Centro Financial Services

Q1. Will I need to take a medical exam when I apply for Life Insurance?
A. Most insurance will require you to take a medical exam. However this depends on your age, health and the amount of Life Insurance protection you are applying for. 

Q2.  Can I cover my children under my Life Insurance policy? 
A.  Many Life Insurance policies come with a child rider that allows you to do so

Q3. Does Life Insurance pay benefits for any type of death?
A. *No, usually suicide is not covered if it occurs within 2 years of policy inception. 

Q4.  Who should purchase Life Insurance? 
A.  Any individual who has a family or dependent(s) should have Life Insurance in the event of death. 

Q5.  Can I have more than one Life Insurance Policy? 
A.  Yes, it is possible. Multiple policies can be obtained to ensure an optimum level of coverage. 

Q6.  When should an existing Life Insurance coverage be reviewed? 
A. Revision should be carried out periodically or annually to ensure that it properly addresses the financial needs of the     insured and will provide the proper amount of financial support to beneficiaries left behind. 

Q7.  Who or What is a beneficiary? 
A.  The person or entity, such as a trust, a charity, or estate that is an insured designates to receive the funds from the policy. 

Q8.  What type of Life Insurance should I consider purchasing? 
A.  Choosing the right type of Life Insurance requires an understanding of the financial and life position of the person to be insured. 
Individuals generally purchase Life Insurance for two reasons: 
 To provide death benefits to beneficiaries or dependents 
 As an investment or type of saving account to provide death benefit that individuals can purchase in Term Life or Whole Life/ Permanent insurance. 

Q9.  What are the basic types of Life Insurance?
A.  There are two primary type of Life Insurance:
 Term Life Insurance: This pays death benefits only if the insured dies during the term of the policy.  If the insured is alive at the end of the term, coverage expires.  However it can be renewed.

 Permanent Life Insurance:  This pays death benefits whenever the insured dies.  It is the best coverage for someone who wants to have savings, as this type of insurance builds equity.  Premiums are higher in Permanent Life Insurance than in Term Life Insurance but remains the same amount throughout the duration of the insurance – while Term Life Insurance premiums can increase every time the policy is renewed.