Life Insurance: To Have or Not to Have?

posted 4/22/2013 in Insurance

Life insurance helps to protect and support what you hold dearest to you.
There are things in life that we hold dearer and closer to our hearts than most: our families, our homes and the futures of our loved ones. All of these things take financial support, which you are willing to give. But what if something happened where you weren't able to keep them floating financially? This is where having a life insurance policy can be a lifesaver. 
"Do I really need life insurance?" is an age-old question that has a relatively simple answer: yes, you do. To further demonstrate this point, if you answer "yes" to the any of the following then life insurance is something you need to have:

  • I am married
  • I have kids
  • I own a home
  • Our family recently had a baby
  • I own a business
  • I am single, but have people who depend on me financially
  • I have debt
  • I am the only breadwinner in my household
  • I am paying for my child's college education 
Quite a few yeses, right? This just goes to show how invaluable life insurance is. Here are a few tips to get you started:
  • Start young- this allows a cash-value policy to grow over time. Premiums are also generally cheaper because younger people are generally healthier provided that you.
  • Live healthy and don't smoke- smokers pay about twice the amount on premiums. Keeping yourself in good shape or improving your health can help to enhance your insurability as well.
  • Get the right amount- how dependent is your family? An 8-year old is more dependent than a 20-year old, so make sure you pay for only what you need.
  • Know what policy you need- learn the differences between term-life and whole life policies, as well as cash-value and annuity (we can help with this). Know what you need, then go after it.

Life insurance can be complicated; our investment representatives can work with you and your spouse to help figure out which type of policy and how much insurance you need to take out. We look forward to helping you and your family!

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