how to contact the company and file this claim. You can make this process even easier by setting up an estate plan beforehand.

 

If you or a family member is considering getting a life insurance policy, give the team at WAEPA a call today. Our Member Services team will help you find a group term policy for your family and help you understand all the benefits that come along with your plan.

 

Underwritten by New York Life Insurance Company, 51 Madison Ave., NY, NY 10010 on Policy Form GMR.
*including features, costs, eligibility, renewability, limitations and exclusions

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This article is intended to provide general information and shouldn't be considered legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.