Life Insurance
FAQ's
How much life insurance should I have, and what type of policy is right for me?
How often should I review my current life insurance needs?
Will I need life insurance after my children are grown up?
Q. Why do I need life insurance?
A. Life insurance is a powerful financial resource that protects your loved ones in the event of your death. It provides peace of mind for both you and your family as you look to the future. Certain types of life insurance may also provide benefits for you and your family while you're still living. Such policies accumulate cash value on a tax-deferred basis that can be used to supplement your retirement income or fund a child's education, or other financial goals.
Q. How much life insurance should I have, and what type of policy is right for me?
A. The most basic consideration in this question is how much money your beneficiaries will need to sustain the lifestyle you wish for them after your death. Term Life Insurance is one option. Whole, Universal and Variable policies can also accrue a cash value that may supplement income during one's lifetime or be applied to estate taxes upon death. It is also the greatest vehicle for creating wealth for future generations. Our agents can help explain how these different policies work, and help you make the right choice for your family.
Q. What does "beneficiary" mean?
A. The beneficiaries you name on your policy receive the value of the policy upon your death. Beneficiaries are often family members, but need not be. It is important to periodically review your listed beneficiaries.
Q. How often should I review my current life insurance needs?
A. As your life, health, career and family change, so do your needs for protection. Your life insurance needs should be reviewed every few years. Changes that should be discussed with your agent include:
- Marriage or divorce
- Birth or adoption of a child or grandchild
- Deterioration in your health or the health of your spouse
- Retirement
- Taking over the financial affairs of a parent or other relative
- Purchase of a new home
- Inheritance
- Entry of a child or grandchild into college
- Changes in salary or income
- Refinancing of your home
Q. Will I need life insurance after my children are grown up?
A. One of the most obvious reasons to purchase life insurance is to protect the future of your children. But the importance of life insurance continues well beyond the time when children reach adulthood. Contact us to review your current policy and your ongoing needs.
