Get The Peace Of Mind You Need To Life

Helping to ensure your loved ones will be financially prepared for life's unknowns

There are two main types of life insurance: Term and Permanent.  Within these two categories there are various types of policies.

Which type of life insurance is right for you?

Term life insurance costs less than permanent insurance, and you can choose a term that matches the years when people depend on you financially.  By the time the term ends, you may no longer need life insurance:  Your house will be paid down, your kids will be grown and you'll have some money in the bank.  Term life is sufficient for most families.

However, whole life insurance and other forms of permanent coverage can be useful if you want to provide money for your heirs regardless of when you die.  A permanent life insurance policy can also be useful if you want to spend your retirement savings but still leave an inheritance or money for final expenses, such as funeral coasts.

How much life insurance do you need?

The amount of coverage you need depends on how much money you want your beneficiaries to receive.  Ten times your annual income is a common estimate, but rules like this are not universal and may not reflect your specific situation.  Take into account your current finances and future obligations, such as income, debts, and daily expenses, when deciding how much life insurance you need.

Expert tip: If you can, apply when you're healthy

Life insurance companies use life expectancy as the basis for determining rates.  Anything that could shorten your life expectancy could lead to a higher price.

So it's smart to buy a life insurance policy as early as possible, when you're young and healthy.  If you wait, your life insurance quotes will increase solely because of your age.  If new health problems arise, your rates could go up even more.

You can still get life insurance if you have a medical condition.  Insurance companies vary in how they view pre-existing conditions, and some types of life insurance don't require a medical exam.