Informative Resources &
Frequently Asked Questions
The average cost of a traditional burial is about $9,000 (source National Funeral Directors Association). Your TAG agent will help you to plan your coverage according to your needs.
The Funeral Rule, enforced by the Federal Trade Commission (FTC), makes it possible for you to choose only those goods and services you want or need and to pay only for those you select, whether you are making arrangements when a death occurs or in advance.
Why do I need Life Insurance?
- Medical and funeral expenses
- Living benefits that could provide funds for expenses such as home health or nursing home expenses
- Legacy (children, grandchildren, church, charity, etc.)
- Income for your spouse (income may be greatly reduced when a spouse dies)
- Investment options
- Pays for taxes and debts to settle an estate
What are some popular Life Insurance options?
- Whole Life and Final Expense: Fixed-premiums for the life of the policy with guaranteed cash value growth and/or guaranteed death benefit. Policies are available for those individuals with major health issues.
- Universal Life: a type of flexible permanent life insurance which generally has a cheaper premium than whole life policies because it offers the low-cost protection of term life insurance as well as a savings element which is invested to provide a potential cash value buildup. Earnings in a universal life insurance policy grow on a tax-deferred basis.
- Level Premium Term Life Insurance: Fixed premium for a specific period or term, i.e. 5, 10, 15, 20 years. Term insurance pays a death benefit if you die during the term of the policy.
What is Final Expense Insurance?
At what point should I obtain final expense insurance?
Because rates increase as you age, we recommend getting final expense insurance as soon as you can, typically beginning at age 50.
Is there a required health exam with Final Expense insurance?
There are many options available with multiple Carriers. Your TAG agent can review possible plans with you. Some policies are fully underwritten, which means you get better pricing if you are healthy. But some policies require only a questionnaire with no medical exam. There are also options that include a guaranteed issue policy which works best if you have substantial health issues.
Long Term Care
What is protected with long-term care insurance?
- Monetary assets (savings & investments)
- Income for your spouse
- Ability to leave a legacy
- and more
What types of care are included with a policy?
Your TAG agent can give you details on the care and specific tests that are part of each policy options, including skilled, intermediate and custodial care.
Tell me more about the elimination period.
Also known as a waiting period, this set period is how long you will pay for services yourself before insurance coverage begins. The elimination period varies by policy and can affect your payment amounts.