Have you ever Googled “Life Insurance”? The abundance of information that comes back is quite overwhelming. How much you need, who should have it, Term or Permanent policies, and are you eligible? It’s no wonder that people put it off. I mean, we all know how important having life insurance is, and of course we want our loved ones protected, but it’s easy to see why so many people procrastinate on actually getting the coverage. Our agents are here to weed through all the insurance lingo and want to help make things simple.
Who needs life insurance?
A shorter list would be “who doesn’t need life insurance.” If you are married, have kids, parents, if you are young, if you have a mortgage, or have any other debt, you need life insurance!
Term and Permanent
There are two types of policies. Term lasts a specified amount of time (typically anywhere from 10-30 years) and issues a specified amount for the death benefit. A Permanent life policy will not expire and issues a death benefit as well as builds cash value throughout the life of the policy.
How much coverage do I need?
The short answer is probably more than you think. There are a few different ways of coming up with an amount. Most financial experts will recommend anywhere between 10 and 15 times your annual salary. You could also work up a needs analysis with an agent or simply write it down yourself. Here’s what you should take into account:
- Debts (credit card, car loans, etc.)
- Children’s education
- Funeral expenses
Am I eligible for life insurance?
The best way to find out is to talk to an agent. We should stress this again. Talk to an agent. Don’t assume you are not eligible! Just because you were declined for a policy in the past doesn’t necessarily mean you will be declined again. Here are some things that will, in most cases, raise a red flag and will most likely require more information:
- Hazardous occupation
- High cholesterol
- Chronic illness