Frequently Asked Questions

Please reach us at customerservice@directhealthmarkets.com if you cannot find an answer to your question.

What is life insurance?

Life insurance is a contract between you and an insurance company where you pay regular premiums, and in exchange, the insurer provides a lump-sum payment to your beneficiaries upon your death.

Why do I need life insurance?

Life insurance provides financial protection for your loved ones in the event of your death. It can help cover funeral expenses, pay off debts, replace lost income, and ensure your family's financial security.

What types of life insurance are available?

There are several types of life insurance, including term life, whole life, universal life, and variable life insurance. Each type has its own features and benefits.

What is term life insurance?

Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years. It pays a death benefit to your beneficiaries if you die during the term of the policy.

What is whole life insurance?

Whole life insurance provides coverage for your entire life as long as you continue to pay premiums. It also includes a cash value component that grows over time and can be used for various purposes.

What is the difference between term and whole life insurance?

Term life insurance offers coverage for a specific period at a lower cost, while whole life insurance provides lifelong coverage and includes a cash value component.

How much life insurance do I need?

The amount of life insurance you need depends on various factors, including your income, debts, expenses, and financial goals. A financial advisor can help you determine the right amount for your situation.

How do I choose the right life insurance policy?

Consider factors such as your budget, coverage needs, financial goals, and risk tolerance when choosing a life insurance policy. It's also essential to compare quotes from multiple insurers to find the best coverage at the most affordable price.

Can I change my life insurance policy?

Yes, you can typically make changes to your life insurance policy, such as increasing or decreasing coverage, changing beneficiaries, or converting a term policy to a whole life policy. However, certain changes may require approval from the insurance company.

What happens if I miss a premium payment?

If you miss a premium payment, your life insurance policy may lapse, meaning you lose coverage. However, many insurers offer a grace period during which you can still make a payment to keep your policy active.

Can I borrow money from my life insurance policy?

With certain types of life insurance, such as whole life and universal life, you can borrow money from the cash value of your policy. Keep in mind that borrowing against your policy may reduce its death benefit and cash value.

Do I need a medical exam to get life insurance?

It depends on the type and amount of coverage you apply for. While some policies require a medical exam to assess your health and determine your premiums, others offer no-exam or simplified underwriting options.