We've put together some commonly asked questions to give you information about the insurance we offer.
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Only you can really decide if you need life insurance.
As a rule, when you are younger and have high debt, you may want temporary life insurance that would cover your debt should you die young. Young families often cover their mortgage, student loan debt, or other debt should one of the bread winners die young. This would allow the rest of the family to maintain their lifestyle.
People nearing retirement age often have little or no debt. Their concern changes from if I should die to when I do die, who will pay my final expenses. They also may be looking to leave money for their children, grandchildren, a charity, or even their church.
As you can tell, life insurance really is a personal preference. It should not be a hardship to pay for life insurance. If it fits your budget and it is important to you, you may decide that you need life insurance.
Many employers do offer Group Life Insurance. In general, the insurance is only provided while you are employed with the company. If you leave your employer, chance is that you will lose the insurance or become responsible to pay for the insurance.
Because life insurance rates are based primarily on your age, health, and lifestyle, you might consider having a separate policy as a supplement or back-up, just in case.
The answer to this question is like the previous question: Do you need insurance?
It depends on what your reason for having life insurance is and what you want to cover. You can get whole life policies with coverage of as little as $5,000 and goes on up into the six or seven figure range (depending on your income). Term life policies usually start at around $50,000 in coverage and go up from there into the six and even seven-digit range.
The amount of coverage you need depends on factors such as your reason for having insurance, and your personal preferences.
The two most common types of insurance are Term Life Insurance and Whole Life Insurance.
Term life insurance is temporary insurance. It normally covers a set period such as: 10-15-20-30 years.
Whole Life Insurance lasts your entire lifetime. This insurance does eventually pay out. Most whole life policies build a cash value over time.
Obtaining life insurance is easier than you might think. It used to be that you had to work with an agent. Nowadays you can get it done easily through an online application.
The rates for life insurance vary. If you’re looking to cover funeral costs or final expenses, you can normally find true whole life insurance for well under $99 and even as low as $29.00. However, the cost of insurance can go up into the hundreds of dollars a month. It really depends on the type and amount of coverage you are seeking.
Again, I always recommend that you only get insurance if it fits comfortably into your budget. Insurance is not meant to cause a financial hardship on you.
Most life insurance covers illness, natural causes, and accidental death.
The best kind of life insurance (in my opinion) to cover large debt such as mortgages is Term Life or Temporary Life Insurance.
If you would like to leave money behind for loved ones or charity, avoid having someone else pay your funeral expenses, build cash value, and make sure your coverage lasts your entire life, I recommend Whole Life Insurance.
Temporary insurance is also known as Term Insurance. It only covers you over a specified period or number of years. It is an inexpensive for you to obtain a large amount of coverage.