If you are married or have children or elderly parents who depend on you financially then it may be wise to have life insurance to cover any expense should something unexpectedly happen to you and provide them with a financial safety net. 

Benefits from life insurance are paid in full in a lump sum to the beneficiaries you have chosen when you pass. The beneficiaries can choose to use the money in any manner they decide. Sometimes the funds are used to pay off mortgages or to continue making rent payments. Often, life insurance benefits are used to care for children, pay for college, and cover day to day expenses. They can be used to pay bills, taxes, or any other debts at the time of death.

Life insurance benefits are often tax-free. Sometimes the money is sometimes used to pay estate taxes your family may owe to inherit your assets.

The best time is now if someone depends on you. The younger you are, the more affordable life insurance is likely to be. It’s smart to lock in a lower price at a younger age if at all possible. As your needs change over time, you can change your insurance. if you have children or buy a bigger house, you might need more life insurance and you can apply for more coverage. 

At Insurance For Your Life, every customer is underwritten individually and receives a price based on multiple factors, including health history, current health, age, sex, and tobacco use. Unfortunately, in certain cases, you can be declined for past or current health issues. That being said, you should not let health issues keep you from applying. Many people are happy with the coverage they have even with a history of health challenges. 

You should consider how much financial support you’d like to provide for your beneficiaries and add that to the amount of debt you have. Then subtract that from your current savings and existing life insurance. Remember, it’s always better to get more coverage than you might need because you can decrease at any time. On the other hand, if your needs change and you need more coverage you will have to go through the application process again. 

There are a few things to consider when determining your length of term. Start by looking at when your mortgage term ends, when your youngest child will graduate from college, and when your spouse plans to retire. Normally it makes sense for your term to last through those events. The price of insurance can also be a consideration. The longer the term the more expensive they can be per month.

Your monthly payment is determined on your personal situation, taking into account your sex, age, health, family medical history, and other factors. Your monthly payment also depends on the length of your term and amount of coverage you desire. 

Our clients are typically pleasantly surprised when they see their monthly price. You can get a quick quote and decide if you want to take further steps to see what your actual monthly price would be. There is no obligation to accept an offer, the choice to proceed is always up to you. 

Probably not. Employer benefits when it comes to life insurance typically only cover one to two years of your annual salary. Typically people need far more than one to two times their salary. Not only is life insurance through your employer often not enough, it usually does not move with you, if you change jobs. 

Yes! People who stay at home provide all kinds of unpaid work to keep a household in shape. If something were to occur to a stay-at-home spouse it can be incredibly expensive to bring someone in to help with things like childcare, driving, cleaning, cooking, and the overall management of a household. It is wise to insure both adults in your household whether they bring in outside income or not. 

Absolutely! Reach out to us anytime.