Services: Life Insurance

Choosing the right life insurance options can be complicated at best. The array of products available is confusing, not to mention calculating the right amount. But the fact remains that life insurance is an important part of your family's financial security.

Do I Need Life Insurance?

If you have a spouse, child, parent or other individual depending on your income, you probably need life insurance. The primary purpose of life insurance is to provide a source of income upon your death for your children, spouse or other beneficiaries. Life insurance may also be necessary for estate planning or business succession planning.

How Much Life Insurance Is Enough?

This varies from person to person, and should be calculated based on your current annual household expenses and your assets, debts, and other sources of income. The ideal amount of coverage is enough to allow your dependents to invest the proceeds, live off the interest of that investment, and not dip into the principal.

Quick Tip: When considering life insurance, determine how much insurance you need before deciding on which type to buy. Having enough is more important, and you can always switch to a different type later.

Types of Life Insurance

The basic types of life insurance are:

  • Term- You pay for coverage for a specific amount of time. If you die during that time, the insurer pays the benefit to your survivors (or beneficiaries).
  • Cash value - Usually known as whole life, universal life, or, less common, permanent life insurance. This type provides some other redeemable value in addition to paying a death benefit.

Within those two basic types there are several subcategories of life insurance.

Life insurance is an important component of the safety net for your family, but it can also be confusing, and it's easy to end up with the wrong type, or paying more than you should. Our knowledgeable staff can help you understand your options and advise you based on your specific situation.

Please Contact Us to find out more about how we can help.

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