Trusted Life Insurance Solutions for you and yours

 A thorough “life insurance needs analysis” looks at your current and ongoing expenses, plus your future expenses like college, or your funeral.

But simply adding up all those numbers could amount to a bigger policy than you need. You should also subtract assets that can go toward those expenses, such as savings and investments.

 An advantage to buying life insurance when you’re young and healthy is you’ll be able to lock in a good rate for the duration of the policy. If you have dependents in the future, you will have secured a low rate and guaranteed your “insurability,” meaning you won’t have to worry about higher rates as you age and possibly experience declining health. The older and less healthy you are when you buy a policy, the higher the price.

If you own the policy, then you can name whoever you want as the beneficiary. While many people choose only their spouse, it is possible to name more than one person as a beneficiary.

Not always but do expect to answer certain questions. Generally speaking, it’s more likely you’ll need an exam as your age and/or the amount of coverage requested increases. 

As part of an overall benefits package, many employers offer some form of life insurance coverage to their employees. Since this coverage is typically paid for by the employer, it’s a great benefit to have. But it’s still wise to have your own personal life insurance policy. There are a few reasons for this. First, the coverage provided by your employer might not be enough to support your family in the event of your death. Employer-provided life insurance often covers you for a low set amount.  Additionally, your coverage will be lost if you take another job or find yourself unemployed.

Term life insurance provides coverage over a fixed period of time. Term life insurance is a cost-effective option to provide protection for the loved ones you leave behind. With this type of policy, you can select a term that will cover you when you need it most — such as the time it will take your children to reach adulthood. Permanent policies, such as whole life policies, provide coverage over your entire lifetime. That means your family and beneficiaries are covered for the duration of your life. Whole life insurance accumulates cash value, too, providing you the option of borrowing against it in the future.