Frequently Asked Questions
I have coverage through my employer. Do I really need other coverage?
The answer for most people is YES. Employer life insurance usually ends when you leave a job for any reason or retire. If you rely only on workplace coverage, your family could be left unprotected. Having your own life insurance policy ensures your loved ones stay covered no matter where you work or when you retire.
Doesn’t it make sense to just invest in a 401k or other retirement plan and avoid life insurance?
Retirement savings are important, but they don’t replace life insurance. If death comes when the market is down, your family may be forced to sell investments at a loss. Life insurance provides guaranteed funds at the right time, so your family has immediate protection without touching retirement accounts.
Is it safe to share my personal information when applying for life insurance?
Yes. Licensed insurance agents must pass background checks, and misusing personal information could cost them their license. While sharing information always carries some risk, working with a licensed professional ensures you are protected by strict industry standards.
I have bad health, will you have a plan that fits my scenario?
Yes. Many companies offer coverage for people with health issues, and some even provide guaranteed acceptance plans for those over 50 and below 85 years old. Depending on your medical history, we’ll look for traditional coverage first (which often has better pricing).
How can I afford life insurance on a tight budget?
Life insurance can be tailored to fit almost any budget. Even a small policy can provide thousands of dollars in protection — which is far better than none. We work with you to find coverage that balances price with the security your family deserves.
What factors affect the cost of life insurance?
Life insurance rates depend on age, health, gender, lifestyle, and the type of coverage you choose. Younger and healthier applicants usually pay less, while health conditions or higher coverage amounts can raise costs. At Welch AdVance Life, we compare options to help you find the most affordable plan for your needs.
How much life insurance do I really need?
It depends on income, debts, mortgage, and family needs. A common guideline is 10–12 times your annual income, but the right amount varies per family.
What’s the difference between term life and whole life insurance?
Term life covers you for a set period (like 20 or 30 years) and is usually more affordable. Whole life lasts your entire lifetime, builds cash value, and can be more expensive. Many families use term life for income replacement and whole life for permanent protection.
When is the best time to buy life insurance?
The best time is when you’re young and healthy — because rates go up as you age or develop health issues. But it’s never too late to protect your family. The right policy depends on your stage of life and budget.
Can I get life insurance without a medical exam?
Yes. Many companies offer “no-exam” or simplified issue policies that only require a short health questionnaire. These plans are convenient but may cost more. We’ll compare both no-exam and fully underwritten options for you.
Is life insurance taxable?
In most cases, life insurance payouts to beneficiaries are not subject to federal income tax. There are some exceptions with large estates or special circumstances, which we can review with you.
What happens if I outlive my term life insurance?
When a term policy ends, coverage stops unless you renew, convert to a permanent policy, or buy new coverage. Planning ahead ensures you won’t be left unprotected at the end of your term.