Frequent Questions

Living Benefits Life Insurance, also known as accelerated death benefit riders or living benefits riders, is a feature added to some life insurance policies that allows the policyholder to access a portion of the death benefit while they are still alive if they meet certain criteria. In summary, living benefits life insurance combines the security of traditional life insurance with the flexibility to access funds during times of critical illness or chronic medical conditions, providing valuable financial protection and peace of mind to policyholders and their families.

In general, living benefits, critical illness, disability, or dismemberment benefits are primarily intended to offer financial support to policyholders facing particular medical conditions or injuries. These benefits are usually disbursed in accordance with the provisions specified in the insurance policy. If you satisfy the eligibility criteria outlined in your policy, repayment is typically not required. Nevertheless, there are instances where reimbursement may be necessary, such as in cases involving fraud, misrepresentation, or overpayment by the insurer.

In general, insurance living benefits, life insurance proceeds, critical illness, disability payments, and dismemberment benefits are often not subject to income tax. However, the taxability can depend on factors such as the type of benefit received, how premiums were paid, and specific circumstances. It’s advisable to consult with a tax professional or advisor to understand the tax implications in your particular situation.

The initial quote you receive is a preliminary estimate formed from limited information and it might be adjusted before your first payment is due. Upon approval of your application (which is complimentary with Fund My Life), you will be given your definitive set rate. For simplified issue insurance policies, your premiums remain constant throughout the duration of your policy.

An insurance premium payment is the amount of money an individual or entity pays to an insurance company in exchange for insurance coverage. It’s a regular payment made either monthly, quarterly, semi-annually, or annually, depending on the terms of the insurance policy. The premium amount is determined based on various factors, including the type of insurance coverage, the level of coverage, the insured’s risk profile, and other relevant factors assessed by the insurance company.

Insurance policies from Fund My Life include coverage for illnesses, injuries, and deaths due to COVID-19, and the pandemic has no effect on the rates of the insurance products we offer. Secure your insurance funding plan online through Fund My Life; upon approval of your application, coverage commences with your initial premium payment.

Certainly! Fund My Life provides a range of permanent life insurance policies, including index universal life, universal life, whole life, and final expense coverage options.

Absolutely! Fund My Life provides guaranteed approval life insurance, also referred to as guaranteed issue life insurance. With this type of policy, applicants are guaranteed acceptance regardless of their health status or medical history. It’s particularly designed for individuals facing challenges in obtaining coverage due to factors like pre-existing health conditions, age, or other considerations.

The capacity of Fund My Life to offer coverage that replaces your current policy depends on both the product and your state of residence. If you choose to pursue replacement coverage, it’s vital to keep your current policy active until your new application is officially approved. This ensures there are no lapses in your coverage.

Our policies are tailored to various life circumstances, so it’s essential to consult with a licensed agent before choosing a Fund My Life plan. Typically, our policies offer benefits in the event of illness, injury, or death. Selecting the right policy can provide crucial financial support for you and your loved ones, helping cover major expenses and replacing lost income. Many policyholders use the benefits to pay off mortgages, fund education for their children, clear debts, protect their credit, or cover the costs of raising a family.

Fund My Life partners with top-tier insurance providers, acting as both a third-party administrator and agent. We exclusively offer policies backed by reputable industry leaders with A+ ratings, ensuring our customers receive quality coverage and peace of mind.