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Looking into life insurance?
A contract between the client/person and the company itself is the definition of life insurance. The useful idea about life insurance is that it provides money for your family in case you pass away which is called a death benefit:
Co-signed debt, including student loans
Mortgages
College expenses for your kids
Living expenses for your family
Home labor expenses (cooking, cleaning, etc.)
Burial expenses
Estate taxes that your heirs must pay for other assets
Medical expenses
Charitable contributions
To get this money after you die, your beneficiaries will fill out a death claim form and submit it to the insurer. Once the insurer approves the claim, your beneficiaries get the funds to use however they want.
What are reasons for having term life insurance?
It is a life insurance where once you pay it, you get around 10-30 years of it. And if you pass away while term life insurance is still in effect, the money goes towards your family and it’ll benefit them. This is a low-cost life insurance you can get where you don’t have to pay extral premiums. If you have any other questions about term life insurance and or thinking of buying one, please contact us.
What are the reasons for having whole life insurance?
“Whole life insurance also called permanent life insurance is the pricier life insurance where it covers for indefinitely as long as you are able to pay the extra premiums. Cash value growth is one of the biggest benefits to this life insurance. It works the same as term life insurance regarding death and the person’s family will be getting paid. If you have any other questions about whole life insurance and or thinking of buying one, please contact us.
What if you can't afford term life and whole life insurance?
There some people who aren’t able to afford term life and whole life insurances. And with that, they would need to find other life insurances that might be able to fit within their budget. The companies do also provide different life insurances for the clients’ needs.
The 5 sections of life insurance policies
The client will need to understand these five main parts of a life insurance policy and they are insured, policyholder, beneficiary, premium, and death benefit.
Insured
Policyholder
The person who owns the life insurance policy and pays the premiums to keep it active. Usually the policyholder and the insured are the same person, but occasionally they are different.
Beneficiary
The person, people, or institution(s) that receive money if the insured dies. There can be more than one beneficiary named on the policy.
Premium
The money paid monthly or annually to keep a policy active (or “in force”). If you stop paying premiums, your policy will be canceled by the insurer.
Death benefit
The amount of money paid out upon the death of the insured. Life insurance becomes active as soon as the first premium is paid, so policy beneficiaries can receive the death benefit right away.
How can life insurance be beneficial for you?
There are many different why life insurance can be beneficial to you and your family. Some benefits would be recovering from loss of debt and income, providing money for a funeral for those close to you, etc.
More about the benefits of life insurance"What else can life insurance help you with?
Other than providing death benefits for the family, life insurance can also assist with your child’s education especially for colleges/universities.
How is life insurance so important?
One of the biggest importances of having life insurance is that it provides support and financial benefits for your children and spouse.
What kinds of advantages can you get for buying life insurance?
One of the advantages of getting life insurance is that it helps give you support whenever you have an illness that lasts very long
How does life insurance be a good financial decision for clients?
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Why is life insurance important?
Most Americans don’t have enough emergency savings to last three months, [1] let alone enough to cover their family’s expenses for years to come. That’s where life insurance comes in — you can protect your family even if you don’t have $1 million in the bank. Life insurance provides a contingency plan for as little as $20 to $30 a month, and ensures your family isn’t left scrambling for funds after you’re gone.
More about the benefits of life insurance
Life insurance does more than just offer peace of mind and financial security. It can be used as a tool to minimize tax liabilities and protect your financial assets.
Is life insurance worth it?
Life insurance is a pivotal part of any financial plan. Over the course of a policy, it costs exponentially less than the amount your loved ones would receive if you died.
What are the benefits of life insurance?
The tax-free payout (and the financial security that comes with it) is the biggest benefit, but there are other advantages, such as the option to use your policy as a savings account.
Is life insurance a good investment?
If you’re a high-earner who has maxed out your investments, you can add whole life insurance to your portfolio. But for most people, it’s an insurance product first and foremost.
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What kinds of people require life insurance for support?
Many different types of people will definitely need to get life insurance because it very much helps give you the financial support that you need. The ones that will need life insurance would be: Mothers who are single currently, adults who are older with no savings, any parent who stays at home, and people who own a business or businesses.
Income-earning parents: Parents provide financial support for their kids, paying for things like food, housing, and college tuition.
Stay-at-home parents: Stay-at-home parents care for children, clean, cook, and do other work that would cost money to replace.
Spouses or domestic partners: If you share expenses, having a life insurance policy ensures your partner won’t be liable for double what they can afford.
Students with co-signed student loans: If you die, any unpaid debts fall to the co-signer.
People with a mortgage: Life insurance can cover your mortgage payments so your family doesn’t lose their home.
Caregivers: Leaving behind a life insurance policy ensures that your family will be able to afford continued care.
High-net-worth individuals: If your family would be on the hook for estate taxes after you die, they can use the life insurance money to cover those taxes.
Ready to shop for life insurance?
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What is a good amount of life insurance required for a person?
The company says a good amount of life insurance that can cover you and your family would be around 15 times your income.
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What is the amount to get life insurance at Polynguyen?
There are many different ways to see how much life insurance would cost you. One of the ways you would figure out your life insurance cost is by telling about your age and current health at the moment
Age / Sex
$250K Coverage Amount
$500K Coverage Amount
$1M Coverag
25 years old Female
$14.26
$21.17
$33.82
25 years old Male
$17.22
$27.01
$44.90
35 years old Female
$16.63
$25.62
$42.97
35 years old Male
$18.95
$30.44
$52.06
45 years old Female
$29.04
$48.13
$87.20
45 years old Male
$35.72
$61.05
$113.45
55 years old Female
$61.79
$109.49
$209.07
55 years old Male
$85.40
$152.22
$286.33
Methodology: “TBA”, for male and female non-smokers in a Preferred health classification with a 20-year term length. Rates are based on the monthly Polynguyen Life Insurance Price Index. Prices in the index are determined by internal actuarial rate tables for 10 life insurance carriers that offer policies through the Polynguyen marketplace: AIG, Banner Life, Brighthouse, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, SBLI, and TransAmerica.
Compute your life insurance?
If you need assistance on what your life insurance amount is, please feel free to use our life insurance calculator that will be able to compute those costs for you. It’s easy and accessible for all ages.
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Anymore concerns and inquiries? Here are some for you!
can be changed to “Polynguyen provides a variety of different questions and articles to go with it if you wanted a more detailed answer of the question.
Which type of life insurance fits in your requirements?
In order to find those requirements for yourself, you want to check to see if you have all of the information about you is correct and completed.
Can I get affordable coverage here at Polynguyen?
“Yes, you can definitely buy affordable coverage on the website. There are many different options you can choose from so pick the one that is best for you and your family
Will anything happen to your coverage if you're taking a serious occupation?
can be changed to “The more dangerous the occupation is, the more expensive the coverage will be if you’re taking on that occupation or job.
"What is the amount of life insurance you're allowed to have at once?
The limit more or less depends on your age where if you’re at the age of 40 or younger, the limit would be 25 times your annual income. The older you are after 40, the less your life insurance limit becomes.
Can there be any consequences to getting too little coverage on your life insurance?
Yes, there could be consequences to having little coverage on your life insurance. A few of those issues could be not being able to pay for funeral costs, unable to pay debts, etc
What kinds of people should be in the list of your beneficiaries for life insurance?
You may need think to through with who you are choosing for your beneficiaries. Family is one of the main priorities since you’re the closest to them
Can be changed to "Beneficiary and its definition?
Can be changed to “The meaning of a beneficiary would be those who are getting financial support when a tragedy happens to the policyholder such as death.
Contingent beneficiaries and its definition
Whoever the beneficiary is for the policyholder and that policyholder is either lost or passed away, that beneficiary will become a contingent beneficiary
What kinds of people should be in your life insurance as beneficiaries?
You would need to figure out who needs it the most in your family. Try to look into their income and age to see as well.
Can you name a child as your beneficiary?
Insurance companies legally can’t pay the life insurance death benefit to minor children, so if you want to financially protect them, list a trust or your spouse instead.
What are the best life insurance companies?
Finding the best life insurance company for your situation is just as important as choosing the right policy. We’ve narrowed it down for you, picking the best companies for different needs.
What are the best life insurance companies?
The best company for you will depend on your specific background and goals, but our list of the best companies is a good place to start.
What are the best companies for no-medical-exam policies?
Some no-med-exam policies are better for people who are young and healthy, while others are better for people who need high death benefit amounts.
How do you buy life insurance?
Getting life insurance doesn’t have to be complicated. Starting off knowing what to expect makes for a more seamless application process.
What is the process for buying life insurance?
Buying life insurance is a big move, but our step-by-step directions break it down into a manageable process.
What should you expect from the phone interview?
The first step in applying for life insurance is the phone interview: You’ll be asked about your medical history, family background, and lifestyle.
Are you able to maintain a budget when buying life insurance?
Yes, you should be able to get life insurance low-cost options when deciding on life insurance.
Are there ways you can make life insurance cheaper?
There are ways to find cheaper life insurance but you can’t make it tax-deductible unless you’re helping someone else such as a friend or family member where it is tax-deductible
What happens when you or someone stops working with life insurance?
“When you or someone else stops working and has to retire, you can get a retirement plan and this helps increase the money of whatever was tax-deferred
Are you still getting taxed with life insurance?
There are some instances where you will be taxed while having life insurance and some instances where you can’t be taxed. One of the examples of a non-taxed life insurance would be premiums.
Can life insurance be more extensive than it already is?
You can certainly make life insurance more extensive. Even though it’s more expensive, it will definitely be worth it in some critical situations
Can life insurance be more extensive than it already is?
You can certainly make life insurance more extensive. Even though it’s more expensive, it will definitely be worth it in some critical situations
Does anything happen to an accidental death?
When you run into any accidental death such as a car accident and such, your family gets the benefits from the policy if you buy the accidental death benefit.
Would there be life insurance benefits for a child if it was part of the extras?
You can pay extra for child coverages when it’s needed. One of the most important reasons to get this is when you know when your child isn’t going to make it. The benefits go to you and whoever is in your family that is close to the child.
can be changed to "Do you really need to add in extras to your policy?
“Adding in extras to your life insurance policy is only significant when you actually can afford it with the budget you have. It is definitely helpful to have but it is not required for everyone
What other types of extra life insurance policy additions can you get?
One of the extras you can buy for life insurance would be premiums for those who are disabled. This is an important one if you know someone in your family has a disability and isn’t able to do any type of work and they get coverage for it.