We all work to provide our loved ones with everything they need, but we never know when something may happen to us, leaving those that depend on us without our financial support.  Life insurance can ease that burden by protecting your family’s lifestyle, including day-to-day expenses, college funds, weddings, and other significant life events.  While many people know they need life insurance, there are common questions that we all ask ourselves.

When is it necessary to purchase a life insurance policy?  Everyone is in a different stage of life, but it becomes most important when you have others depending on you such as spouses, children, or aging parents.  As you enter this stage of life, the importance of Life Insurance increases, because people are depending on you.

How much life insurance should I purchase?  This question can be a complicated one to answer, because everyone’s financial situations are different.  As a general rule-of-thumb, many recommend a death benefit that is equivalent to 5-10 times your annual income.  However, there are other contributing factors such as your age, education expenses, outstanding debt, funeral expenses, etc.  For this reason, it is important to seek a professional’s opinion on how much you really need and we’re here to help!

Isn’t life insurance expensive?  There are different types of life insurance, and each fit the needs of a life insurance policy holder differently.  Premiums may be paid at different intervals, and as time goes on, it is recommended that you evaluate your life insurance policy with your current and future financial situations.

Life insurance can be a sensitive subject, but we’re here to help you navigate it all.  With a life insurance policy, you can have the peace of mind knowing that in the event of your unexpected loss, the people that matter most to you will be taken care of, and have the financial support they need.  To learn more, contact us or get a quote today!
​

Types of Insurance

Term Insurance
Term insurance is the most affordable type of life insurance.  Not only are the premiums typically lower, but they are constant throughout the life of the policy, making them ideal to fit into the average family’s budget.  Unlike the other two, Term insurance only covers the length of time, for which you anticipate bringing in income for your family.  However, many plans may be converted to a whole life plan for lifelong coverage.
Whole Life Insurance
Whole Life offers advantages from both Universal and Term policies.  Like Term insurance, Whole Life offers fixed premiums that won’t increase, but has lifelong coverage and the potential to accumulate cash value over time.  It has a fixed death benefit, but as the cash value is accumulated, policyholders may use it to pay premiums, make withdrawals, or take out loans against the policy.
Universal Life Insurance
Universal Life is the most flexible policy of the different types of life insurance.  Like Whole Life, you can accumulate a cash value over time to borrow and use for premium payments, but it allows policyholders to adjust how much they will pay each year, as well as the death benefit of the policy. While this flexibility offers advantages, it also comes with higher premiums which may be difficult to fit into the average family’s budget.
HIGHLIGHTS
​
•  Life insurance is most important when you have others depending on you.

​•  Term insurance is the most affordable type of life insurance.

•  Universal Life is the most flexible type of life insurance.

Protect What Matters Most