How Much Life Insurance Do I Need?
There are many factors to consider when determining how much life insurance you may need. Use the digital calculator to enter information about your needs and find out how much coverage is recommended for you. The result you receive is an estimate, ultimately you can choose a coverage amount that fits your needs and budget.
Protection for your loved ones.
Most people have loved ones who depend on them at some point over the course of their lives. This could be anyone from a spouse who relies on their husband or wife's income to help cover the mortgage, aging parents who rely on a child for care, children who need a parent's financial support, or business partners. Term life insurance with an appropriate death benefit may just be the right coverage for you.
Peace of mind in a world of uncertainty.
Many of us plan for the ideal future and few plan for the unexpected. If the worst happened, how would the loved ones you leave behind survive financially? Life Insurance is an affordable solution to ensure your final expenses aren't a burden, your debts are paid, and remaining bills are taken care of.
A contract between a policyholder and an insurance company that says if the insured person passes away within the time period of the policy, the insurer will pay a death benefit to the beneficiaries named on the policy.
A term life insurance policy’s annual costs remain the same every year for the level term period, such as 10 or 20 years. The policy expires if you outlive the length of the policy without renewing. Whole life insurance is a type of permanent life insurance, which means the insured person is covered for the duration of their life as long as premiums are paid on time. Whole life insurance policies can also build cash value over time.
Many people buy life insurance so that their loved ones left behind can continue to pay expenses if they are no longer there to work and earn money. Permanent life insurance also accumulates cash value that you can use to withdraw cash, take a policy loan to borrow cash you repay later, or terminate your policy and take its value in cash. Others use life insurance to leave a lump sum of money to their favorite charitable organization or to leave a legacy for their future generations.
The type of life insurance and coverage amount are two main factors that affect your premiums. Other factors include: age, gender, height and weight, current and past health, family health history (parents and siblings), nicotine and marijuana use, history of substance abuse, driving record (especially DUIs and moving violations), certain hobbies and activities (such as aviation, scuba diving and other risky hobbies), criminal history, credit, etc...
A good start for your life insurance death benefit is generally one that at least covers the debts or obligations you want to cover. For example, life insurance is often intended to pay a family’s expenses that would have been paid by the person’s salary. If income replacement is your goal, you’ll want to know the approximate amount your family would need to maintain your standard of living for the time period you want to cover. Start the quote process to find affordable rates that are right for you.
Depending on your coverage goals, your family size, your income, and financial aspirations, there may be one type of life insurance more suited for your specific needs than others. How much you are looking to spend on premium payments, how much coverage you would like to secure for your family, and the access to cash benefits are all important determinants to consider when deciding what life insurance policy is best for you. Our digital journey can walk you through different options based on the different goals you wish to achieve by purchasing life insurance.
When you're ready, you can complete the application online or you can schedule an appointment to have one of our licensed agents help. Once the application is submitted to the insurance company, you may be asked to do a life insurance medical exam. This often includes height, weight, blood pressure, blood and urine samples and questions about your prescriptions and health to verify the information on the application.
Behind the scenes, the life insurance company will be doing its own research on you. This often includes accessing a prescription drug database to see your current and past prescriptions, requesting your medical records (if you signed a consent form), pulling your motor vehicle report, and more.
Once approved, the insurance company will contact you to collect the first premium payment. Generally speaking, coverage begins when the insurance company has received and approved the application for coverage, a policy has been issued, all additional documents have been signed and the first premium payment has been paid to the insurance company.
Frequently Asked Questions
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