Life insurance FAQs

Life insurance is something that very few people are experts on. No one really talks about it, so you need to go looking for information yourself. You can go to the internet, but it is better to go directly to the experts who can answer any questions or concerns you have. At Luke Peterson Insurance in Altoona, IA, we are independent insurance agents, and we don’t owe our loyalty to anyone but our customers. We work with many carriers which allow us to offer you the most choices and the best prices. 

Who can I choose as a beneficiary?

The choice of beneficiary is up to you, there are no restrictions. However, keep in mind that if you choose a child, they will not be able to collect the money until they have reached the age determined by the state they live to no longer be a minor. 

If I get life insurance from my employer do I need to purchase my own?

Simply stated yes you do. While work insurance is a very nice perk it may not be adequate for your needs since it is usually one size fits all and if you change employers there is no guarantee you will be able to take it with you. 

Why should I choose whole life insurance?

The name says it all, whole life insurance is life insurance that will be with you for your whole life, it doesn’t have a term.  It also earns dividends.

Why is term life a good option?

Term life insurance is the most affordable option. It can provide you with the large amounts of life insurance you need when your children are young at a price you can afford. 

Can I actually have too much life insurance? 

Yes especially if you are struggling to pay the premiums. Your needs should be balanced with your ability to pay for the insurance. 

Contact Luke Peterson Insurance in Altoona, IA for your life insurance needs.