Enriching the Lives we Touch

 

 

Life Insurance FAQ
What if I already have insurance?


It's a good idea to review your policies every year to make sure they still meet your current needs, especially beneficiary designations. 

 

Be sure to review your policy if any of the reasons listed below apply:


  • have recently been married.
  • have recently become divorced.
  • have recently purchased a new home.
  • have recently refinanced your home in the past six months.
  • have recently received an inheritance.
  • have started a business.
  • have retired or have a spouse that has retired.

How much will I need?


If you die, consider what your family would need in order to cover the daily expenses, as well as larger expenses and still have financial stability.  (Remember to include savings for college and retirement.  Also consider the effect of inflation over time.)

 

How much will life insurance cost me?

 

Premium rates for life insurance are based on factors like:

 

  • health status (including whether or not you smoke).
  • age, sex, height and weight.
  • occupation.
  • whether or not you participate in high-risk activities.

 

The type of insurance you purchase will also affect the amount of your premium.  Term insurance is typically lower, especially at younger ages.  Premium rates or permanent policies are typically higher at earlier ages, but do not increase as you age.  Additionally, paying premiums monthly or quarterly rather than annually will result in higher premiums.