The 411 on FAQs

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You've Definitely Got Questions... and We Probably Have Answers!

Let us explain: Make no mistake, we know EVERYTHING (more or less) – but it’s more of a 50/50 split between us. For example Aaron = 51% and Sarah = 49%. We are The Coverage Couple after all.

Let your eyes behold the FAQs below. Whether you’re curious about lowering your insurance cost or gaining massive investment yields, let us be your guide…

life insurance policy

The FACTS on our FAQs

Top 3 Questions...

The Coverage Couple Challenge is something we created after years of success-story after success-story saving clients money over their existing insurance policies and investment strategies, AND our unfailing ability to find a policy for those who assume they’re “uninsurable.”

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The simple (albeit incomplete) answer is you don’t, your surviving family does! The reason why they answer is no longer an accurate answer, is because in recent years as a result of competition and the changing reality of sick care in America, an enhanced solution has been invested plugging all the leaks of traditional life insurance.

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You’ll hear us refer to Living Benefits as bulletproof protection no matter what, because unlike traditional “death insurance” of the past, providers have finally responded to consumer desire and demand with a perfect solution. Living Benefits are the cure-all for the challenges and even objections built into what we call “death insurance.” Simply put, you no longer have to die in order for your policy to payout (after all, it’s your money). This is a gigantic game changer, and since it’s recent introduction to the insurance and investment industry we’ve never proposed a protective plan for clients and families that didn’t have this literal life-saving feature.

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Top Client Questions...

The best way to reply to that question is by answering “Not as much as you think.” The reason we say that is because according to market research, the common theme in ALL the public data is when consumers are asked to ‘guess’ how much life insurance is, those consumers overestimate the cost of life insurance nearly 100% of the time, and by a huge amount.

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As you may have guessed, the answer to this is very similar to the preceding question in our series entitled “How much does life insurance cost”? While this answer is definitely quantifiable, it’s individual. With that said, we can definitely provide you with proven guidelines to ensure you’re neither over nor underinsured. Maybe you’ve heard the phrase “Insurance poor”? What that means, at least traditionally, is having too much insurance to a point where your monthly contribution is a burden on your overall finances. The truth is that definition doesn’t make sense without considering a few factors. Read more

This is an easy one to answer, because it all comes down to you. Our consultations are client-focused, and therefore client-driven. What that means is while we have a proven process ensuring we gather your necessary info quickly (in less than 10-minutes actually), the remainder of the consultation is reserved for client or family questions. Like any good doctor, lawyer, or insurance and investment advisor, we invest time upfront establishing a working knowledge and relationship with you.

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This is a great question, and has a few answers since “life insurance” is a general term describing the general assortment of several protective products. In line with our consulting philosophy at thecovercouple.com, we have access to and detailed knowledge of ALL varieties of life insurance policies and investments. We’ll go into more detail below, but life insurance on average takes anywhere from 72 hours to 4 weeks to receive final approval and placement of your contract “in force.”

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The answer to this is easy, because no one has perfect health, but millions have life insurance. The truth is since each carrier sets their own underwriting rules, you can technically have perfect health at one insurer and not another. All you have to do is answer “no” to their specific in-house health questions, and you’re on your way to Insurance Town!

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This question, like all of our FAQ’s, is one we’ve heard often (and recently submitted to us). The answer is YES, you’re able -- and even advised -- to combine the protection offered by more than one policy type and amount. The reason for this is very similar to the diversification rule of investments, which isn’t surprising because life insurance is an ongoing investment, and the ONLY INVESTMENT guaranteed to payout.

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Something interesting about this question is we usually get it from those that don't have life insurance themselves. This isn’t as silly as it sounds though, because uninsured applicants are usually asking for a child or grandchild (because they recognize the value of life insurance but believe they aren’t able to afford cost at their stage in life). It’s a paradox that someone can go a lifetime without securing their own protective policy, but then realize its importance so much they’re willing to purchase it for those they love. I guess coming to terms with the reality their family will have to sell their possessions, drain their savings, and start a gofundme when they pass away...motivated them to stop the cycle.

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This is a great question. After you’re done here, check out another one of our FAQ episodes on “What’s the approval process and timeframe of life insurance” to shed some more light on the topic. In short, a lot of companies have adapted to the fact that most people want to “buy now”, rather than “add to shopping cart” for later. The desire for instant gratification has its place, but there’s no way to fully automate the underwriting process by totally removing the human component to issue instant approval-or-denial decisions. In the few rare cases where this is being done, the sneaky secret of those crafty carriers is they’re price-gouging you for that so-called convenience. Guaranteed issue policies advertised by credit unions, mortgage lenders, and other shark tanks prey upon the uninformed consumer -- capitalizing on the fact people are in a rush nowadays. The insult-to-injury aspect of it all is those consumers are overpaying for an underperforming policy.

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This is a common question and an important one. With so many different types of life insurance, there are similarities and overlap, as well as some unique benefits and features certain policies provide that others don’t. One of these features, as the question indicates, is a cash value component attached to the policy. Most often, this feature is reserved for one type of life insurance called whole life. As discussed in our other FAQ articles on thecoveragecouple.com, whole life is also referred to as guaranteed death benefit insurance -- because you can’t outlive it. This type of policy is a smart foundation to your total coverage and investment strategy.

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Most Frequent Questions...

Although most people are aware of the funeral homes’ shakedown, this is worth addressing because it highlights some of the biggest benefits of life insurance compared to ANY other tactic. When it comes to using your savings or any other deposit fund, we can’t say it loud or often enough this is a terrible solution to a terrible situation. While no one considers this a smart strategy, oftentimes this is the natural forced result of someone dying without life insurance protection. Since it’s too late once that happens, personal savings or desperate firesales of personal property and liquidation of partially funded retirement accounts become the only options. Life insurance is the perfect rescue device because it’s guaranteed, tax-free, lump sum, and best of all...you’re using the insurer’s money, not yours. Draining the hard-earned savings your loved one worked to build to cover final arrangements is a lot of salt in a fresh wound!

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Short and sweet: No, you absolutely don’t need a physical to obtain life insurance! In fact, many life insurance carrier partners of ours at thecoveragecouple.com offer policies specifically designed for efficient approval. This simplified process exists because some of the best insurers have embraced new technologies that work similar to an automated credit check. By reviewing key aspects of your medical history, the system involved both digital and human systems to provide an approval result within minutes or hours

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This one’s easy, the answer is absolutely, YES! Life insurance is a flexible and dependable solution, but that solution only works if it addresses YOUR situation. While we’ve never encountered a situation where someone actually needed to lower their life insurance, we have encountered many situations where they either needed to find a more affordable solution, or convert some of their coverage into a different policy type. It always comes down to suitability.

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The “No Pressure Guarantee” at The Coverage Couple simply means we never expect our clients and families to make long term decisions based on short conversations! While we’ve earned our clients’ trust over many years, and they’re happy to extend that trust so we can actively manage their funds and policies, we don’t expect or ask for that level of faith during your initial consultation.

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This question, although seemingly reasonable in theory, comes from a lack of understanding how life insurance functions. More than that, this question is fueled from poorly planned life insurance policies that don’t fit the needs of the policy owner (and therefore are seen as failures). When something doesn’t fit, you’re likely to return it, or worse yet, never use it and let it collect dust! A little known fact is each and every year around $11 BILLION dollars in life insurance payouts go unclaimed! That’s a story for another episode. Our point is, while this question is increasingly rare, it wouldn’t come up at all if consumers were more aware not only of life insurance, but GOOD life insurance -- there IS a difference!

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We could sum this question up with a one word answer, NO… but as usual we like to share more detail to fill the void of knowledge for your benefit. In the same exact way a real estate agent receives a share of a property’s sale, a lawyer receives a share of court ordered damages, or a doctor receives a share from selling drugs, insurance and investment advisors receive a share of your policy contribution. Whether or not you leverage the experience, education, and expertise of licensed advisors and brokers (like thecoveragecouple.com) to help you navigate the confusing terrain of life insurance, your insurance cost will NEVER change for the worse by a single cent.

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Not only do we provide consultations and guidance on major medical insurance at thecoveragecouple.com, we’ve been doing it literally since day-1 of the Affordable Care Act! In fact, our career in the industry was founded on beginnings in health insurance. In order to advise and operate within the government’s health marketplace, you must secure another layer of specialized licensing and education every year, which of course we have. As the major medical environment has changed since it was signed into law back in 2010, the most interesting update developed recently between 2019 and 2020 that removed the penalty for not privately purchasing health insurance if your employer didn’t offer it.

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Wrong. This question, while its intentions are sincere and understandable, is perhaps the single most harmful and detrimental train of thought imaginable. Life insurance is a personal protective strategy, it should not only perfectly match your life and lifestyle today, but more importantly take into account your life and lifestyle years into the future. After all, unless you’re planning on dying tomorrow, life insurance is by function of design intended to be something you don’t use for a while. Employers, as you may assume, treat life insurance as an afterthought of an afterthought, haphazardly shoehorning it on to a benefit package. It’s like that chunky low-res flip down screen in the minivan that looked cool at the dealership, but the kids ignore in lieu of their phones. The point is, these so-called blanket policies employers pretend is actual life insurance is not a legitimate tool to protect your health or your families financial interests

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The first part of that question, “What is a brokerage?” is important to cover, because although most people have a general idea of what a brokerage is, many don’t grasp how it functions. Plus, The Coverage Couple is different through the lens of brokerages, because we’re not beholden to any ivory tower or “sales manager” somewhere. We work with and for our clients and families, and no one else! Unlike other brokerages or firms that report to layers of higher ups in a pyramid hierarchy, we simply serve you -- uninfluenced or pressured by middlemen of any kind.

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