Frequently Asked Questions

Q: What are living benefits in life insurance?

Living benefits allow you to access a portion of your life insurance death benefit while you're still alive if you're diagnosed with a chronic, critical, or terminal illness. This money can be used for medical bills, mortgage payments, lost income, or any other expenses. Unlike traditional life insurance that only pays out after death, living benefits provide financial protection when you need it most. Built Different Financial Group specializes in policies with living benefits included at no additional cost.

Q: What conditions qualify for living benefits?

Living benefits typically cover three categories: 1) Chronic Illness - when you cannot perform 2 of 6 activities of daily living (bathing, dressing, eating, toileting, transferring, continence) or have severe cognitive impairment. 2) Critical Illness - diagnosis of heart attack, stroke, major organ failure, invasive cancer, or other specified conditions. 3) Terminal Illness - when a physician certifies you have 12-24 months or less to live. Each carrier has specific definitions, and our agents help you understand exactly what's covered.

Q: Do living benefits cost extra?

No, most modern life insurance policies include living benefits as a built-in rider at no additional cost. This is one of the biggest improvements in life insurance over the past decade. When you work with Built Different Financial Group, we specifically recommend carriers that include comprehensive living benefits without charging extra premiums. This means you get both death benefit protection AND living benefit access for the same price as traditional coverage.

Q: What is an IUL and how does it help with retirement?

An Indexed Universal Life (IUL) policy is a type of permanent life insurance that builds cash value based on stock market index performance (like the S&P 500) while protecting you from market losses with a 0% floor. The cash value grows tax-free and can be accessed tax-free in retirement through policy loans. Unlike 401(k)s and IRAs, there are no contribution limits, no required minimum distributions, and no penalties for early access. This makes IUL an excellent supplement to traditional retirement accounts, especially for high-income earners who've maxed out other options.

Q: Is IUL better than a 401(k) or Roth IRA?

IUL isn't necessarily 'better' - it's different and can complement your existing retirement accounts. Key advantages of IUL: no contribution limits, tax-free growth and distributions, no required minimum distributions at age 73, protection from market losses, and a death benefit for your family. Key advantages of 401(k)/IRA: employer matching, lower fees, simpler structure. Many financial strategies use IUL alongside traditional accounts. Built Different Financial Group can help you understand if IUL fits your specific situation and goals.

Q: How much can I contribute to an IUL policy?

Unlike 401(k)s and IRAs which have annual contribution limits ($23,000 and $7,000 respectively in 2024), IUL policies have no government-imposed contribution limits. The amount you can contribute is based on your policy's death benefit and IRS guidelines to avoid the policy becoming a Modified Endowment Contract (MEC). Typically, high-income earners can contribute $50,000 to $100,000+ annually. Our agents design policies to maximize cash value accumulation while maintaining the tax advantages.

Q: What is mortgage protection insurance?

Mortgage protection insurance is a term life insurance policy designed to pay off your remaining mortgage balance if you pass away. This ensures your family can stay in their home without the burden of mortgage payments. Unlike mortgage insurance required by lenders (PMI), mortgage protection is owned by you, pays your beneficiaries directly, and often includes living benefits for disability or critical illness. Coverage amounts typically match your mortgage balance and decrease as you pay down your loan.

Q: How is mortgage protection different from PMI?

PMI (Private Mortgage Insurance) protects the LENDER if you default - it doesn't help your family at all. Mortgage protection insurance protects YOUR FAMILY by paying off the mortgage if you die or become disabled. Key differences: PMI is required by lenders for low down payments and cancels when you reach 20% equity. Mortgage protection is optional, owned by you, pays your beneficiaries, and can include living benefits. Built Different Financial Group recommends mortgage protection for any homeowner who wants to ensure their family keeps the home.

Q: How much life insurance do I need?

A common rule of thumb is 10-12 times your annual income, but the right amount depends on your specific situation. Consider: 1) Income replacement - how many years of income should you replace? 2) Debts - mortgage, car loans, credit cards, student loans. 3) Future expenses - children's education, spouse's retirement. 4) Final expenses - funeral costs, medical bills. 5) Existing coverage - employer life insurance, savings. Built Different Financial Group offers a free life insurance needs calculator and personalized consultations to determine your ideal coverage amount.

Q: How much does life insurance cost?

Life insurance costs vary based on age, health, coverage amount, and policy type. A healthy 30-year-old can get $500,000 of 20-year term coverage for $25-40/month. A 45-year-old might pay $60-100/month for the same coverage. Permanent policies (whole life, IUL) cost more but build cash value. Factors affecting price: age, health conditions, smoking status, occupation, hobbies, family medical history. Built Different Financial Group shops 30+ carriers to find you the best rate for your situation.

Question 1

What are living benefits in life insurance?

Question 2

What conditions qualify for living benefits?

Question 3

Do living benefits cost extra?

Question 4

What is an IUL and how does it help with retirement?

Question 5

Is IUL better than a 401(k) or Roth IRA?

Question 6

How much can I contribute to an IUL policy?

Question 7

What is mortgage protection insurance?

Question 8

How is mortgage protection different from PMI?

Question 9

How much life insurance do I need?

Question 10

How much does life insurance cost?

Question 11

Can I get life insurance with pre-existing conditions?

Question 12

How do I become a life insurance agent?

Question 13

Is being a life insurance agent a good career in 2026?

Question 14

What does a life insurance agent do every day?

Question 15

How much do life insurance agents make?

Question 16

Do I need a college degree to sell life insurance?

Question 17

Can I sell life insurance part-time?

Question 18

What is the failure rate for new life insurance agents?

Question 19

What is residual income in life insurance?

Question 20

What is the difference between a captive and independent agent?

Question 21

What is an IMO in insurance?

Question 22

What is the difference between an IMO, FMO, and NMO?

Question 23

What are the benefits of joining an IMO?

Question 24

What is a street-level contract in insurance?

Question 25

What is vesting in life insurance commissions?

Question 26

What is a chargeback in life insurance?

Question 27

Can I leave my IMO? What is a release?

Question 28

Do IMOs charge fees to agents?

Question 29

What questions should I ask before joining an IMO?

Question 30

What commission level should I expect as a new agent?

Question 31

Why choose Built Different Financial Group over other IMOs?

Question 32

Does Built Different Financial Group have a non-compete clause?

Question 33

What is the onboarding process at Built Different Financial Group?

Question 34

What lead programs does Built Different Financial Group offer?

Question 35

Is selling life insurance a pyramid scheme?

Question 36

Is life insurance sales an MLM?

Question 37

How hard is it to sell life insurance?

Question 38

Do I have to recruit other agents to make money?

Question 39

What if I don't have any sales experience?

Question 40

How long before I start making money as a life insurance agent?

Question 41

Will I have to buy leads or are they provided?

Question 42

Can I sell life insurance in multiple states?

Question 43

What is the best age to start a career in life insurance?

Question 44

How do top life insurance agents generate leads?

Question 45

What is the best CRM for life insurance agents?

Question 46

How do I sell mortgage protection insurance?

Question 47

How do I handle objections in life insurance sales?

Question 48

How do I build a personal brand as a life insurance agent?

Question 49

How do I use Facebook ads to get life insurance leads?

Question 50

How do I become a life insurance agent in South Dakota?

Question 51

Is a life insurance career good for military veterans?

Question 52

Can I become a life insurance agent as a career change at 50?

Question 53

Is life insurance a good career for teachers looking to change careers?

Question 54

What insurance carriers does Built Different Financial Group work with?

Question 55

Where is Built Different Financial Group located?

Question 56

What makes Built Different Financial Group different from other agencies?

Question 57

How do I become a life insurance agent with Built Different Financial Group?

Question 58

What commissions do Built Different Financial Group agents earn?