Life Insurance Information
Life insurance can provide critical financial assistance during hard times. During the grieving process, family members may struggle with emotional and mental turmoil, making the potential financial stress after a loved one’s death even more difficult. Fortunately, an adequate life insurance policy can provide a payout following an insured person’s death and ensure that those in mourning have access to essential financial relief.
How Many Life Insurance Policies Can a Person Have?
There’s generally no limit to the number of life insurance policies that can be taken out on one person. In many cases, an insured may purchase multiple forms of coverage with different purposes in mind. For example, a parent might choose a term life insurance policy that provides financial security for a prearranged period, ending when the youngest of their children reaches adulthood. In addition, they might also choose to purchase permanent life insurance capable of accruing cash value over a more extended time.
How Much Life Insurance Is Needed at 60?
A person’s life insurance needs may vary significantly depending on their circumstances. While some people approaching retirement age may have paid off most of their debts and accrued other assets, this may not be the case for everyone. Similarly, although many parents at this stage of their lives may no longer support their children, some may still have children or other relatives, such as grandchildren, who rely on them.
When considering life insurance needs, policyholders should work with a qualified insurance professional to assess their circumstances, including the following:
- Additional savings or financial assets
- Future financial needs (e.g., childcare, college tuition)
How Far Back Do Life Insurance Companies Look at Medical Records?
Insurance companies may check medical history before providing anyone with a quote for a policy. This could include medications, hospitalizations, surgeries, serious illnesses and chronic conditions. Although the timespan investigated by insurers may vary, some may consider medical records as far as 10 years. Insurance companies may also look into a person’s family medical history.
Get the Right Coverage
At Rotunno Insurance Agency, our dedicated staff has over 40 years of experience helping families and individuals assess and address their coverage needs. Contact us today to get started.