April 27, 2016

Life Insurance Advice for the First Time Buyer

From funeral expenses to replacing income you brought into the family, life insurance is a good way to secure your family’s future.

For a lot of people, the first thought you have about purchasing a life insurance policy comes after a life-changing experience like marriage, having your first child, or maybe even witnessing a friend struggle financially after the loss of a loved one. Once you’ve decided to protect your family with life insurance, you will probably have a lot of questions. We hope to help you answer some of the most popular questions our first-time clients have.

Why Do I Need Life Insurance?
Life insurance is a financial safety net to support your spouse, children, or other loved ones after you pass. From funeral expenses to replacing the income you brought into the family, life insurance is a good way to secure your family’s future.

What Do All These Terms Mean?
There are a lot of words and phrases you may come across when looking for a life insurance policy. Check out this link for more information on these terms: Life Insurance Lingo

What Type of Policy Should I Get and How Much Will My Family Need?
There are two basic types of life insurance policies. Term Life is valid for a certain number of years (usually somewhere between 5 and 30). These policies expire at the end of their term but have cheaper premiums. In the event that you pass within the term, your family will receive the benefits. Whole Life policies are permanent and are valid from the start date until you die. These policies are more expensive but are guaranteed to payout upon your death. As far as how much you need, that can vary from person to person. Take into consideration how much income you bring home to your family, how many children you have, and how long your loved ones will need to be supported.

Who Should I Talk To About My Policy?
You should always consult a professional who can guide you to the right policy and company that will best suit your individual needs. Every situation is different but our agents are willing and able to sit and talk with you about your options and make sure that your family is protected.