Frequently Asked Questions (FAQ) 

We are here to simplify complex insurance topics. Below are answers to the most common questions our clients ask about permanent life insurance, Medicare, and working with an independent advisor in the Twin Cities. 

What is the biggest difference between Whole Life and Universal Life?

Whole Life offers guaranteed, fixed premiums and cash value growth. Universal Life offers flexibility to adjust your premium payments and is interest-rate sensitive, meaning the cash value growth rate may change over time.

How is Indexed Universal Life (IUL) different from Variable Universal Life (VUL)?

IUL ties its cash value growth to a market index (like the S&P 500) but uses a guaranteed floor to ensure you do not lose money due to market downturns. VUL allows you to invest directly in market sub-accounts, offering unlimited growth potential but carrying the full risk of market loss.

What is Guaranteed Universal Life (GUL) designed for?

GUL is designed for clients who need permanent death benefit protection at the lowest possible cost. It prioritizes the guaranteed duration of the policy (often to age 121) over cash value accumulation, making it an excellent budget-friendly legacy tool.

Is Final Expense Insurance the same as Whole Life Insurance?

Yes, Final Expense Insurance is typically a small Whole Life policy, usually between $5,000 and $50,000. It is distinguished by its simplified underwriting (often no medical exam) and its specific focus on covering funeral costs.

When should I start planning for Medicare in Minnesota?

You should start reviewing your options and contacting a licensed agent three to six months before your 65th birthday, which marks the start of your Initial Enrollment Period (IEP). This is crucial to avoid late enrollment penalties.

Is Solvera Insurance Advisors an independent agency?

Yes. Solvera is an independent agency, meaning we are not tied to a single insurance carrier. Our allegiance is to our clients in Edina and the Twin Cities. This allows us to compare policies and rates from dozens of top-rated national carriers to find the best fit for you.

How much does an initial consultation with Tamontre Vega cost?

Our initial consultation and comprehensive policy review are completely free of charge and come with absolutely no obligation. We believe in providing value and expertise upfront.

Why is working with a local agent in Edina important?

Insurance needs vary based on local factors, including state-specific regulations for Medicare and local economic trends affecting planning. As a local Edina-based advisor, we understand the specific needs and carrier availability within the Minneapolis-St. Paul metro area.

Will my personal information be kept confidential?

Absolutely. We adhere to strict privacy guidelines. Your personal and financial information, including quote requests, is used only by Solvera Insurance Advisors to secure the best policy options for you. Please see our Privacy Statement for full details.

I already have coverage. Can Solvera review my existing policy?

Yes. We often help clients in Bloomington, St. Louis Park, and Minnetonka review old policies to ensure they are still competitive and meeting current needs. We can assess policy performance, especially for older Universal Life and Indexed Universal Life contracts.