6 Frequently Asked Questions About Life Insurance

Nothing can replace a loved one. Life insurance can help provide the economic base for moving forward. And it’s likely more affordable than you think.

Here are a few of the most frequently asked questions about life insurance.

Why do I need life insurance?

Life insurance is important for many, especially those with financial dependents, as well as for businesses. It’s there to support the financial futures of your dependents and to provide help when it’s needed.

How much life insurance do I need?

The amount of life insurance varies on a case by case basis and depends on your policy. Some suggest carrying no less than ten times your annual income in life insurance, but there’s no one-size-fits-all solution. Keep in mind that mortgage should be considered when determining the total amount of life insurance needed.

How do I choose an insurance policy?

Work with an independent agent, who can help you research policies from a variety of providers. Our agents can help you find the balance between affordable pricing and a steady policy that will support your family for years to come.

What is term insurance? Should I get it?

Term insurance is one of the most basic levels of insurance, and it provides only the insurance that you absolutely need for up to 30 years.

How can I pay for term life insurance?

This can depend on your policy, but most policies allow you to pay monthly, quarterly, semi-annually, or annually, depending on which makes the most sense for you.

How do I decide how many years I should choose my term for?

Take a big picture look at your life. Consider how old your children are and how many years are left in paying the mortgage of your house. Though most term life insurance policies cover 20 – 30 years, work with an agent to determine the best solution for you.