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Happy Family in the Park

FREQUENTLY ASKED QUESTIONS

Sentry Insurance Advisors Help Center

HOW DO I MAKE SURE I’M NOT OVER-INSURED?

Generally speaking, you'll want to have a set amount of life coverage based on your age. Look at the chart below, and use it to guide you on how much coverage to purchase.

Under 30 --  40x earned income

30-39       --  30x earned income

49-49       --  20x earned income

50-59       --  15x earned income

60-64       --  10x earned income

65-70       --  5x earned income

WHY DO I NEED TO BUY INSURANCE?

While there are several reasons to purchase life insurance, here are the top 6:

  1. Guaranteed protection
    If you have a family, a business, or others who depend on you, the life insurance benefit of a whole life policy acts as a financial safety net. When you die, your beneficiaries will receive a lump-sum payment that is guaranteed to be paid in full (provided all premiums are paid and there are no outstanding loans). It’s essential protection that you can count on to be there for your loved ones when needed.

  2. Income replacement
    Imagine what would happen to your family if the income you provide suddenly disappeared. With whole life insurance, you can help make sure that your loved ones have the money they need to help:

  • Pay the mortgage

  • Afford childcare, health care, or other services 

  • Cover tuition or other college expenses 

  • Eliminate household debt

  • Preserve a family business

3. Tax-free benefit
Your beneficiaries will be able to enjoy every penny you leave them. That’s because the benefit of a life insurance policy is generally passed along federal income tax free.

4. Guaranteed cash value growth
As you pay your premiums, your Whole Life policy builds cash value that is guaranteed to grow—tax deferred—and can help meet a variety of financial goals: 

  • Supplement retirement income 

  • Fund a child or grandchild’s education 

  • Pay off a mortgage 

  • Protect existing assets 

  • Establish an emergency fund 

5. Dividend potential
One of the benefits of purchasing whole life insurance is that you will be eligible to receive dividends. Although they are not guaranteed, when dividends are awarded, you can take them in cash, use them to offset your premiums, or use them to buy paid-up additional insurance that increases your coverage and cash value, use them to offset your premiums, or take them in cash.

6. Optional riders
There are several ways to tailor a whole life policy to meet your individual needs. For an additional cost, you can use riders to purchase additional protection without further underwriting, to pay your premiums if you become disabled, to use some of your face amount to pay for chronic illnesses, or to purchase coverage for your children. 

DO YOU OFFER FREE CONSULTATIONS TO NEW CUSTOMERS?

Absolutely! Our consultations are always free, and as acting fiduciaries, we always put the needs of the client above any commissions. When you book an appointment with one of our advisors, we sit down and evaluate:

1. Why are you looking at life insurance? Are we looking to take out our first policy, or are we adding coverage?

2. If there is existing coverage, we take a critical look at what kind of policy it is, what it does for you, if there are any extra riders built into the policy, and how it may be improved.

3. We take an o

overall look at your health, then make suggestions based on your unique circumstances and situation. 

4. Above all else, we hear you, your thoughts, concerns, and goals. We take everything into account and structure a package for you that leaves no holes in your protection.

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