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Life Insurance

Why do you need life insurance?

Life insurance isn't for the benefit of the person who is insured, it's for the insured's loved ones. Your family needs the guarantee of a comfortable financial future in the event that something should happen to you. A good life insurance policy can help you meet that goal.

The primary purpose of life insurance is to enable your family to continue their current lifestyle when and if you're no longer around. It is also designed to help meet specific needs that your family will have in the future.

Here are a few examples of how a good life insurance policy can protect your family:

  • Life insurance will replace your lost income in the event that it goes away in the future.
  • It can pay off your mortgage and provide your family with a debt-free home.
  • Credit card and other consumer debts can be liquidated with life insurance benefits.
  • An adequate life insurance policy will fund a quality education for your children.
  • Final expenses can be paid from your life insurance proceeds, preventing the need for your spouse and/or children to have to deal with them at the worst possible time.

How much life insurance do you need?

As a general rule, a married couple with children should purchase a life insurance policy for at least 8-10 times the primary wage-earner's annual salary. But special circumstances may require more:

  • Do you have a large mortgage on your home?
  • Do you have one or more children that will eventually attend college?
  • Do you have one or more family members who are long-term disabled or someone who  will require extensive medical care?

If you answered yes to any of the questions above, you need to adjust the amount of life insurance coverage accordingly. It's wise to err on the side of too much coverage instead of not enough. Your life insurance agent can help you determine the amount of coverage that is best for you and your family.

Term Life insurance is the least expensive type of policy.  You buy a specific dollar amount for a specific term (ie., 10, 20, or 30 years).

Universal Life provides permanent protections for your dependents.  It is more flexible than Whole Life.  It pays a death benefit, but it may also provide you with cash value, tax deferment accumulation, ability to borrow against, and flexibility with premium and face amount.

Whole Life is permanent protection while building cash value.  Excellent for final expenses.