Life insurance 101
Life insurance is the foundation of any solid financial plan. Whether you choose term life insurance for a specific period of years or cash value life insurance that lasts your entire life, you can take comfort in knowing that your family will be protected in the event of your death. In most cases life insurance provides a tax free death benefit to your beneficiaries, giving your loved ones the necessary funds needed to maintain the lifestyle you would want them to have if you weren’t around to provide for them. Our Life Insurance 101 page was designed to explain life insurance basics and answer many of the most common questions people have when considering life insurance. Click on any of the links below to learn more.
Why do you need life insurance? If you have people who depend on you financially, it is most likely that you need life insurance. Life insurance provides essential protection and peace of mind. Learn more about how life insurance can protect you and your loved ones from the unexpected.
How much life insurance do you need? There are many factors to consider when determining your life insurance needs. You should determine your short term and long term obligations compared against any available assets. Learn more about how to assess your life insurance needs.
How long will you need coverage? The length of coverage will depend on your coverage goals. Some choose to cover themselves until retirement or until their children can financially support themselves, while others choose coverage that lasts their entire life. Learn more about what to consider when choosing the length of coverage.
How much does life insurance cost? Your cost will depend on factors such as your age and health as well as coverage length and coverage amount. The good news is there is coverage for virtually every budget. Check out some sample rates or get a personal quote for your specific situation here.
What is the process for getting life insurance coverage? In many cases getting coverage is as simple as 3 easy steps. Learn more about the process and what to expect when applying for coverage.
What should you look for in a life insurance company? It is important to know that your insurance company has the financial strength to pay your death benefit and enforce any of the guarantees it makes on your policy. Learn more about how to determine the financial strength of an insurance company you might be considering.
What should you look for in an agent? Choosing the right agent is as important as choosing the right policy. You want an agent that has access to multiple insurance companies and one that will service your needs well after the sale. Learn more about what to look for in an agent.
How do life insurance companies evaluate you? Insurance companies not only look at your overall health, but also consider your lifestyle habits and even your occupation. Learn more about all of the factors that life insurance companies look at when considering your application and the health ratings that are used to determine your premiums.
What if you have health issues? In many cases, you can still get affordable coverage with certain health issues. Learn more about how certain health issues can impact your rating.
What types of life insurance are available? You have a choice between term or cash value life insurance. Learn more about your choices and which might be a good fit for your situation.
What about no medical exam life insurance? There are options for life insurance coverage that do not require a medical exam. Learn more about the different types of no medical exam life insurance coverage that are available.
What are some features that you can add to a policy? You can add additional features or riders to your policy to enhance your coverage. Learn more about available riders and how they work.
What are some other uses for life insurance? – Life insurance is a versatile tool that can play an important role in various financial planning strategies. Life insurance has many personal uses such as charitable giving, gifting, estate planning and retirement planning. It is also an important tool for business planning and used in many instances for buy/sell agreements, key person coverage and executive compensation to name a few. Learn more about the versatility of life insurance.
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