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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

July/August 2019

A Life Insurance Questionnaire

A Life Insurance Questionnaire

How much do you know about life insurance? Take the following quiz and find out.


Q:
Does a guaranteed renewable life insurance policy mean premiums remain the same each year?


A:
Not if you own an annual renewable term life insurance policy, for which premiums continue to increase as you age. Whole life insurance, on the other hand, keeps premiums the same as long as you pay them on time.


Q:
Isn’t there a type of term insurance that keeps premiums the same over time?


A:
Yes, there is. Level premium term features level premiums for a set number of years.


Q:
Will 10 times my salary be enough death benefit?


A:
Formulas can help, but figuring out your family’s lost income and recurring expenses will provide a more accurate picture of how much life insurance you should carry.


Q:
Is the life insurance I get from my employer enough?


A:
Only you and your insurance professional can answer this question exactly, but you should know that you could lose your insurance if you lose your job.


Q:
Is it true I won't qualify for life insurance if I have health problems?


A:
This depends on what health issues you have. You can usually find some coverage, but it could be expensive.


Q:
Will I need to provide a medical exam or answer health questions to buy life insurance?


A:
Not typically if you own group life insurance through work or if you purchase a small term life policy. Some term insurance policies that don't require underwriting will insure you, but not offer a full benefit until after a waiting period of typically two years.


Q:
Will my life insurance policy pay benefits no matter how I pass?


A:
All life insurance policies have what's known as exclusions. Suicide is one such exclusion, usually during the first year or two of ownership. Risky hobbies like cliff diving or careers such as a bomb disposal specialist may also trigger an exclusion.


Q:
Are life insurance death benefits taxable?


A:
You won't typically pay income tax on the amount, but it will count toward your taxable estate.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
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