Life Insurance

Assess Your Life Insurance Needs

Assess Your Life Insurance Needs

If your family relies on your income, it’s critical to consider having enough life insurance to provide for them after you pass away. But too often, life insurance is an overlooked aspect of personal finances. Realizing the role life insurance can play in your family’s finances is an important first step. A critical second step is determining how much life insurance you may need. A detailed explanation of the types of life insurance is available by scrolling down the page below.

Term Life Insurance vs. Permanent Life Insurance

When considering life insurance, one of the most important factors to understand is the difference between term and permanent insurance. Below, you will find a more detailed review of both.

Term Insurance

Term life insurance is temporary; it provides a death benefit for a specific term, such as 10, 20, or 30 years. This limited term leads to term life insurance’s main advantage: price. Generally, term life insurance costs less than permanent life insurance, especially if the purchaser is younger.

Permanent Insurance

Permanent insurance remains in place as long as the policyholder makes payments. In addition, permanent policies are designed to build up “cash value,” a cash reserve that accumulates with the policy. There are three main types of permanent insurance: whole life, universal life, variable universal life.

Term Life Insurance

Term Life Insurance

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Whole Life Insurance

Whole Life Insurance

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Universal Life Insurance

Universal Life Insurance

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Variable Universal Life Insurance

Variable Universal Life Insurance

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Life Insurance - Frequently Asked Questions

  • What is the length of coverage for life insurance?
    Term insurance covers you for a specific period of time, also known as a term. Often, terms are available in 10, 15, 20, 25, and 30-year lengths, and you can choose the length of coverage that’s right for you.

    Permanent insurance covers you as long as premiums are paid on time. Permanent coverage is designed to last a lifetime.

  • How much do life insurance policies cost?
    Term

    Term tends to be less expensive because your coverage lasts for a specific time period. Term insurance is known for its low premiums and guaranteed payouts. Your beneficiaries will get a tax-free lump sum of money if you pass away while you have this coverage.

    Permanent

    Many permanent life insurance policies accumulate cash value over time. Each month, your premium payment goes towards your life insurance coverage and an investment component. You may borrow against the accumulated cash value or withdraw the cash value from the investment side for whatever needs may come your way. Keep in mind that any withdrawals could reduce the death benefit if they aren’t paid back.

  • Can I convert a Term policy to a Permanent policy?

    Yes. Many people convert their term coverage to a permanent policy. This conversion privilege, which is available in many term policies, may offer those who cannot initially afford permanent insurance an opportunity to switch at a later date.

  • What are the benefits of converting Term insurance to a Permanent policy?

    When you convert a Term policy to a Permanent policy, it typically eliminates the need to undergo a new medical examination or provide updated financial information – as long as there are no increases in the coverage amount or any additional riders. There may be other restrictions and limitations, so please contact us to discuss your options.

  • Can I buy both Term and Permanent Life Insurance?

    Yes. Many people use a combination of these two types of life insurance to cover temporary and permanent needs.

  • When should a single person get life insurance?

    If you're a young adult, chances are you have student loan debt. Did you know that this type of debt won't go away, even in death? If you were to pass away, your student loan debt may be left to your parents or loan cosigner.

    A term life insurance policy could cover expenses like these and the cost for your funeral and burial. And since life insurance rates often increase with age – now is the time for single people in their 20s and 30s to lock in competitive rates to prepare for their future plans as well. As you begin your life and your career, it’s important to take the necessary steps to ensure the people you care about, like your cosigner, are taken care of if something were to ever happen to you.

  • When should a married person get life insurance?

    Marriage means sharing everything in life with your spouse, including their assets and debt. You also have another life to protect now that you're married. That's why term life insurance is a great choice for young married couples. It can help pay for things like daily living expenses, your mortgage, utility bills and final expenses. The best option for you and your spouse is unique to your circumstances, so start by comparing rates and coverage options.

  • When should a person with a family get life insurance?

    If you have a family, a top thing on your to-do list – way ahead of signing them up for soccer or buying them the latest video game console – should be getting a life insurance policy to keep them covered. You put all your time and energy into helping them have everything they need, and that’s why it’s so important to think about what life would be like for your family if something were to happen to you.

    Ask yourself: Could they maintain the same lifestyle they have now if you were gone? Would they be able to pay for college without your financial support? These are some serious questions, and an appropriate life insurance policy could help provide considerable financial support if your children were to need the coverage.

  • When should those planning to retire get life insurance?

    The kids may be moving out (well, at least they’re thinking about it) as you near your retirement. But there are still numerous reasons for empty nesters and those looking to retire to have life insurance. One of the biggest reasons to get life insurance is that it can help preserve your retirement plan by replacing life insurance benefits you may have previously received from your employer. In addition, it can help pay off current debt along with final expenses. As you approach retirement, it may be a good idea to consider an appropriate policy so that you have the peace of mind to plan for all of the adventures ahead.

  • When should retirees and those between the ages of 65 and 85 get life insurance?

    It’s important to leave a legacy for your children and grandchildren – and life insurance is one strategy to provide that legacy. It also allows you to allocate an inheritance or make a charitable donation, cover the cost of estate taxes, or replace income you previously received from a pension. An appropriate life insurance policy may help you offset final expenses and burial costs – which allows you to leave more of your estate for your children, grandchildren and those most precious to you.

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