FAQs
- Do I need Life Insurance?
Probably.
Life Insurance is also known as a “death benefit.” Your beneficiaries receive the benefits if you should pass away while covered under the policy.
How much coverage you purchase is up to you. You can cover the cost of your final expenses, make up for the loss of your income for a season, pay off debts, or set up college tution funding.
- Do I need life insurance if I'm young and single?
Whether you want coverage or not is your decision. If you have debt, student loans, or any other end-of-life expenses – you may want coverage.
A practical reason to purchase life insurance while you are young is that it is less expensive when you are young and healthy. Life insurance will only become more expensive as you age, so it may not pay to wait.
- Do me and my Spouse Both need to be covered?
There are good reasons to both be covered, as the policies only apply to the listed insured. If your spouse were to pass without benefits, your personal policy likely would not cover any of her income loss or end of life benefits.
Life insurance can provide immediate stability if your household is used to two income sources, as many homes are.
- What if I already have a life insurance policy?
Its a good idea to review your coverage every few years to make sure it meets your financial needs and that all information is current. You may need a new policy if you:
- Recently married or divorced
- Received an inheritance
- Purchased a new home
- Refinanced recently
- Had a child or grandchild who may need college assistance
- Provide care for someone else
- Want to ensure financial resources are available for loved ones who may be in assisted living or long-term care.