Some Common questions people have when considering purchasing Life Insurance

Why do I need Life Insurance?

People use life insurance mainly to protect there family and replace there income if they were to die unexpectedly.  If you have children that rely on you, a mortgage that would still need paid off and other bills that will still be there even if your not, then you probably need life insurance.  Other purposes are to cover business loans, and pay for estate taxes when you die.  Don’t make excuses and say it’s not for me.  You can easily find cheap term life insurance to protect your family, business, or other needs.

When is a good time to buy Life Insurance?

The best time to buy life insurance is now!  So many people wait until it’s to late, that I really can’t think of any better advice to give you.  Locking in a rate while your the healthiest and young will make the monthly premium lower and you won’t risk not being able to get a life insurance policy in the future.

What type of life insurance policy is best for me?

The only way to answer a question like this is to know your monthly budget for life insurance, your goals and also how much coverage you need.  If you have a high budget, a permanent life insurance policy might be great for you.  On the flip side, I can’t stand seeing people that have a $50,000 permanent policy when they need $500,000 worth of coverage to properly protect there family and could have purchased that much if
they went with Term Life Insurance.

Can I afford Life Insurance?

Almost anyone can afford some sort of coverage.  If your young and healthy, it might be as low as $10/month!  I would recommend  going with less coverage, then none at all.  Even if you can’t afford as much as you think you need, it’s wise to purchase something.  If you were to die today, your family would be happier with $100,000 to help them get by then nothing at all.

How much Life Insurance do I need?

There are a lot of life insurance calculators to help you figure this out, but it really can be case to case.  The easiest way to start is by at least purchasing 10 times your annual income.  If you have a huge mortgage payment, you will more then likely want 15-20 times your income.  You should be able to review this in more detail with the life insurance professional before making your final decision.

If you have other questions, please pick up the phone and feel free to call us.  You can find our contact information above and we would love to speak with you and help you find the best life insurance policy!

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