Should I Get Life Insurance?

Life Insurance Provides Financial Protection for Your Loved Ones


When Should I Buy Life Insurance?

Whether you are single, married, married with kids or in your golden years, you may have a need for life insurance. If you have anyone who relies on you for financial support, you may need coverage.

Life insurance can help provide financial security for your loved ones, maintain your family’s lifestyle, replace your income, provide funds for final expenses, and provide you with peace of mind. Get a free quote.

 

7 Reasons Why You Should Buy Life Insurance 

  • To pay for final expenses
  • To cover children’s expenses
  • To replace the spouse’s income
  • To pay off debts – mortgage, auto loan, student loans, etc.
  • To buy a business partner’s shares
  • To pay off estate taxes
  • To maintain your family’s lifestyle

 

Who Needs Life Insurance?

 

Breadwinner

Life insurance can provide "income replacement" so that your family can continue to pay everyday expenses.

Term life insurance can cover your working years.

 

Stay-at-Home Parent 

Life insurance would cover the cost of paying for services the parent does for "free", such as child care.

Term life can cover the years your children are young.

 

Divorced Parent 

A life insurance policy could cover the support payments that a divorced parent makes.

Term life can cover the years of support payments.

 

Homeowners with a Mortgage 

A policy can cover mortgage payments, so your family doesn’t have to move if you die.

Term life insurance can match the years of a mortgage.

 

Someone Who Wants to Provide an Inheritance

If you don’t have a lot of wealth, life insurance can provide an inheritance to heirs.

 

Business Owner 

Life insurance can pay off business debts of you die, help heirs to the business pay off estate taxes, or fund a buy-sell agreement that allows a business partner to buy out your share.

 

People Who Want to Provide Funds for Their Own Funeral and Burial

Small life insurance policies can pay for your funeral and final expenses.

A permanent life insurance policy, such as final expense insurance can provide the funds needed to cover the cost of your funeral.

 

How Much Life Insurance Should I Buy?

Determining the right amount of coverage is one of the most important things to consider when buying a policy.

First, determine what your life insurance goal is – what you are trying to accomplish with your life insurance policy? Then, consider your total debt, total assets, income, savings, and your future financial plans.

The most accurate way to decide on the amount of coverage that is right for you is to use a life insurance needs calculator.

 

Term or Whole Life?

Which type of life Insurance is right for you?

There are two basic types of life insurance: Term and Whole life.

Most people choose term life insurance because it’s affordable, flexible, easy-to-understand, and allows you to buy the most life insurance at the lowest price.

With term life you can choose coverage for a period of 10, 15, 20 or 30 years to meet your specific needs.

Whole life insurance lasts your entire lifetime, may build up cash value, and costs a lot more than term insurance protection.

Basically, if you need life insurance for thirty years or less, then term life is the best option to consider.

 

At What Age Should I Buy Life Insurance?

Term life insurance offers the most affordable life insurance protection available. It’s affordable, flexible and easy-to-understand.

Your term policy provides coverage for the length of time you choose – up to 30 years.

You have flexibility of choosing coverage for a term of 10, 15, 20 or 30 years. If you pass away while your life insurance is "In Force", the death benefit is paid to your beneficiary. 

Term life insurance pays out a lump sum of cash ("death benefit") to the beneficiary upon the death of the policyholder.

Term life can help pay off your debts and provide funds to pay for your final expenses, including your funeral and burial costs. It can be used to help replace your income for your family so they may maintain their lifestyle.

Term insurance is not an investment or solution for major end-of-life expenses, like large medical bills or home health care.

 

Things People Usually Cover with Term Life Insurance

  • Student Loans
  • Car Loans
  • Mortgage Loans
  • Credit Card Debt
  • College Expenses for your Kids
  • Living Expenses for your Family
  • Burial and Funeral Expenses
  • Estate Taxes your Heirs must pay for other Assets

 

What is the Typical Cost for Term Life Insurance Coverage?

A basic term life policy – which is all most people need – can cost as little as $300 to $400 per year.

The price you pay for term life will depend on your age, gender, health, lifestyle, tobacco use, driving record, occupation, and hobbies, among other factors.

In addition, the length of time you have coverage (term) and the amount of life insurance you need, will determine how much it costs.

 

How Can I Compare the Best Term Insurance Rates?

Here’s how you can request a term life insurance quote and compare the best prices from 40 of the leading insurance companies.

 

Who Doesn’t Need Term Life Insurance?

  • People who are single with no dependents
  • People with no debts that others will take on
  • People with enough savings to pay for their burial and funeral expenses

 

Who Needs Term Life Insurance?

Anyone who needs life insurance protection for a period of 30 years or less. 

  • Single with a Dependent
  • Married
  • Married with Children
  • Homeowner
  • Adult providing Financial Assistance to Someone

 

If you have anyone who relies on you for some form of financial support, you may have a need for term insurance protection.

 

What is a Beneficiary of Life Insurance?

It is the person or entity named as the recipient of your life insurance policy’s death benefit. It can be a family member, a person unrelated to you, or even a business or charitable organization.

 

How is a Life Insurance Death Benefit Disbursed?

The insurance carrier will disburse a life insurance policy’s entire death benefit in one lump sum payment directly to the beneficiary.

 

Term Life Insurance Mistakes to Avoid

 

Not Buying Enough Life Insurance 

Make sure you purchase enough life insurance protection to accomplish your goals. You can use a life insurance calculator to help you accurately determine your actual life insurance needs.

 

Waiting Too Long to Get Insured 

Make sure you purchase your term life policy as soon as you realize you have a need for life insurance. The longer you wait, the higher your annual cost of coverage.

Also, if you wait too long, your health may change and you may become uninsurable – meaning you are unable to purchase life insurance due to your health, age, driving record, or some other reason.

 

Buying Coverage for Too Short a Term 

Make sure you consider all of your life insurance needs before choosing a “term” (duration) for your policy. Term life offers coverage for a term of 10, 15, 20 or 30 years. Make sure you select a “term” that is long enough to meet all of your life insurance needs.

For example, if you have a 2 year-old child, you may need 20 year term life coverage instead of 15 years of protection, so you have life insurance until your child is grown and on his/her own.

 

Life Insurance Quotes

 

Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote

  

Highly Recommended – Haven Life

  • Get up to $1,000,000 of affordable term life insurance today
  • Apply online in under 20 minutes, start coverage today
  • Backed by MassMutual, rated A++ by AM Best

 Get a Free Quote


Haven Life uses the information provided in your application to make an instant decision on your application. Healthy, qualified applicants (based on the information provided in your life insurance application) can be insured immediately with no medical exam while other applicants can receive immediate coverage pending a medical exam.



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