LIFE INSURANCE
1. What’s the difference between term and whole life insurance?
Term insurance covers you for a set period (e.g. 10, 20, 30 years) and is typically cheaper. Whole life lasts your entire life and builds cash value you can borrow against.
2. How much life insurance do I really need?
A common rule of thumb is 10-15x your annual income, but we help you assess exact needs based on income, debt, family size, and long-term goals.
3. Can I get life insurance with health issues?
Yes. We work with carriers who offer no-medical-exam or simplified issue policies based on your condition.
4. What’s the benefit of Indexed Universal Life (IUL) policies?
IULs build tax-deferred cash value with growth linked to market indexes like the S&P 500—with no risk of losing principal during downturns.
5. How does life insurance build cash value?
Permanent policies like whole life and IULs grow cash value over time as part of your premium gets set aside and earns interest.
6. What happens if I outlive my term policy?
The policy ends and no benefit is paid unless you have return-of-premium or convert it to a permanent policy.
7. Will my premiums ever increase over time?
Term policies are usually level. Whole and IUL premiums remain consistent. Only certain policies increase with age.
8. Is life insurance taxable?
In most cases, no. Death benefits are income-tax free to your beneficiaries.
9. Can I change my policy after I buy it?
Yes. You can often adjust coverage, add riders, or convert term to permanent depending on the carrier.
10. How long does it take to get approved for life insurance?
From 24 hours to a few weeks. Some policies are instant-approval with no exam.
MORTGAGE PROTECTION
11. What is mortgage protection insurance?
It’s a life insurance policy designed to pay off your mortgage if you pass away or become seriously ill.
12. How is it different from regular life insurance?
It’s structured to match your mortgage balance and term, so the payout directly protects your home.
13. Does it pay off my mortgage directly?
Some policies pay your lender directly, others pay your family so they can choose how to use it.
14. Do I need mortgage protection if I already have life insurance?
Possibly not—but layering it ensures your mortgage is always covered while your standard life policy supports other needs.
15. Can I keep my mortgage protection if I refinance or move?
Yes, in most cases you can transfer coverage to your new home or mortgage.
16. Is a medical exam required for mortgage protection?
Often not. Many mortgage protection policies are simplified issue with quick approvals.
17. How quickly does mortgage protection go into effect?
Many policies activate immediately upon first premium payment.
ANNUITIES
18. What is an annuity and how does it work?
An annuity is a financial product that grows your money tax-deferred and provides guaranteed income during retirement.
19. What’s the difference between a fixed and indexed annuity?
Fixed earns a set interest rate. Indexed earns based on market indexes with no downside risk.
20. Are annuities a safe retirement option?
Yes, especially for conservative investors. They offer principal protection and guaranteed income.
21. How much money do I need to start an annuity?
Some start as low as $5,000; others may require $25,000+. It depends on the provider and product.
22. Can I access my money if I need it before retirement?
Yes, but there may be surrender charges and tax penalties depending on your contract.
23. What are the tax benefits of an annuity?
Your money grows tax-deferred, meaning you only pay taxes when you withdraw.
24. How does an annuity provide lifetime income?
You can elect to convert your balance into regular payments that last for life—even if your balance runs out.
ABOUT SOLSTICE FINANCIAL
25. What carriers do you work with?
We work with over 20 top-rated carriers including Mutual of Omaha, Foresters, and American Home Life.
26. How do I know which policy is right for me?
We do a full needs analysis to match your goals, budget, and family needs with the best-fit solution.
27. How is Solstice different from other agencies?
We focus on education over pressure. We’re a young, driven team that believes in doing things the right way.
28. Can I meet with someone virtually?
Yes—we handle most appointments over the phone or Zoom to make it easy and convenient.
29. How do I get a quote or apply for coverage?
Click “Get a Quote,” answer a few quick questions, and one of our licensed advisors will reach out.
30. What happens after I apply?
We walk you through every step—from application to approval—and make sure you understand your coverage completely.
Solstice Financial 