Life Insurance

Life Insurance is a simple concept, you buy a policy that pays your beneficiary or beneficiaries when you die, but the decisions on what kind of life insurance to purchase, how much of a death benefit and how much you pay can be extremely complex.

There are more than 2,000 companies selling life insurance in the United States. Some are very good, financially solid companies; others are not so sound. A company's financial strength is vitally important to you because, hopefully, no one is going to collect on your life insurance for a long time. You need to make sure your life insurer will be around for the long haul. How do you do this? You should take a look at the various independent organizations that rate life insurance companies for their financial stability. A.M. Best Co and Standard & Poors are two organizations of which you may be familiar.

How Much Coverage do you need? This is probably the most important decision you will face when it comes to buying life insurance. A common benchmark is five to 10 times your annual earnings. Other factors to consider include: other income sources, the size of your family, whether your spouse works and his or her earning capacity now and in the future, the number of people who are financially dependent on you and for how long, the death benefits your family will receive from Social Security and any life insurance plan you have at work, any special needs such as mortgages, education funds and estate planning⦠We have a simple life insurance needs analysis you can use to help with your decision. Or just call and we'll be happy to discuss your situation in more detail.

There are two basic types of life insurance policies:

• Term life, which is very affordable but good for only a certain period of time, and
• Cash-value or "permanent" insurance which offers a buildup of cash in addition to your death benefit.

The best policy for you often depends on your budget and your personal preferences. There are pros and cons either way. Feel free to call and we can help you figure out your options.

How much you will pay for your life insurance largely depends on your age, health and family history. The younger and healthier you are, the less you will pay. But even if you have a health condition, or you are a smoker, you can still find reasonable options. The key is finding the insurance company that best fits your situation.

As an independent agency, we have access to over 100 A+ rated life insurance companies. Some of these insurers specialize in term insurance, some specialize in people with health conditions, others are known for their cash value policies. Just give us a call to discuss your situation and we will provide you with the most competitive options on the market.