Life insurance
Who needs it?
If someone will suffer financially when you die, chances are you need life insurance. Life insurance provides cash to your family after your death, known as the death benefit. This can replace your income and help with financial needs like funeral costs, daily living expenses, and college funding.
What type of life insurance is best?
There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.
Term insurance
The most affordable type of insurance when initially purchased, term insurance is designed to meet temporary needs. It provides coverage for a specific period of time and pays a benefit only if you die during that term.
This type of insurance can make sense if your need for coverage is temporary—such as until your children graduate from college or a mortgage is paid off.
Permanent insurance
Permanent insurance provides lifelong protection. As long as premiums are paid and no policy changes reduce coverage, the full amount will be paid. It often accumulates cash value and is designed for long-term use.
The right type of coverage depends on your unique situation. In many cases, a combination of term and permanent insurance may be the best solution.
It’s best to buy life insurance when you’re young and healthy, as costs increase over time. Even so, life insurance is often more affordable than people expect.
Use this calculator to estimate how much coverage you may need, then contact us to discuss next steps.
Will it pay off?
Life insurance may not be something you want to think about—but if someone depends on you financially, it’s important to plan ahead.
- Pay for funeral costs
- Help cover daily living expenses
- Pay off outstanding debt, including credit cards and a mortgage
- Support a family business
- Help fund future needs like education
- Protect a spouse’s retirement plans
Protect yourself
Getting life insurance doesn’t have to be complicated. We can help you find the right coverage based on your needs and stage of life.
Contact one of our Insurance Advisors today at 1-800-443-6316.