Whole Life

Why should I consider life insurance?

The purpose of life insurance is to protect your loved ones and provide a measure of financial security for them after you are gone. If you bring home a paycheck it might be difficult for your family to meet living expenses without your income. Or, if you are a stay-at-home parent, many of the contributions you make are not accounted for like caring for children, housekeeping, and more.

Salary.com created a mom salary calculator to help families determine how much the stay-at-home parent's salary is really worth. You'd be surprised to know that a stay-at-home parent with two children has an annual median salary that equated to more than $122,000.

How does life insurance work?
Well, you pay a premium, and if the unexpected happens, your loved ones get a death benefit they can use for things such as medical bills, funeral expenses, outstanding mortgage, college tuition and even living expenses.

Another great thing about the benefit of life insurance is that it's generally paid out tax-free. So when you look at the amount of coverage you want to buy, what you see is what you get. There's no guesswork about how much gets taken out in taxes after your life insurance benefits have been awarded.
 
Why do people buy life insurance?
•     lock in a lower insurance rate while they're young

•     make sure their children are cared for

•    make sure their family can pay off the mortgage if they should die

•    Reliance on a stay-at-home parent

•    Having a life insurance policy through your employer—your policy does not go with you when you switch jobs

•    guarantee insurability of children

•    protect their business
•    leave a legacy for their children and grandchildren

•    to cover debts


How much life insurance do I need?

Your need for life insurance will vary with your age and responsibilities. Everyone needs life insurance; even if you are single and have no children …do you know what tomorrow will bring?

The amount of insurance you buy should depend upon how you want your dependents to live after you have passed. Do you have debt? Do you own a home? Are your children pre-college? You should also consider what assets and sources of income will be available to your dependents when you die. Social security benefits, available cash and other sources of income and investments may not provide the standard of living you have in mind. Life insurance helps bridge the gap between the financial needs of your dependents and the amount available from other sources, this should be the amount to be provided by life insurance. We will work with you to help you determine the amount that is right for you.

What options do I have with life insurance?

Basically, there are two types of life insurance plans – term or permanent policy's or some combination of the two.