Need help with Life Insurance?

According to LIMRA International, almost 3/4 of Americans agree that life insurance is the best way to protect against the death of a primary wage earner.  However, 24 million U.S. Households (22%) have no life insurance protection at all! 

Why do I need life insurance?

According to Investopedia, the goal of life insurance is to provide a measure of financial security for your family after a death.  So, before purchasing a life insurance plan, you should consider your financial situation and the standard of living you want to maintain for your dependents.  For example, who will be responsible for your funeral costs and final medical bills?  Would your family have to relocate?  Will there be adequate funds for future or ongoing expenses such as daycare, mortgage payments, and college?  It is prudent to re-evaluate your life insurance policies annually or when you experience a life changing event like marriage, divorce, the birth or adoption of a child, or purchase of a major item such as a house or business.

What's the best life insurance product for me?

Temporary Life Insurance vs. Permanent Life Insurance

• Term Life Insurance plans are good for most people because they provide good death benefits and are inexpensive enought to fit comfortably into almost any household budget.  However, these type of insurance plans are temporary; they only last as long as the specified term (10, 15, 20 years, etc.). 
• Permanent Life Insurance plans can be more expensive than term life insurance but have a cash value account.  A cash value account builds value over time and you can borrow against it, let it grow for yur retirement years, and it also offers tax-deferred protection. 
• Blended Life Insurance plans offer a combination of Term and Permanent life insurance to deliver a solution that helps both short term and long term needs.  The term portion of the blend helps to keep the cost of coverage down, while the permanent portion of the blend provides for longer security as well as the potential for guaranteed cash value growth.

While so many aspects of people's financial lives look bleak at the moment, life insurance continues to do exactly what it was designed to do - serve as the foundation of your family's financial security.  In this tumultuous economy, you can take comfort in knowing that life insurance - whatever type you may own or intend to buy - can provide some certainty and stability at a time when both are in short supply!

Contact us today to get help in choosing the life insurance product that is right for you!