Best Life Insurance Companies in Wichita

Frequently Asked Questions

• Are there any limitations on how much money you may take out of the cash value of your Wichita life insurance policy?

  Yes, there are some limitations when it comes to withdrawing money from your Wichita life insurance policy's cash value, such as a minimum cash value requirement or a waiting period. Penalties may apply if money is taken from the cash value. Early or excessive withdrawals may result in a reduction in the death benefit or the cancellation of the policy.

• Can you own multiple life insurance policies in Wichita?

  Yes, there are no laws in Wichita that prohibit having more than one life insurance policy. You may buy and keep as many life insurance policies as you want, as long as your applications are approved and you can afford the premiums. Furthermore, you are free to obtain any type of life insurance policy.

• In what situation should you cancel your Wichita life insurance policy?

  If paying your premiums becomes difficult, you no longer require life insurance protection, or your loved ones reach the point where they can live without your death benefit payment, you should cancel your Wichita life insurance policy. You should also cancel your life insurance policy if you wanted to change your investment strategy or put your money in a higher-interest account.

• Can someone with chronic obstructive pulmonary disease still purchase life insurance in Wichita?

  Yes, if your chronic obstructive pulmonary disease, or COPD, is under control, you may still be able to purchase Wichita life insurance. You can apply for guaranteed issue insurance, which does not take your health into account. Keep in mind that guaranteed issue policies cost more than standard life insurance policies.

• Which life insurance riders in Wichita are recommended for adults with disabilities?

  In Wichita, adults with disabilities should think about acquiring the following life insurance riders:

  • The accelerated death benefit rider, which permits the insured to use a portion of their policy's death benefit even though they are still living.
  • A long-term care rider, which allows the insured to utilize their death benefit to pay for certain long-term care expenses.
  • Term conversion rider, which offers the insured the choice to convert their term life insurance into a whole life policy at the expiration of the policy's term.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.