Have a question? See our most frequently asked questions on insurance.

1. What’s the difference between life, disability, and long-term care insurance?

• Life insurance provides a payout to your beneficiaries when you pass away.
• Disability insurance replaces part of your income if you’re unable to work due to illness or injury.
• Long-term care insurance helps cover the cost of care services if you need assistance with daily living activities due to aging or chronic illness.

2. Do I need all three types of insurance?

Insurance options are tailored to meet your particular needs. Many people benefit from layering these types of coverage to protect against different types of risk – death, loss of income, and extended care needs.

3. How much does this insurance cost?

Costs vary based on several factors including coverage amount. We provide personalized quotes and policy recommendations to fit your needs and budget.

4. What does long-term care insurance typically cover?

Depending on the policy you purchase, it may cover home care, assisted living, adult daycare or skilled nursing facility care – services not covered by most health insurance plans or Medicare.

5. Can I buy life, disability, and long-term care insurance through First Horizon Advisors?

Yes. Working with First Horizon Advisors allows you to integrate coverage into your broader financial plan and get guidance from professionals who understand your full financial picture.

6. Is disability insurance only for high-risk jobs?

No. While it’s essential for those in physically demanding careers, disability insurance is just as important for office workers and professionals. Illness, accidents, or chronic conditions can impact anyone’s ability to earn a paycheck.

7. At what age should I start thinking about long-term care insurance?

It’s wise to start considering long-term care insurance in your 50s or early 60s, when premiums are lower and you’re more likely to qualify for coverage. Waiting too long could mean higher costs or denial due to health conditions.

8. What’s the difference between short-term and long-term disability insurance?

Short-term disability insurance typically covers you for a few weeks or months, while long-term disability insurance provides benefits for several years or until retirement, depending on the policy. Many people choose to carry both.

Have a question about life insurance? – Review our most frequently asked questions.

1. Why do I need life insurance?

Life insurance is an important part of financial planning and plays a valuable role during various stages of life. Some examples are:

• To provide funds to pay off a mortgage and other debts
• To provide funds that survivors can access to replace lost income resulting from the death of the breadwinner
• To provide funds for funeral expenses and other final expenses (any hospital or doctor bills that may not be covered by health insurance)
• To provide an education fund for children or to further the education of the surviving spouse or other adult beneficiary
• To provide funds for special needs children

2. Why do business owners need life insurance?

Life insurance plays a key role in business financial planning. Life insurance may provide funds for businesses to:

• Pay off business loans upon the death of the insured
• Provide funds to recruit and train new management
• Provide funds to hire consultants to replace lost talent
• Purchase the deceased partner's interest from his/her family
• Provide a vehicle for key employees to defer income on a tax-advantaged basis

3. How much life insurance do I need?

To help answer this question, you should assemble personal financial information and determine the amount your family will need to support them financially at your death. In addition to these first steps, there are a number of factors to consider when determining how much life insurance you need. These include:

• Any immediate needs at your death (funeral expenses, estate taxes, final illness expenses)
• Family needs
• Daycare costs, college tuition
• Funds to pay off debt

In most situations, the best way to help you evaluate your situation is through a consultation with a licensed agent.

4. What should I expect from my insurance agent?

Your agent/advisor should:

• Assist you in determining your insurance needs
• Explain various types of insurance policies and insurance-related matters
• Review your insurance periodically
• Recommend new and innovative products when suitable

Be upfront. Let your agent know what you expect. If he/she is not a good listener, you should consider another agent.

5. Will a medical exam be required?

When you apply for insurance, many factors will determine whether a medical exam is required, including the amount of life insurance for which you are applying, your age and the health information you provide on your application. The insurance company is responsible for expenses involved in requiring medical exams or obtaining medical records.

6. Should I purchase insurance on my spouse?

If your spouse contributes to your family's income, it may be important to protect his or her life with insurance. The loss of the second income could result in immediate economic hardship for your family, a change in your standard of living and a change of plans for your future.

Even if the spouse is a homemaker, he or she provides valuable services. If your spouse were to die, you would have to hire someone to do the housework and/or take care of your children. You would have to spend hundreds, perhaps even thousands, of dollars each and every month to replace the services your spouse provides.

7. Once my insurance policy is issued, can the insurance company cancel my contract if I develop medical problems?

After your policy has been issued, and provided you continue to pay your insurance premiums, the insurance company cannot cancel your policy regardless of your health assuming you did not misrepresent any information provided on the application. You, however, may voluntarily elect to cancel your policy at any time.

8. Will my beneficiary have to pay income tax on the life insurance death proceeds when I die?

In general, life insurance death proceeds are not included in the beneficiary's gross income for federal income tax purposes. For example: If you were insured for $100,000 and you died, the entire $100,000 would be received income tax-free by the named beneficiary (e.g., your spouse) assuming there were no outstanding loans. (Loans are usually not available on term insurance.)

9. May I change the beneficiary on my life insurance policy?

Unless there is an irrevocable provision that states the beneficiary cannot be changed, the policy owner may change the beneficiary.

10. Why did my insurance cost more than what I was originally quoted when I applied for the coverage?

Many factors are considered to determine your insurance premium. These may include age, sex, whether or not you use tobacco, medical history, hobbies and occupation. During the underwriting process, any of the information provided could affect the premium required for the policy.

11. Why buy insurance through First Horizon Advisors?

The First Horizon Advisors team approaches your insurance needs from a consultative standpoint, providing sound advice focused in your interest. Our advisors will give you flexible options and choices from a broad array of insurance products. Request your personalized life insurance quote today.