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Frequently Asked Questions
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What is Term Life?
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Term life insurance generally offers the most amount of coverage for the least amount of money. The most common reason to buy life insurance is to replace a person's income in case of pre-mature death, and term life insurance is the least costly form of life insurance.
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What is Permanent or Cash Value Life Insurance?
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Cash value life insurance, also called permanent, universal, or whole life insurance, offers protection for your entire life (as long as you pay the required premiums) and more flexibility than term life insurance. However, it usually comes at a much higher price. The feature that makes permanent life insurance different is its ability to gain cash value. A portion of the money you pay into your premium goes into a cash value portion that grows over time, and becomes available for your use after a certain period.
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What happens if I purchase term life and I realize in the future that I need permanent insurance?
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Most term policies have a built in conversion option that will allow you to convert your term policy to a permanent policy without proving physical insurability.
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What services will I receive from Marrs Maddocks + Associates?
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Our licensed insurance agents will help you make prudent decisions on your life insurance with your personal needs and budget in mind. We are available via email and over the phone to help explain the policies available to you and help answer any questions you may have. There is no additional cost for these services.
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How is Marrs Maddocks + Associates compensated for their services?
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We are compensated by commission paid by the insurance carriers. The premium rates that are filed with the state include the commission that will compensate the writing agent.
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How do I determine the amount of Life Insurance I should have?
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We recommend that you go through a life insurance needs assessment to determine the amount and duration of coverage you need. This form can be obtained through our office or in the term life quoting system on this website. We would be happy to help you through this process.
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