Life Insurance

Do I need Life Insurance?

Everyone’s situation is unique, life insurance will be dependent on personal and financial needs. If you have financial obligations including a mortgage, children’s education or household support that would be imperiled in the event of your death, then you should consider life insurance.

Life Events

As your life events change your life insurance coverage may need to change.

Some life events are:

Buying a home
Getting married
Getting divorced
Having children
Children’s education
Starting your own business

What You Need to Know

There are several different types of life insurance products:

Term Life Insurance

Term life insurance provides protection for a specified period of time usually 10, 15 or 20 years and is often the least expensive. In the event you die within the specified term, the insurance company pays the exact value of the policy as a death benefit to your beneficiaries. If you are alive when the term ends there is no payout.

Whole Life Insurance

Whole life insurance is a form of permanent life insurance that remains in force for your lifetime, provided premiums are paid as specified in the policy. Like term life insurance, permanent life insurance pays a death benefit and part of the premiums you pay goes towards building cash value over time.

Universal Life Insurance

Universal life is a form of permanent life insurance and characterized by its flexible premiums, amount of coverage, rate of savings accumulation and the payment of premiums.

Premium Factors

Insurance providers will take several factors into account when they calculate your life insurance quote, including:

Your age

The cost of life insurance significantly increases as you age. The younger you are, the lower your quotes will be.

Your health

If you have no health problems, your quotes will be lower than if you have heart disease, diabetes, or other chronic conditions.

Having the right life insurance policy is part of planning for your future and protecting your family.

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