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Life Insurance

• THE GIFT FOR YOUR FAMILY

What Is Life Insurance?

Life insurance helps provide peace of mind by giving you some financial protection for the life you’re building—and the most important people in it.

One of the biggest benefits is that it provides tax-free money to your loved ones when you die. Depending on the type of policy you get, you can enjoy other benefits, too.

Here’s how the two main types of life insurance policies work, and what they offer.

Which Life Insurance Is Right For You?

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Term Life Insurance

Term policies last for a specific amount of time (your term), and there is no cash value accumulation. The death benefit is only payable to the beneficiaries upon the death of the insured person during the term. Because it costs less and is more straightforward it's a good option for many people.

You are able to choose the length of your term and the amount of coverage that would be paid out to your beneficiaries if you die before your term ends. If you die after your term ends, no death benefit is paid. It’s that simple.

If you outlive your term, you will typically have the option to renew your policy.

Term life insurance premiums usually cost less than permanent life insurance, making it an affordable option for many.

Permanent (Whole Or Universal) Life Insurance

As long as the premiums are paid, this type of coverage is active for your whole life, guaranteeing the eventual payout of a death benefit. It can cost 5-10X more but if the premium is within budget, it can be a good option for anyone interested in insurance that accumulates cash value and doesn’t end.

Most types of permanent life insurance offer a cash value component that accumulates as policy premiums are paid. This cash value typically grows with a guaranteed minimum rate of return.

In most cases, the insured person can borrow against the cash value that’s accumulated in the policy, withdraw the cash value, or leave it in the policy to increase or maintain the death benefit.

Due to the duration of the coverage and cash value accumulation possibilities, premiums for permanent coverage are typically more expensive than those for term life insurance.

How Much Do I Need?

Your life insurance needs are dependent on your personal and financial circumstances. With that said, there are some general guidelines you can follow.

The first is simple—you can get a rough estimate of your coverage needs by multiplying your current income by 10 or 20.

You can also use the DIME formula for a more in-depth breakdown. Add up the four areas below to get a better idea of your needs.

Debt: The total of your current debts (excluding your mortgage) plus your estimated final expenses
Income: Multiply your current income by the number of years that you estimate your family would need support
Mortgage: The amount left on your mortgage
Education: An estimate of the costs of sending your kids to school and college

When And How To Get A Policy?

So, when’s the right time to buy a life insurance policy? The earlier the better—it’s not just for people who are married or have kids. The younger (and healthier) you are when you buy, the lower the cost will typically be.

How do I get a life insurance policy?

Start by talking with of of our financial professional. They can help you take a look at the big picture of your life and finances, and determine the best policy for your needs.