Buying Life Insurance for Someone Else: Exploring the Possibility

Posted on June 30, 2025June 23, 2025 by admin

One of the most challenging aspects of losing someone is moving forward without their presence. Financial responsibilities can double when the person is no longer there to share payments, or they may fall entirely on your shoulders as final expenses. Life insurance can provide significant relief, but what happens if the person doesn’t have coverage or cannot afford it?

Can You Buy Life Insurance for Another Person in Tennessee?

Not exactly. Purchasing life insurance on behalf of someone else requires more than just a personal connection, though that is a starting point. You must have a financial stake in that person’s life or act as their caregiver. Additionally, you need to provide proof that you would face financial hardship without them. This is known as insurable interest. Finally, you must obtain permission from the individual to purchase life insurance on their behalf.

The person you wish to insure doesn’t necessarily have to be a family member. You can buy life insurance for a co-signer, business partner, or employee. However, without meeting the necessary requirements, you cannot obtain a life insurance policy for that individual.

How Do You Buy Life Insurance for Another Person in Tennessee?

Start by speaking with an agent at Riskbusters Insurance and completing a life insurance application. The individual you wish to insure must be present to assist with the paperwork and undergo a medical exam, which is why their permission is required. Examples of proof of insurable interest include documents such as a mortgage, deed, or bills that list both your name and the other person’s name. These demonstrate that the financial obligations would be challenging to manage without them. You will also need to explain your relationship with the person.

Once the necessary information is provided, we will discuss policy options, terms, and premiums with you. While buying life insurance for someone else can be complex, our agents at Riskbusters Insurance are here to simplify the process. We’ll review your purpose for purchasing the policy, your connection to the insured individual, and other relevant details. Based on your answers and the available policy plans from our carriers, we’ll help you select a suitable life insurance plan.

For more information about life insurance, call or visit our office today. We’re here to guide you through the process and ensure you find the right coverage.

Reasons life insurance may be canceled or denied

Posted on February 28, 2025February 25, 2025 by admin

Life insurance is crucial coverage if you have dependents. It ensures you can continue providing for them even after you’re gone. For residents of Tennessee, our team at Riskbusters Insurance is here to help ensure you have the life insurance coverage you need.

Reasons Life Insurance May Be Canceled

The most common reason for life insurance cancellation is non-payment of the premium. Given the vital nature of life insurance for your dependents, it’s essential to avoid this. With a whole life policy, you might be able to use your cash value to maintain the premiums during a difficult period. If you’re facing financial difficulties, contact your insurance company and try to negotiate a deal that allows you to keep your policy.

Another reason your life insurance policy may be canceled is if it’s discovered that you didn’t answer some of the application questions honestly. Any misinformation can result in immediate cancellation, so it’s crucial to answer honestly.

Reasons Life Insurance May Be Denied

The primary reason life insurance is denied is due to health concerns. Most insurance companies require a physical before issuing a life insurance policy. If you’re obese, have diabetes, or have high cholesterol, you may be denied life insurance. Many chronic illnesses, including heart disease, Parkinson’s disease, HIV/AIDS, or Alzheimer’s, can also result in denial. If your blood test shows that you’re an alcoholic, that may be enough for denial, and age can also be a factor in some cases.

Riskbusters Insurance in Tennessee helps customers decide on the type and amount of life insurance they need to provide for their loved ones.

What Is a Whole Life Insurance Policy?

Posted on November 26, 2024November 25, 2024 by admin

There are different types of life insurance policies, with whole life and term life being the most common types. A term life policy is one that is in effect for a set number of years and expires after that period. However, a whole life policy works very differently. Many factors make whole life policies so popular. If you’re interested in any type of life insurance, give us a call at Riskbusters Insurance in Tennessee to find out more and to get started.

Your Whole Life

The name of this type of insurance policy comes from the period that it stays in effect – your whole life. It never expires, and you can keep the policy as long as you want. This is one of the biggest reasons that these policies are so popular. Many people don’t want to get a term life policy that will eventually expire, making it necessary to apply for a new one. With a whole life policy, you never have to apply for a new one.

Cash Value

A whole life policy has another advantage that many people seek out this type of policy to get. That’s the cash value that builds up with a whole life policy. Over time, a cash amount builds up that the policyholder can borrow against. This can be an important way to access cash if it ever becomes necessary. This cash loan from the policy is paid off just like any other loan. The outstanding loan amount is subtracted from the death benefit until it’s paid back.

Get Whole Life Insurance in Tennessee

There are many benefits of having this type of life insurance. From the life of the policy to the cash value, you may be interested in getting this type of policy. To get started, call us at Riskbusters Insurance in Tennessee.

Don’t Get Buried by End of Life Planning and Expenses

Posted on July 30, 2024July 30, 2024 by admin

People commonly look forward to and focus on their future, romantic relationships, and milestones, among other optimistic aspects of life. On the other hand, things like end-of-life planning arrangements are often less thought about. Fortunately, the right agency and life insurance plans can alleviate concerns about end-of-life planning and the increasing costs of plots, caskets, memorial services, and other expenses. That’s why residents from Tennessee rely on the friendly and professional agents at Riskbusters Insurance for all their life insurance needs.

Life Insurance: For End-of-Life Planning Expenses and More

Life insurance serves many functions, from covering numerous costs associated with end-of-life planning to leaving a financial legacy for loved ones. Most notably, life insurance is the primary means people use to cover the costs of caskets, service expenses, and other end-of-life expenses. However, it also offers many other benefits, emphasizing the value of speaking with a trusted and experienced agent.

Life Insurance Solutions in Tennessee

If you are a Tennessee resident in need of life insurance or have any questions, our experienced and knowledgeable agents at Riskbusters Insurance can help. From assistance with retirement or emergencies to expenses like end-of-life planning and more, life insurance can significantly impact your life. Don’t let the concern of end-of-life planning and expenses weigh you down. Get the help you need to navigate your life insurance needs. Contact us to learn more and schedule an appointment with our team at Riskbusters Insurance today.

Why do many people getting life insurance in Tennessee need to get a physical first?

Posted on November 17, 2023November 28, 2023 by admin

There are some companies that offer life insurance to Tennessee residents without requiring a physical exam. However, depending on your circumstances, it may be to your advantage to choose a policy that does require an exam. Riskbusters Insurance can help you explore your options so you can choose the best policies for yourself and your family.

Why Are Exams Required Before Purchasing Life Insurance?

Life insurance companies make decisions based on risk. The longer you live, the better it is for the insurance company because they generally won’t have to pay out while you are alive.

If you are not in the best of health, don’t despair. Your insurance agent can still help you find a policy with the best rates possible. There are even some competitive policies that don’t require an exam.

What Happens During an Exam

A physical exam for a life insurance policy can take place anywhere, including your home, a doctor’s office, or your insurance agent’s office. Most of the exam is questions. The examiner will want to know:

What is your history of tobacco, alcohol, and drug use?
What is your driving record?
Are you currently taking any prescriptions?
Have you ever been hospitalized?
Is there a history of cancer, heart disease, or other chronic conditions in your immediate family?
Do you have any dangerous hobbies?

You should prepare for the exam by gathering any records you have so that you can answer the questions easily.

Consult With Us

You have a lot of choices if you are getting Tennessee life insurance. It can be overwhelming, and you want to get the best policy you can. If you have any questions about life insurance or would like to compare policies, please call Riskbusters Insurance today.

Four steps to choosing your life insurance policy

Posted on July 21, 2023July 25, 2023 by admin

When you’re on the market for life insurance in Tennessee, you can rely on Riskbusters Insurance to help you find the coverage you need. There are a few steps you need to go through when you’re choosing life insurance.

The following are four steps to choosing your life insurance policy:

Do your research

Life insurance is a complex financial product. You need to know about the different types of life insurance and coverage options before you buy a policy.

You also need to research the various insurance providers offering life insurance policies. You want to buy from a life insurance provider that you can depend on.

Determine how much coverage you need

You’ll purchase a policy with a specified death benefit amount. Buy enough coverage so that the death benefit is large enough to support your beneficiaries if you die and your income is lost.

Request quotes from a few providers

When you buy any type of insurance, you need to get quotes from numerous providers as part of researching your options. Requesting policy quotes ensures that you get a competitively priced policy.

Get in touch with life insurance providers and provide information on your situation and life insurance preferences so that you can compare policies.

Carefully evaluate your policy quotes

Evaluate quotes and figure out which policy is best for your situation before you purchase a policy. Look not only at policy costs but also at the coverage you’re getting and how well the policy in question corresponds to your needs.

Reach Out To Us

Once you have gone through these steps, you can purchase a life insurance policy that will offer financial protection to your family in Tennessee. Get a quote from us at Riskbusters Insurance.

What Factors Should Be Considered When Determining How Much Life Insurance A Person Needs?

Posted on March 23, 2023March 23, 2023 by admin

There are a number of benefits associated with purchasing life insurance. However, one of the biggest decisions that you need to make when it comes to purchasing a life insurance policy is deciding how much coverage you truly need. Here at Riskbusters Insurance, a company providing individuals in Tennessee with life insurance policies, we want to help you learn more about what factors you need to consider when determining how much life insurance is right for you.

The Amount of Debt You Have

Anytime you are purchasing life insurance, you should consider how much debt you have. Ideally, your life insurance policy should cover the amount of outstanding debt you have, including student loans, car loans, and a mortgage.

How Much Money is Needed to Ensure Your Family Can Live Comfortably

Another element to consider is how much money your family needs to live the same lifestyle they are accustomed to living if you pass away. Consider the number of children you have and their ages to determine approximately how long they will need financial support.

What Your Final Expenses Will Cost

Lastly, you should always think about your final expenses and how much it will cost to bury or cremate you and have a funeral or a celebration of life. This helps to ensure your family has the money to cover the costs associated with your final wishes.

We Are Here To Help

There are numerous factors that need to be considered when determining how much life insurance you should purchase. If you are looking to purchase life insurance in Tennessee, the team at Riskbusters Insurance can work with you to determine a reasonable amount of life insurance to help provide for your family when you pass. Schedule an appointment with us to start the process.

Will Life Insurance Affect Medicaid Benefits?

Posted on November 22, 2022November 22, 2022 by admin

If you’re on Medicaid, it’s essential to know how life insurance could affect your benefits.

Some people mistakenly believe life insurance policies will disqualify them from receiving Medicaid benefits. However, that’s not necessarily the case. Owning a life insurance policy may help protect your Medicaid eligibility — and your loved ones would receive death benefits if something happened to you.

Riskbusters Insurance serves the Tennesee area and can help you understand how life insurance will affect Medicaid eligibility.

How Medicaid Works with Life Insurance

Medicaid is a government health insurance program that offers coverage to low-income families and individuals. To qualify for benefits, applicants must meet specific financial criteria. For example, applicants must have an income below a certain level and not have more than a certain amount of assets.

One common question that people have is whether or not life insurance will affect their Medicaid eligibility. The answer to this question is no; life insurance won’t affect Medicaid benefits. This is because life insurance is considered an asset only if it has a cash value. Term life insurance and small whole life policies are considered contracts of pure protection and are not counted as assets. This means they won’t affect your eligibility.

However, if you have a more comprehensive policy and the cash surrender value exceeds the allowable amount, it will be counted as an asset and could affect your Medicaid eligibility. The asset limit in Tennessee is $2,000 in cash or non-exempt assets. Therefore, if your cash surrender value is less than the $2,000 limit, you’ll still be eligible.

Contact Us Today

To get life insurance coverage in Tennessee, call Riskbusters Insurance. Our agents can help you choose the right type of insurance for your situation and explain how it could affect your Medicaid benefits.

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