Life Insurance

“You don’t buy life insurance because you are going to die,
but because those you love are going to live.” - Unknown Author

This Is Fun, Right?

Getting life insurance is about as exciting as buying new tires for your car. New tires can be pricey, and the impact on daily life is minimal, at best. However, when the the unexpected happens, having good tires may make for a much more favorable outcome than if those tires were bald. Likewise, life insurance can make all the difference when the unexpected happens.

What Life Insurance Do I Need?

Choosing the best life insurance plan depends on factors such as age, income, marital status, health status, age, the number of beneficiaries, and savings goals. With your input, we can help figure out what’s best for you and explain things in a straightforward manner.

How Much is Enough?

There are several ways to answer that question, but here are some good places to start. How much would be needed to retire your existing debt, replace your income, pay off the mortgage, and pay for your kids’ education and everything else? The life insurance industry has even come up with a handy acronym to help you remember it all: DIME (debt, income, mortgage, education/everything else.)

For the record, replacing your income typically means you should buy ten times your current annual income ($100,000 x 10 = $1,000,000.) The idea is that you would invest the million (in this example) and let the investment income replace your income.

When Should I Buy?

The short answer is yesterday, if that were possible.

All joking aside, there is a real cost to delaying the purchase of life insurance. Not only will your premiums be higher the longer you wait, you may become uninsurable. Policies that would have been available when your health was better may cost quite a bit more now, if they are even available.

Term or Whole Life?

Way back when, you had only two choices for which type of coverage to get: term or whole life.

Term Insurance is issued for a set number of years and then ends. Sometimes when the term expires, the company will extend coverage but with a MUCH higher premium. Most people don't renew, as long as their health is good enough to get a new policy.

Whole Life Insurance never expires (as long as you pay the premium!) and the premium never increases. As you might guess, the premiums are significantly higher than term life. Whole life insurance accumulates cash value that you are able to access during your life.

Final Expense policies are a type of whole life insurance and are intended to pay for your burial.

In the 1980's when interest rates sky-rocketed, Universal Life policies were created to allow policy holders more flexibility. Guaranteed Universal Life policies provide the confidence of stable premiums of whole life contracts, but cost less.

For most situations, we believe term insurance is the best value and fit.

Why Choose Us?

For more information, please contact us. For a quick quote, see below.