About one-third of all families would be affected financially — in just one month — by the loss of their household's primary wage earners. But fortunately, there is a way to ensure that your family has the financial means to maintain their standard of living without you. And while it may seem premature to think of the unthinkable, it is never too early to start living with peace of mind.
Our Life Insurance 101 guide will help you get started with tips and benefits:
What is life insurance?
In the simplest terms, life insurance is a way to financially protect your family or business after you die. It is a contract with an insurance company, where you pay a premium, and in exchange, they agree to pay a certain amount on your death to the named beneficiary.
Why do I need life insurance?
Inevitably, all of us will leave this world. Life insurance provides financial peace of mind when you know that your loved ones will not be charged with costs related to medical services, funeral and funeral expenses or other outstanding debts. It enables them to maintain their current standard of living. Life insurance can also help them complete the things you want for them, such as college education, opening or maintaining a business, or paying off a mortgage.
Are there different types of life insurance?
Life insurance is divided into entire life and sight life policies, both with their own benefits. Individuals can also be offered life insurance through their employers, but coverage ceases when employment ends. Talk to an agent to find out what the insurance covers and which coverage best suits your needs.
What is full life insurance?
As the name suggests, full life insurance is coverage that lasts your entire life ̵
What is term insurance?
Forward insurance gives you protection for a certain period of time. You can choose to have coverage for 10, 15, 20 or 30 years. Since the insurance is shorter, they often come with more affordable prices.
I have life insurance through my work. Is it enough?
In some cases, yes. In other cases, no. If you need more life insurance than your employer provides or if you own a business or a second home, you may want additional protection to ensure that your family has everything they need to face the future without you.
How much life insurance do I need?
The size of life insurance varies from person to person. Professional financial planners estimate that you should have between eight and ten times your income as a rule of thumb. But in the end, it depends on how much money you want your family to receive if you pass away. To easily determine how much it is, you can calculate the cost of your life insurance needs with our Life Insurance Calculator.
Is life insurance expensive?
Life insurance is much cheaper than most people think. On average, coverage can cost between $ 30 and $ 60 per month. It can be less than your daily coffee.
When should I start thinking about life insurance?
It is never too early to get life insurance. In fact, the sooner you get a policy, the cheaper it will be. Even if no one is financially dependent on you right now, if you are young, healthy and have a good family health history, you can be rewarded with the best prices. But if you wait and then get an illness or disease, you will not be eligible for life insurance for a long time, possibly never. This is why it makes sense to make the decision early, so that you can live with less worry.
Who should I talk to about life insurance?
Because each person, family and financial situation is unique, there is nothing better than a conversation with an agent who gets to know you and your needs. After a conversation, they will help you decide which policy type and coverage amount is right for you. You can also get a discount on your home and your car insurance if you add a life insurance.
Start living life with greater peace of mind and financial security for the future. Talk to one of our local, independent agents today about a life insurance policy that suits you.