If you have someone for example, a spouse, partner, child, or family member, who financially depend on you or otherwise, you will want to protect them with life insurance. Life events examples that would create the need for life insurance: having a life partner, purchasing a home, family planning, taking care of other family members, or owning a business.

Term life insurance is know for being simple and affordable. Term life insurance policies are for a set duration of time (ex: 10, 20, 30 years and provides a set death benefit amount to the beneficiary in the event you pass away.

There are many factors in determining how much life insurance is needed such as current income, debt, children, living expenses, savings and and investments. Everyone’s situation is different. It is important to consider that you are comfortable paying the insurance premium in the long run for years to come.

We would say ASAP. Life insurance rates are lower when you are younger and go up as you age. Applying for life insurance now would allow you to lock in a low monthly rate now, which will remain the same for the entire term of your policy. Applying for a life insurance policy is important if you have a partner, spouse, children, purchased a home, or if you take care of other family members.

It depends. There are three types of life insurance: term, permanent. and final expense. Term insurance is generally always the simple and affordable option. Term life insurance policies are for a set duration of time (ex: 10, 20, 30 years and provides a set death benefit amount to the beneficiary in the event you pass away. Permanent life insurance, (including index universal life and whole life) stays with you till you pass away. These policies build cash value over time in which you can borrow from with a policy loan, withdrawal, or a partial surrender from the policy. Final Expense is a whole life policy that has a small death benefit and is easier to get approved for. Final expense insurance is also know as “burial insurance” or “funeral insurance.” Policies typically have a death benefit ranging from $2000 to $50,000.

Most likely not. The issue with having life insurance through your employer is that you likely don’t own the life insurance, therefore if you lose your job, your employer changes benefits, or closes altogether, you may not be able to take the policy with you. If your life insurance is “portable” and you have the option to continue coverage after your job ends, the premium is likely be much higher. Lastly, your employer life insurance coverage is only about 1-2 times your salary, which may not be substantial coverage.

This depends on several factors. You will want to consider when your mortgage will be paid off, when your children will graduate from college, when your partner plans to retire. You would also want to consider how long someone will depend on you, changes in income, savings, and retirement. Longer terms are typically more expensive.

A rider is an additional optional coverage benefit you can add to your life insurance policy.

Underwriting is how an insurance company evaluates risk. It helps an insurance company decide whether assuming the risk on providing coverage to a person or business would be profitable.

A beneficiary is the person or entity that receives the death benefit from your life insurance policy if you pass away. When purchasing life insurance, you get to choose the beneficiary of the policy.

A death benefit is the amount of money the life insurance company pays to your designated beneficiary, in the event you were to pass away.

Yes. When purchasing a life insurance policy, you will designate one or multiple beneficiaries to receive the death benefit in the event you pass away.