Tehan Insurance FAQ
What is life insurance?
Life insurance is a contract in which you pay a series of payments, (called premiums) and in exchange, an insurance company pays out a lump sum to your beneficiaries if you pass away while the policy is active. Some policies protect you for a set number of years, while others can last the rest of your life.
What is the difference between term and whole life insurance?
Term life insurance provides coverage for a specific period, while whole life insurance is a permanent policy that builds cash value over time.
How much life insurance coverage do I actually need?
A common rule of thumb is 10-15 times your annual income, but the right amount depends on your debts, family needs, and future goals.
Can I change my beneficiary after the policy is active?
Yes, most policies allow you to update your primary and contingent beneficiaries at any time through a simple change form.
Does my health affect the cost of my insurance premiums?
Yes, factors like age, medical history, and lifestyle habits are used during underwriting to determine your individual rate. When you work with the Tehan Insurance Agency, we can shop many different policies options to get you the best rate, no matter the situation.
If you die without a life insurance policy, then the responsibility of paying your funeral costs and outstanding debts will likely fall on your loved ones. Anyone who depends on your income will also have to figure out how to cover their living expenses without your financial support. Your assets will still be passed on to your next of kin, so they may not have to rely entirely on your death benefit. But depending on your estate, whether you have a will, and any debts you owe, it can take months for your loved ones to get their inheritance, or they may receive less than expected.
A life insurance policy, meanwhile, is typically paid out within 30 days of a claim being submitted, and you can ensure your policy's payout will be sufficient to replace your income.
What happens if a person dies without life insurance?
Living benefits are optional features available on many life insurance policies that allow you to access part of your death benefit if you experience certain serious health conditions or life events. These benefits have become extremely popular in recent years
and are now offered by most top insurers within their life insurance products. Typically, you can purchase living benefits as part of a new life insurance policy (term or permanent), and in some cases, add them as riders to an existing policy.
What are living benefits of a life insurance policy?
Does the Tehan Agency sell health insurance policies?
While the Tehan Agency no longer offers health insurance policy coverage, we still have access to great providers and health insurance agents. Let us know what you are in the market for and we will be happy to refer you to our trusted partners.
The Tehan Insurance Agency does offer supplemental health plans including dental, vision, short-term disability policies, and long-term care options.
What is an annuity?
An annuity is simply a sum of money payable yearly or at other regular intervals. These annuity contracts between an individual and an insurance company. The individual makes a lump-sum payment or series of payments, and in return, the insurance company makes periodic payments to the individual immediately or at a specified future date.
The appeal lies in the guaranteed income stream, often for the rest of the investor's life. Annuities can also offer security: They can help shield against market volatility and offer a buffer against potential market downturns.