Q: How long does coverage last?
A: Term life covers you for a set period, typically 10, 20, or 30 years.
Q: What happens when my term ends?
A: You can renew, convert to permanent insurance, or let the policy end.
Q: How does whole life build cash value?
A: A portion of your premium goes into a guaranteed cash value account that grows over time.
Q: What is “infinite banking”?
A: It’s using your policy’s cash value to fund personal needs. e.g like buying a car, starting a business, or paying off debt, while keeping your money growing.
Q: How is an IUL different from whole life?
A: IULs let you earn interest linked to market indexes, offering more growth potential while still protecting against loss.
Q: Can I change my premiums?
A: Yes, IULs are flexible, allowing you to adjust payments and death benefits within policy limits.
Q: What does final expense insurance cover?
A: It helps pay for funeral costs, medical bills, and other end-of-life expenses.
Q: Why get it if I already have life insurance?
A: Larger policies can take weeks or months to pay out, final expense is designed to pay quickly when your family needs it most.
Q: What’s the benefit of using life insurance in retirement planning?
A: Certain policies can provide tax-advantaged income in retirement while still protecting your loved ones.
Q: Do I need retirement planning if I have a 401(k)?
A: Yes, a 401(k) is one tool. Retirement planning ensures you have a complete strategy for income, taxes, and protection.
Q: Can life insurance help pay off debt?
A: Yes, some policies allow you to borrow against your cash value to consolidate or eliminate debt.
Q: Why not just use a personal loan?
A: Loans from your policy can be more flexible and may not require credit checks or rigid repayment schedules.
Myth: “I’m healthy and young, so I don’t need insurance yet.”
Fact: The younger and healthier you are, the cheaper your premiums will be — and you lock in your rates for the future.
Myth: “My job already gives me life insurance, so I’m covered.”
Fact: Employer coverage often ends if you leave or change jobs, and the payout amount is usually not enough to fully protect your family. Having your own policy ensures lifelong protection and control.
Myth: “Life insurance is only for when you die.”
Fact: Many policies, like whole life and IULs, build cash value you can use while you’re alive — for emergencies, retirement, or business opportunities.
Myth: “It’s too expensive.”
Fact: There are plans for almost every budget. Many people are surprised at how affordable coverage can be, especially when purchased early.
DeJonge Financial Life Solutions
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