General Insurance FAQ: Understanding Your Coverage & Options

A common rule of thumb is 10–15 times your annual income, but a truly accurate number depends on your "DIME" factors:

• Debt: Total payoff for credit cards, cars, and personal loans.
• Income: How many years of salary must be replaced for your family?
• Mortgage: The remaining balance on your home.
• Education: Future tuition costs for your children. We recommend a "Needs Analysis" to ensure you aren't overpaying for coverage you don't need—or leaving your family underprotected.

The choice comes down to duration vs. equity:

• Term Life: Like "renting" coverage. It lasts for a set period (10, 20, or 30 years). If you pass away during the term, it pays out. It is the most affordable option but has no value once the term ends.
• Permanent (Whole/Universal/IUL): Like "owning" a home. It lasts your entire life and builds "cash value" over time that you can borrow against or withdraw. It is more expensive but provides a lifetime safety net and a financial asset.

Carriers use a process called Underwriting. They evaluate your:

• Age and Gender: Generally, the younger you are, the lower the rate.
• Health History: Blood pressure, cholesterol, and pre-existing conditions.
• Lifestyle: Tobacco use, high-risk hobbies (like skydiving), and driving record. Because every company weighs these factors differently, a broker like Jeremy Hayes can shop multiple carriers to find the one that views your specific profile most favorably.

Yes, in most cases. Unless you have designated an "Irrevocable Beneficiary," you can update your primary and contingent beneficiaries whenever you like. We recommend reviewing these choices every 2–3 years or after major life events like marriage, divorce, or the birth of a child to ensure the money goes exactly where you intend. 

 Don't panic. Most life insurance policies have a 31-day grace period. If you pay within this window, your coverage remains fully active. If the policy is permanent and has "cash value," the company may use an "Automatic Premium Loan" to pay the bill from your account's equity to prevent the policy from lapsing. If a policy does lapse, you may have to go through "Reinstatement," which could require a new health check. 

Not necessarily. We offer many "Non-Med" or "Accelerated Underwriting" options. These policies use your medical records, prescription history, and motor vehicle reports to approve you in minutes or days without a nurse coming to your house. However, for very large face amounts (typically over $2M-$3M), a physical exam may still be required to secure the best possible rate. 

 Answered by: Jeremy Hayes, Licensed Insurance Broker 

NPN: #19778881 

Philosophy: Transparency is the best policy. I believe an educated client is a protected client. Growth Insurance Group represents dozens of A-rated carriers to ensure you never overpay for protection.