Frequently Asked Questions
Plain-English answers to the questions I hear most. Still wondering? Book a free call and ask me directly.
Life Insurance
What's the difference between term, whole life, and IUL (Indexed Universal Life)?
Term coverage guarantees a fixed rate for a specified term period and is usually the most affordable plan. Whole life insurance lasts your lifetime with fixed premiums and cash value. IUL is another form of permanent coverage that may have greater long-term cash value over whole life, depending on plan design and index performance, and can have fixed or flexible premiums tied to market-index performance. IULs provide guaranteed and illustrated values based on historical data and plan design.
How much life insurance do I need?
A common calculation is to multiply your annual gross income by 10. This will provide for income replacement and cover debts, mortgage loan, dependent education, burial/final expenses, and inevitable future purchases and bills.
What are Living Benefits?
Some policies let you access part of a policy's death benefit while you are still living if you are diagnosed with a covered critical, chronic or terminal illness. Benefits are based on the carrier, qualifying conditions, and the severity of the illness.
Can I get coverage for my children?
Yes. Many carriers offer juvenile and dependent protection. Options and amounts vary by carrier and the child's age.
Do you work with more than one insurance company?
Yes! Buckeye Life Group is an independent agency and works with multiple top-rated, vetted carriers, so we can compare options instead of fitting you into a single company's plan.
Applying & Qualifying
Do I need a medical exam?
Most of our plans are what is called Simplified Issue, where they do not require a medical exam. Some of our plans offer an instant decision at the end of the application based on an individual's medical and prescription history that is compared to their application responses. Whether you need an exam depends on the carrier, the type of plan, your age, and the amount of coverage needed.
Can I qualify if I have an existing health condition(s)?
Most often, yes! Eligibility and pricing vary by carrier and plan type. A free call is the quickest way to see what is available to you.
How long does approval take?
In some cases, an instant decision is made during our call, after the application is completed. If approved, many policies can be issued within 24 hours to several days, depending on the carrier and if further underwriting is necessary.
How much will it cost?
Premiums are based on your age, gender, tobacco use (or non-use), build, current and past health history, type of plan, and the amount of death benefit coverage needed. We compare carriers to find the lowest cost available to you for the coverage you choose.
Mortgage Protection
Is mortgage protection the same as PMI?
No. PMI protects the lender if a person defaults on the loan. Mortgage Protection is an individual policy/contract that can only be obtained through a licensed life insurance agent, giving you ownership of the policy, and you choose the beneficiary.
What is mortgage protection and how does it work?
Mortgage protection is built on a life insurance policy, specifically designed to protect the mortgage loan for the family or named beneficiary. Plans have fixed monthly premiums and a fixed death benefit for the life of the coverage, so your family can keep the home if you pass while there is still a mortgage loan balance. Most plans also include living benefits for a qualifying illness or disability.
I used to have mortgage protection a long time ago called Credit Life, that was included with my mortgage payment. Is this the same thing?
No. Credit Life was typically offered through your lender, tied to your loan, and paid only the remaining loan balance. Mortgage protection is your own policy, and you choose the beneficiary.
Who receives the money?
The beneficiary is someone you choose and is listed on the application/policy. (NOTE: beneficiaries can be changed if needed through the carrier). Since death benefits are fixed and mortgage loans reduce over time, your family can use what they need to cover the mortgage loan balance or monthly payment at the time of the insured's passing or use the death benefit how they see fit.
What if I refinance or move?
The policy is a contract between the insured and the insurance company (not the lender). Because of this, the coverage stays with you, rather than with a specific lender. So, if your loan gets sold, nothing changes- you're still covered. Move to another home? Then the death benefit can be applied to the new mortgage loan. By doing a policy review, we can adjust your coverage if your situation changes.
Final Expense
What is final expense (burial) insurance?
It is coverage that helps your family pay end-of-life costs, whether you choose a traditional burial or cremation. These expenses can include funeral home costs, casket, vault, cemetery property, opening/closing of the grave, flowers, death certificates, stationery package, honorarium, catering, and other miscellaneous items. These plans have fixed monthly premiums and a fixed death benefit for the life of the coverage, with no medical exam required.
How much coverage do I need?
Many people choose an amount that covers funeral, burial or cremation costs and final bills so their family does not carry that burden. We can talk through what fits your wishes and budget.
Will my premiums go up?
No. Final expense plans have fixed monthly premiums for the life of the coverage, as long as the policy stays in force.
Retirement, Family & Business
What are safe money retirement solutions?
Life insurance policies that are financial vehicles and strategies designed to protect your principal investment from stock market downturns while providing predictable or guaranteed income, generally allowing you to take advantage of upside potential and downside protection. We offer Fixed Indexed Annuities (FIAs), contracts that link potential growth to a market index (such as the S&P 500) with a zero-loss floor, meaning your principal cannot drop if the index falls. We also offer other permanent life insurance policies, such as Indexed Universal Life (IUL) or dividend-paying whole life plans, that are designed for tax-advantaged capital preservation, downside market protection, and supplemental income. Guarantees are subject to the insurer's claims-paying ability.
What does family planning include?
Strategies such as educational funding and estate protection, so the people you love are provided for and your legacy is protected.
What do business programs cover?
Programs such as key person protection, buy-sell agreements and business loan protection, designed to help a business continue if something happens to an owner or key employee.
Working With Wendy
Is the consultation really free?
Yes. The call is free and there is no obligation to buy anything.
How does the virtual call work?
You book a time, then join by screen share. You see Wendy and her screen. No camera is needed on your end.
Is Wendy licensed in my state?
Wendy is currently licensed in 22 states nationwide. More state licenses may be added. Should you reside in a state where she is not licensed, we will connect you with another one of our agents who is licensed in your state.
How are you paid?
There is no fee for a consultation. Agents are paid commission by the insurance carrier when a policy is issued, so you do not pay us directly.
What if I am not sure what I need?
That is exactly what the free call is for. Tell Wendy about your family, goals and budget, and she will help you compare options.
General information only, not tax, legal or investment advice. Coverage, qualifications, costs and benefits vary by carrier, plan and state, and growth or guarantees depend on the policy and the insurer.
NOT SURE WHERE TO START?
What Happens on a Free Call
Book a time
Pick a free 30-minute call that fits your schedule.
Join by screen share
You see Wendy and her screen. No camera needed on your end.
Compare your options
Plans built around your goals and your budget, with no pressure.
Still have a question?
Book a free call and ask me directly. Knowledge is power!