FAQ
Real answers to real questions.
Insurance can be confusing. We've answered the questions we hear most often — in plain language, without the runaround.
A common starting point is 10–12 times your annual income, but the honest answer is more nuanced. Add up your debts (mortgage, car, student loans), the years your dependents need financial support, and future costs like education or childcare. Subtract existing savings and any coverage you already have. That gives you a more personal number. If you're unsure, start with a conversation — we'll help you work through it.
Term life covers you for a set period — 10, 20, or 30 years — and pays out if you die during that time. It's the most affordable option and fits most families with mortgages and young kids. Whole life is permanent coverage that lasts your entire life, builds cash value over time, and costs significantly more. The right choice depends on your goals, not just your budget.
Often, yes. Many health conditions don't disqualify you — they may affect your rate or require additional underwriting review. For people with more serious conditions, guaranteed-issue and graded-benefit policies are available that don't require a medical exam or detailed health questions. There are usually options — let's talk through your situation.
In most cases, no. Life insurance death benefits are generally paid to beneficiaries income-tax-free. Exceptions exist in specific estate tax situations for very large estates or business-owned policies. For your specific situation, consult a tax advisor.
Many policies can be issued in 24–72 hours for healthy applicants through accelerated underwriting — no medical exam required. Fully underwritten policies that require a medical exam typically take 4–8 weeks from application to approval.
A beneficiary is the person (or entity) who receives the death benefit when you pass away. You can name a primary beneficiary and one or more contingent beneficiaries (backups). Most people name a spouse, partner, child, or trust. You should review your beneficiary designations after major life changes — marriage, divorce, birth of a child, or death of a named beneficiary.
For term policies, coverage lapses after a grace period (typically 30 days) if you miss a payment. For permanent policies with built-up cash value, some carriers allow you to use the cash value to cover premiums temporarily. Contact your advisor before a policy lapses — there are usually options to keep coverage in force.
Yes. Many people carry multiple policies — for example, a term policy for income replacement and a smaller permanent policy for final expenses. Carriers may ask about existing coverage during underwriting, but holding multiple policies from different carriers is common and permitted.
Employer-provided group life insurance typically doesn't follow you when you leave. You may have a short window to convert it to an individual policy without a medical exam, but this option is often expensive. Having your own individual policy — separate from your employer — is one reason private coverage matters.
Premium: What you pay each month whether you use the insurance or not.
Deductible: What you pay for covered care before your insurance starts sharing costs.
Copay: A fixed amount you pay for a specific service (e.g., $30 per doctor visit).
Coinsurance: Your share of costs after the deductible — typically 20% with insurance covering 80%.
Out-of-pocket maximum: The most you'll pay in a year. After hitting this, insurance covers 100% of covered services for the rest of the year.
You may qualify for a Special Enrollment Period (SEP) if you experienced a qualifying life event — losing job-based coverage, getting married, having a baby, moving to a new coverage area, or other specific situations. You generally have 60 days from the event to enroll. If you're unsure whether you qualify, reach out and we'll help you figure it out.
It depends on the plan's network. HMO plans restrict you to in-network providers. PPO plans allow out-of-network care at higher cost. EPO plans use a network but don't require referrals. Always verify that your current doctors are in-network before enrolling in any new plan.
A Health Savings Account (HSA) is a tax-advantaged account paired with a High-Deductible Health Plan (HDHP). You contribute pre-tax money usable for qualified medical expenses — and unused funds roll over year to year. You qualify if you're enrolled in an eligible HDHP and not covered by another health plan, Medicare, or claimed as a dependent.
COBRA lets you temporarily continue your employer-sponsored health insurance after leaving a job — usually for up to 18 months. The trade-off: you pay the full premium (including what your employer was paying), which can be expensive. It's worth considering as a bridge while you find a longer-term solution, but often an ACA marketplace plan with subsidies is more affordable.
Yes. Self-employed individuals can purchase individual or family plans through the ACA marketplace. Depending on your income, you may qualify for premium tax credits that significantly reduce your monthly cost. If you're self-employed, health insurance premiums are also potentially deductible — consult a tax advisor.
If your employer offers health insurance, that's generally your best starting point due to employer cost-sharing. We focus on individual and family health plans for people who are self-employed, between jobs, or whose employer doesn't offer coverage at a reasonable cost.
Final expense insurance is a type of whole life insurance — just with a smaller face amount (typically $5,000–$25,000) and simplified underwriting. It's specifically designed to cover end-of-life costs like funeral and burial expenses and outstanding medical bills, rather than income replacement.
Some final expense policies — particularly guaranteed-issue plans with no health questions — include a 2-year waiting period before the full death benefit is payable. If the insured passes during that window, the policy typically returns all premiums paid plus interest. After the waiting period, the full benefit applies. Simplified-issue plans (with a few health questions) typically don't have a waiting period.
Most policies don't require a medical exam. Simplified-issue policies ask a few health questions. Guaranteed-issue policies don't ask any health questions at all — though they usually carry a waiting period as a trade-off.
No. Final expense policies are whole life insurance, which means your premium is locked in at the rate you're approved for. It won't increase because you got older or your health changed — as long as you continue paying.
Yes, with their consent. Many adult children purchase final expense policies for parents who haven't planned for end-of-life costs. The insured (your parent) must agree to the policy and typically sign the application. The owner and beneficiary can be you, the child.
It depends on the coverage amount and who the beneficiaries are. If your existing policy is designated for income replacement or your spouse, a separate final expense policy can ensure funeral costs don't come out of that money. Some people find having dedicated, purpose-specific coverage brings peace of mind.
It depends on your goals and situation. Cash-value life insurance is not a direct substitute for a 401(k) or IRA — its primary purpose is lifelong protection. For people who've maxed out other tax-advantaged savings vehicles, or who want permanent coverage with flexibility, it can play a meaningful role. It works best as a long-term commitment. We'll be honest with you about whether it fits your situation.
If you take a policy loan and don't repay it, the outstanding balance (plus interest) is deducted from the death benefit. If the loan grows large enough to exceed the policy's cash value, the policy could lapse — meaning you'd lose coverage and potentially face tax consequences. Staying informed about your loan balance is important.
An IUL is a type of permanent life insurance where the cash value growth is linked to a stock market index (like the S&P 500) rather than a fixed interest rate. Most IULs include a floor (often 0%) that prevents you from losing cash value due to market declines, and a cap that limits gains in strong market years. They offer more growth potential than whole life with some downside protection.
A death benefit illustration is a projected view of how a policy's cash value and death benefit are expected to perform over time at various assumed interest rates. Illustrations include guaranteed projections (worst-case) and non-guaranteed projections (based on current or assumed rates). They're required for most permanent life insurance sales and help you understand long-term performance assumptions.
Whole life offers a guaranteed minimum interest rate and steady, predictable growth — it's the 'slow and stable' option. IUL ties growth to a market index with a floor protecting against losses but a cap limiting upside. IUL offers more potential growth in strong market years, while whole life provides more certainty regardless of market conditions. The right choice depends on your risk tolerance and goals.
For us, it means an honest conversation about how to protect, grow, and eventually transfer what you've built. We focus on the insurance-based pieces: life insurance for income replacement and legacy, disability income protection, and how permanent policies may fit into a broader retirement or estate plan. We refer tax and investment decisions to licensed CPAs and financial advisors.
No. Curtis Life & Wealth is a licensed insurance agency, not a registered investment advisor. We don't manage investment accounts, recommend securities, or provide tax advice. When those topics come up — and they often do in wealth strategy conversations — we recommend you speak with a professional at Curtis Blacktide | Wealth Management.
It's not too late. The best time to start is now, wherever you are. For most people in their 40s, there's still 20+ years of earning ahead. What you do in the next five years matters more than what you didn't do in the last five. We can talk through realistic options based on where you are today.
Protection-first means ensuring you've safeguarded against catastrophic financial loss before focusing on growth. This includes having adequate life insurance, potentially disability income coverage, and a health plan — so that an unexpected event doesn't wipe out the savings and investments you're building. Growing wealth while unprotected is like building a house without a roof.
Generational wealth starts with protection. A life insurance policy is often the most accessible and immediate way to ensure that what you've built — a home, savings, a business — doesn't disappear when you do. Beyond insurance, it involves estate planning documents (wills, beneficiary designations, trusts) and, eventually, investment strategies. We can address the insurance piece and connect you to estate planning resources.
The underlying product may be the same, but the strategy around it differs. A wealth strategy conversation looks at how a permanent policy's cash value fits alongside retirement accounts, how the death benefit integrates with an estate plan, and whether premium financing or business applications make sense. It's about fitting the tool to a bigger plan, not just selecting a face amount.
No. Our job is to help you understand your options. If you get an estimate and decide it's not the right time — or that something isn't the right fit — that's okay. There's no pressure and no obligation.
No. Curtis Life & Wealth works with multiple carriers, which means we can shop options on your behalf and recommend what makes sense for your situation — not just what one company offers.
Yes. Like most insurance agencies, we're compensated by insurance carriers when a policy is issued. You don't pay us directly for guidance, an estimate, or a consultation.
Curtis Life & Wealth is licensed in Texas. If you're located in another state, contact us and we'll let you know what options may be available to you.
We only collect what's necessary to prepare your estimate and connect you with a licensed advisor. We do not sell your information to third parties. You can review our full Privacy Policy for details on how data is collected, stored, and used.
That's exactly the question we help you answer. Our quote wizard walks you through a few key questions about your goals, household, and budget — and helps point you toward the type of coverage that makes the most sense. From there, a licensed advisor can go deeper based on your specific situation.
It helps to have a general sense of: your household size and dependents, your current coverage (if any), your mortgage balance or major debts, a rough monthly budget range, and your main goal (income protection, legacy, final expense, etc.). You don't need to have everything figured out — that's what the conversation is for.
It depends on the policy type and your health profile. Many term life applications are approved in 24–72 hours through accelerated underwriting. Final expense policies are often issued same-day or next-day. Fully underwritten policies requiring a medical exam typically take 4–8 weeks. Your advisor will give you a realistic timeline at the time of application.
Still have questions?
The best answers come from a real conversation. Reach out and we'll walk through whatever's on your mind — no commitment required.