Frequently Asked Questions

Love Policy helps you sift through all the information out there, simplifying the complex world of life insurance. We help you understand why it’s so important and how it fits any budget. We also equip you to make informed decisions and prep you for those tough conversations.

We are not offering anything at this time beyond simplifying life insurance, educating, and encouraging each family to build a loving foundation and multi-generational legacy with a policy that fits their situation. Once you educate yourself and decide to protect your loved ones, you’ll find links that take you out of this site to local vetted companies and their trusted agents.

Although it may seem like are there are many types of Life Insurance out there. There really are only a few basic kinds. Term, Perm and Final Expense. Understanding the various types of plans under these umbrellas is where it can get confusing. We will help you with that.

In most cases, yes—you can, but it depends on the pre-existing condition. You may be “rated” which means you may have to pay more than those without that pre-existing condition. Prior heart issues and some cancers are still insurable. If you have multiple pre-existing conditions, it is very important to find an agent who knows how to find a policy that fits your situation.

The life insurance industry starts with an actuarial table based on thousands of people your age and gender. Every applicant receives a health classification (a rating) which helps predict your life expectancy and your corresponding rate. Age, gender, health status, dangerous hobbies, and occupations all affect your rate — as do family history and habits like smoking which affect health and life expectancy. Lastly, they factor in company and mortality expenses.

The answer is yes, you can; flexibility is key. You can change your death benefit, your beneficiaries, and your policy owner. Keep in mind though — in most cases, you can’t increase your policy amount without purchasing a new one.

Death benefit proceeds are not subject to tax. However, for larger estates, if policy ownership is not set up properly, insurance proceeds can be included in your estate and would be subject to estate taxes.

If your policy accumulates cash value (an investment component growing tax-free over the policy’s life), the answer is yes, you can borrow from it. However, please understand — if you take money out of your policy and don’t repay it, this will greatly impact your beneficiaries’ death benefit, and it can result in a taxable event for you. If you want to access any of your policy’s cash value, we strongly urge you to speak with your agent and/or accountant.

• Life insurance pools risk; your rate is based on a large group of people with similar profiles: age, sex, health conditions, habits, and even occupation.

• Reducing coverage is easy. Adding coverage will likely require more medical underwriting.