FAQ - Life Insurance
- Q: Why should I get a life insurance policy?
Financial experts agree that the foundation of any good financial plan includes life insurance. A well-designed life insurance program can improve and enhance your retirement, estate planning and family protection plans.
The amount, type of insurance and the duration of your life insurance policy will depend on your family situation, your financial goals and your health.
An individual life insurance policy is normally purchased to accomplish the following goals:
- Support family members in the event a wage earner dies prematurely
- Compensate for the loss of a spouse who is also the children's primary care provider
- Financially support parents, family members or children with special needs
- Repay any mortgage, personal or business debts
- Pay for final expenses such as medical, burial, legal or probate costs at death
- Pay for educational or retirement needs
- Fund an inheritance or charitable bequest
- Pay for Federal Estate Taxes which may be due upon death
- Q: How much life insurance should I get?
The amount of life insurance will vary depending on your personal and family situation. In general, life insurance needs are created whenever you have a change in life events such as marriage, starting a family or business, or retirement. To determine how much life insurance you need, use this simple test to help you develop a solid foundation for your financial plan.