Essential Life Insurance Tips for Everyone

A practical reason to purchase life insurance while you’re young is because it is usually 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.

While the amount of life insurance you need depends on many factors, chances are very good that you need more than the amount of coverage you may receive automatically through your employer, which is often equal to your annual salary.

If you are young and without dependents, coverage equal to one year’s salary may be enough to cover your funeral costs and some of your debts.

However, if you’re middle-aged with a family that depends on your income to maintain their lifestyle, you’ll likely need much more coverage.

Yes. You can have multiple policies from multiple sources.

For example, although you may automatically receive life insurance coverage from your employer, you may decide you need more coverage.

In the event of your death, both policies would then pay a death benefit to your beneficiaries.

Yes, this is called Living Benefits.  Where you're able to accelerate that death benefit while you're still alive if you suffer a major illness or injury. 

Give your children a strong start with permanent life insurance coverage, before aging and potential health changes can increase cost. Certain policies build cash value, which will grow as they get older. This growth can be used to help fund with milestones such as college, weddings, and a downpayment on their first home.