Frequently Asked Questions
While has been helping families become protected and financially secure, we have ran into some questions more frequently than others. Feel free to review previously asked questions.
We have created this page as a resource to help many understand commonly used terms and also learn when to use what product.
How much does The Koenig Group L.L.C charge?
The Koenig Group L.L.C, DOES NOT charge any fee for our service. You will never write a check directly to our organization. Your money goes DIRECTLY to the insurance companies.
Do I need more insurance coverage?
We first need to examine your indiviudal situation as this depends on goals. Such as, kids going to college, protecting your house, debt, other secured loans, etc.
Which kind of Life Insurance is right for me?
This answer differs from person to person as different people have different situations such as; children, mortgages, significant others, taking care of an elderly person, wishes to send children to college, etc. A general rule of thumb; is that if your living paycheck to paycheck; then most likely a term life insurance policy would be best suited due to the low costs associated with the insurance. However, there is no money or cash value when the term is up, unless you opt for the new Cash Back Term Life Policy, there also is cash back with whole life insurance and universal life insurance and it is a bit more costly. Since we are licensed insurance agents, give us a call today and we will analyze your situation free of charge.
Do I have to take a medical exam?
Yes and No. Medical exam requirements will vary depending on the company. In some cases will need to take a brief paramedic exam which includes blood and urine sample. This service is free and can be done in your home or office, at your convenience, and usually takes less than 30 minutes.
Can I name someone other than a relative as the beneficiary of my life insurance policy?
Although it is typical for an individual to name his or her spouse, child, parent, or other relative as the life insurance beneficiary, non-relatives can also be named. For instance, you can designate your estate, trust, business partner, lender, or domestic partner as beneficiary of your life insurance policy.
Check the laws in your state for specific requirements, though. A few states specify that under certain circumstances an unrelated beneficiary have an insurable interest. An insurable interest exists when one party has a financial interest in another party's life. The beneficiary of a life insurance policy must expect to suffer a financial loss if the insured dies.
I don't smoke cigarettes, but I smoke cigars occasionally. Will I have to pay smokers rates for life insurance?
Because of the increased mortality risk associated with smoking, smokers almost always pay more for life insurance than their nonsmoking counterparts. We offer some options that give a price break to cigar smokers.
Insurance companies will typically reevaluate your rates if you quit smoking for at least a year.
I am single. Do I need life insurance?
Single people often think they don't need life insurance, and in many cases, they are right. However, there are many factors that determine your need for life insurance; marital status is just one.
What you need to consider is if you died tomorrow, would you leave enough to cover your funeral expenses? If not, who would be responsible for paying? For many families, even a relatively simple funeral can create a major financial burden. For this reason alone, you might consider purchasing a small life insurance policy, or even a simple burial policy. As an alternative, you could invest the premiums you would spend on such a policy, and make sure your family knows this investment is earmarked for your final expenses, should the need arise.