Some say life insurance is “love insurance.” Life insurance is a key part of your financial safety net that helps assure your loved ones that they will be taken care of now and in the future.
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Will your loved ones be financially burdened if something were to happen to you?
If the answer is yes, then you should consider how you can protect your loved ones with life insurance.
Whether you are starting a family, buying a home or getting married, you should think about re-evaluating your life insurance coverage to ensure you have the right coverage at the right life stage.
Our life insurance expert will help demystify any questions about life insurance.
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Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to your named beneficiaries. More simply, life insurance protects the financial security of your loved ones by giving them a tax-free payment if you pass away unexpectedly.
As a policyholder, you pay a recurring premium to the insurer, usually on a monthly basis. Ultimately, life insurance serves as an income replacement for the policyholder.
The right time to purchase life insurance varies depending on a person’s unique circumstances. Generally, you should purchase life insurance when other people financially depend on you. For example, many people start thinking about buying life insurance when they get married.
Starting a family, opening a business, or purchasing a home are other reasons to purchase life insurance or change an existing policy. It’s important to consider the age at which you start buying life insurance as premiums increase as you get older. What’s more, it’s easier to qualify for life insurance when you’re still young and healthy.
How much life insurance coverage you purchase depends on your unique financial circumstances. In addition to considering your stage of life, you’ll need to take into consideration your annual income, debt, and net worth when purchasing life insurance. You’ll likely want to ensure your dependents can maintain their lifestyle and not have to face financial hardship.
You should calculate short and long-term expenses your dependents will be faced with in your absence and identify a suitable amount of coverage that will take care of their needs. Contact one of our life insurance experts to discuss the right amount of coverage for you and your family – we’re happy to walk you through the entire process.
Before determining which type of life insurance is right for you, you should understand the basic features of both permanent and term life insurance.
Permanent Life Insurance | Term Life Insurance |
| No expiration date – the policy holder will always be covered by the insurance policy. | Expires over a specific term set by both the insurer and the policyholder – if the policyholder dies after the expiration date, no death benefit will be paid. |
| More expensive because the policy protects you permanently. | Less expensive than permanent life insurance because the policy protects you only for a set period. |
| Typically offers a partial refund of the premiums if you cancel the policy. | No partial refund of the premiums if you cancel the policy. |
Both insurance types may offer a variety of additional benefits, either with or without additional costs.
The type of insurance you buy depends on your current life situation; for example, your health, financial obligations, and age. For more information, contact one of our life insurance experts and we’ll be happy to assist you with determining whether permanent or term insurance is best for you.
Simply put, the older you get, the greater the probability an insurance company will have to pay out a death benefit. Therefore, your premiums typically increase with age. However, keep in mind that age is only one factor the insurer considers when evaluating your request for life insurance. Insurance companies will also look closely at your health, lifestyle, and any known medical conditions.
