How Much Life Insurance is Right For Me?

This depends on the purpose that you are purchasing Life Insurance for. But there are a few major things that we want to make sure are covered.

1. Costs for burial services including cremation or embalming and a casket. These costs can vary greatly and if you want an in depth look at covering burial expenses only take a look at an article we wrote all about that here.
2. If you are the breadwinner for your household we will want to replace your income for as long as it takes your significant other to make up the difference...
   1. For instance: Let's say you make $100,000 as a single-income family, and your spouse is currently going to school. If your spouse has 4 years of school left then we want to have insurance that will cover at least $100,000 X 4 years or $400,000. 
   2. This is an optimistic scenario where the lost income can be replaced rather quickly, a lot of people will need more coverage or coverage for a longer period of time.
3. How much debt do you have? It brings a lot of peace of mind to a spouse knowing that if you were to pass away, they could have the means to pay off a mortgage, car loans etc... 

When you call us you will talk to real people that very well might be in a similar situation as yourself. We will help assess your situation and determine how much coverage is right for you. 

Term Life Vs Permanent Life Insurance

One of the first things you will want to figure out is which type of Life insurance is going to fit your needs. The first thing to decide is if you want permanent coverage or a term policy. There are a few major differences in these products that you should know...

Term Life Insurance

1. Term insurance is kind of what it sounds like, life insurance with a term or specific length of time that it will cover you for; ie- 10 years, 15 years, 20 years, etc... 
2. Once the term is over your policy will go away, sometimes you can renew or change it to a permanent policy depending on how it was set up from the start. 
3. Term is generally your cheapest option if you are younger and looking for a large amount of coverage

Permanent Life Insurance

1. These policies will guarantee a death benefit to your beneficiary when you pass. They can be in effect until you are 90, 95, or 120 years old. 
2. There are a variety of options to choose from such as whole life, Indexed Universal Life and Guaranteed Universal Life. 
3. Most of these policies will build a cash value over time that you can use while you are still alive- hence the term Life Insurance! 

Knowing which option is right for you can seem overwhelming and makes many people choose to not even try to figure it out. If you call us you can rest assured that we will help you understand your options and how they will work in your current and potential future situations. No high-pressure sales, no obligation to enroll! Give us a call today so we can help you protect your loved ones.

Does Life Insurance Have "Living Benefits"?

When talking to people about life insurance the most common thing we hear is that people hate paying for something that they are never going to be able to utilize themselves. 

This is a valid concern. Money is tight for lot of people right now and we never want you to sign up for a plan you won't be able to afford for as long as you need it. Did you know there are several things that you can use your life insurance for even before you die?

• Certain policies will build up a cash value over time, you can use this cash value to pay for future premiums or buy additional insurance if you would like, as well as other options depending on the policy
• Many companies will over critical or chronic illness riders that allow you to draw off of the death benefit should you end up getting really sick in the hospital
  • This can be done even with a term policy and we recommend doing your research before buying any policy to make sure that this is an option you can have just in case. 
• Some policies known as Indexed Universal Life or IUL will actually be tied to a stock index and allow you to build up a generous amount of money as you plan for retirement. 
  • The great thing about this as a place to diversify some of your investments is that there is typically no downside to the gains- meaning you will never lose your money! Even if the stock market is really struggling your money will be protected.

Like we mentioned, it is so important to do your research before signing up for a policy, this could be the difference in having crippling medial debt, or having a way to pay for those bills through your life insurance. So find someone you trust, or call us and we would be more than happy to explore your options with you!