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2101 South El Camino Real
Suite 206
Oceanside, CA 92054
(760) 231-5997

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North County Financial Associates

 

Frequently Asked Questions

What is Term Insurance and how does it differ from Life Assurance?

There are two main types of life insurance policy. Term Insurance pays out a sum if the holder dies during the fixed period of the policy. Life Assurance also offers a lump sum payout to dependents should the policy holder die during the period of the policy; but if he/she survives that period then he/she will receive the payment. Life Assurance is also seen as an important investment option. The payments for Life Assurance are greater than Term Insurance.

Why do different people pay different levels of premium?

The amount you pay depends on the level of risk you provide to your lender. The price you pay for life insurance mainly depends on your age, health, lifestyle and occupation. So if you are older, have health problems and smoke, and happen to work in a dangerous environment, you will have to pay more for life insurance than someone who is younger, healthier, a non-smoker in a low risk occupation.

What is Limited-pay Insurance?

Limited-pay life insurance is a type of insurance where all the premiums are paid over a specified period after which no additional premiums are due to keep the policy alive.

Are the proceeds of life insurance policy taxable?

Generally they aren't subject to income taxes. However, they may be subject to estate taxes such as inheritance tax.

How long after filing an insurance claim do you receive the payment?

You should expect to receive forms and information in 5 to 10 days. Once the Death Certificate and forms have been returned, payment should be issued within the same time frame.