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Life Insurance

Life insurance is one of the most important ways to protect your family or loved ones.  In the event of a tragedy, life insurance will help pay bills, finance future needs, cover college expenses and protect your spouse’s retirement plans.

What type of policy do I need? 

There are two main types of life insurance policies – Term Life and Whole Life. Each policy contains different options to ensure the policy you purchase is right for you and your family.

Term Life:  This is the most affordable type of insurance and is designed to offset any temporary needs.   This policy only pays the benefit if you pass away during the term on the policy.

Whole Life: Provides lifelong protection as long as you pay the premium. Because it is designed to last a lifetime, the policy actually accumulates a cash value which can be withdrawn after a certain amount of time.

How much should I purchase?

There are a number of factors to take into consideration when calculating the proper amount of life insurance to purchase.  Here are just a few questions you should ask:

  • • How much money would my family immediately need to pay outstanding debts or funeral expenses?
  • • How much do I owe on my mortgage and other debts?
  • • How much money would it take for my family to maintain their standard of living?
  • • How much do I currently have saved to assist with these expenses?

We will walk you through these questions and others to help you determine how much life insurance is adequate for you and your family.

 

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