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Frequently Asked Questions

At Venture First Advisory, we know that insurance can feel complicated. We’ve put together some commonly asked questions to give you more information about insurance and why you need to provide certain information in order to receive a quote. If you have a question that you can’t find the answer to, please use the contact us page and we’ll be happy to help!

How do I know how much insurance I need?

A simple formula used often is your mortgage balance + 10x annual income. For more specific purposes, please book an appointment with one of our advisors.

Why do you need to know my gender?

The insurance companies use actuarial data that takes into account gender at birth to determine rates.

Why is my birthday important?

Age is an important factor in determining pricing.

Why do you need to know my smoking history?

For most insurance companies, the rates are lower for people who have not smoked for at least 12 consecutive months.

How do I know what type of insurance I need?

First determine which (or all) of life, critical illness, disability, and long term care insurance you are not covered for from other sources such as employers.  Browse our website for descriptions of these plans.

Second determine the duration of the need.  Is it a need that goes away or a need that will last a lifetime.  Temporary needs can be addressed with term insurance while needs that last a lifetime, such as final expenses, can be addressed with permanent insurance.

Book an appointment to consult with one of our experienced Advisors for more customized recommendations.

What is the difference between term and permanent insurance?

Term insurance is good for temporary needs as costs are inexpensive upfront but increase significantly over time and expire at 85. Permanent insurance is good for addressing lifetime needs as the premiums generally stay level for life and never expires but the premiums start out higher than term.

Can I cancel my life insurance?

Yes, you can cancel your life insurance policy at any time. However, depending on the type of policy, there may be different implications such as taxation.