Question 1

How much life insurance coverage do I actually need?

Accepted Answer

A common starting point is 10–12 times your annual income, but the right amount depends on your specific situation — outstanding debts like a mortgage, the number of dependents you support, future expenses such as college tuition, and any existing savings or assets. Our brokers walk through a needs analysis with you to arrive at a coverage amount that genuinely protects your family rather than an arbitrary rule of thumb.

Question 2

What is the difference between term and permanent life insurance?

Accepted Answer

Term life insurance covers you for a defined period — typically 10, 20, or 30 years — and pays a death benefit if you pass away during that term. It's the most affordable option and works well for income replacement during your working years. Permanent life insurance (Whole Life, IUL) covers you for your entire lifetime and builds cash value you can access while living. The right choice depends on your goals, budget, and how long you need coverage.

Question 3

What is an Indexed Universal Life (IUL) policy and how does it work?

Accepted Answer

An IUL is a type of permanent life insurance that links your policy's cash value growth to the performance of a market index — such as the S&P 500 — while protecting you from market losses with a floor (typically 0%). When the index performs well, your cash value grows; when it drops, you don't lose value. Over time, the accumulated cash value can be accessed tax-advantaged as supplemental retirement income, making IULs a popular tool for long-term financial planning.

Question 4

Can I get life insurance if I have health issues?

Accepted Answer

Yes, in most cases. Many carriers offer simplified issue or guaranteed issue policies that do not require a medical exam and ask only a few health questions. Final Expense policies in particular are designed for seniors and individuals with health conditions. Even for fully underwritten policies, carriers assess risk differently — what one company declines, another may approve at a standard or rated premium. Working with an independent broker like Rightway Financial means we can shop your case across multiple carriers to find the best option.

Question 5

What is final expense insurance and who is it for?

Accepted Answer

Final expense insurance — sometimes called burial insurance — is a small whole life policy designed to cover end-of-life costs such as funeral and burial expenses, outstanding medical bills, and other debts left behind. Coverage amounts typically range from $5,000 to $25,000, and premiums remain level for life. Because these policies are simplified or guaranteed issue, they are specifically designed for seniors and individuals who may not qualify for larger traditional policies due to age or health. The death benefit is paid directly to your named beneficiary, giving your family the funds they need without financial stress during an already difficult time.

Question 6

Is there a cost to work with Rightway Financial for life insurance guidance?

Accepted Answer

No. Our life insurance guidance is completely free to you. We are compensated by the insurance carriers, not by our clients. You pay the same premium whether you enroll through us or directly with the carrier — and you gain the benefit of an independent broker who compares options across multiple companies to find the right coverage at the right price.

Protect the People Who Depend on You

Life Insurance Options

Mortgage Protection

Term Life Insurance

Whole Life Insurance

Indexed Universal Life (IUL)

Final Expense

Life Insurance Questions, Answered