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Life Insurance

Do I really need Life Insurance?

Life insurance provides money that is readily available at the time of need due to death. A lifetime of earnings can be cut short by premature death, the adverse effect of the quick sale of one's assets, and the sudden capital need to produce income for survivors after death are all needs that are met by life insurance. Therefore it is important to evaluate the personal financial security needs of yourself and your family.

So life insurance provides cash when it is needed most. Life insurance is not just for death anymore, many of today's life insurance products also offer living benefits in the form of acceleration of the death benefit and can be a source of funds during critical illness. In some cases, depending on individual product features and the amount of accumulated cash value life insurance, cash values can be accessed through withdrawals or policy loans subject to terms, conditions and loan interest charges that can vary among different products.
How Much Life Insurance Do I Need?

How Much Insurance

The question should not be how much life insurance do I need, it should be how much money would be needed if I am gone? This can be viewed as the following:

  • Your current need for life insurance
  • Total of all liquid assets you know you will keep in place and any existing life insurance
  • Total of all debts, loans and obligations, plus income your survivor would need, plus estimated final expenses, and finally money needed for education of any children

It is advisable to discuss your insurance needs with one of our qualified life insurance agents, and then go back and do a life insurance needs review every 3 years or after a relevant change in your family or career such as birth, death, loss of job, new job, mortgage payoff, purchase of new home, etc.

In addition to how much coverage you need, the type of coverage is also an essential consideration. A simple but so often overlooked solution is part temporary term coverage and part permanent coverage which will more closely match your true life need for life insurance. A very helpful tool is produced by the Life Foundation: What You Need To Know About Life Insurance.
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Turned down for life?

Have you been declined coverage by a life insurance company or offered coverage at a highly rated premium amount? Someone who has applied for life insurance and has been declined may go without life insurance protection for their loved one when they need it most and, in some cases, they really could have been covered. Upon closer examination and understanding of the reason for the decline, rating solutions or other options can be uncovered.

Additional testing, treatment or documentation, second opinions, or a slight waiting period can sometimes help. Your application can also be taken to the larger reinsurance companies that may work with your insurance company for special consideration. Just like with so many other things, it can pay to not stop with the first no.

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