If you have people depending on you financially, now is the time to buy life insurance. Dealing with grief following the loss of a loved one is already a complicated process. Don’t add additional stress to your loved ones by making them worry about how they are going to pay for the funeral, cover outstanding debts, or the daily cost of living. We understand that life insurance is a confusing topic that can be difficult to discuss. That is why we have put together the common questions we are asked in one convenient place!

When to review your life insurance:
Anytime major life events happen: getting married, having children, buying a home. Not only should you review the amount of coverage you have, but also who the beneficiary is and make changes as necessary!

I’ve decided I want life insurance or need more, now what?
You simply contact your friendly life insurance agent Ashley Hellbusch. Ashley will provide quotes for you based on just a few simple questions. Following your application, you will need to complete a phone interview with a nurse. Some companies require an in-home exam depending on age, health status, and the amount of coverage you are applying for. After the requirements are met and if approved, your policy will be active, and you will be on your way to ensure peace of mind to your loved ones if something ever did happen to you.

How much life insurance should I buy?
The rule of thumb when determining how much life insurance you need is to take ten times your annual salary. To get started, add up all of your outstanding debts, such as your mortgage, student loans, and car loans. Next, think of how much your paycheck contributes to your family’s daily lives, as they will have to replace that paycheck with your life insurance policy.

Should I have life insurance with my job or elsewhere?
Both! Jobs that offer life insurance come at a cheaper rate; however, when you leave your job, you will lose your life insurance coverage. Having coverage outside of your work ensures your coverage rates are locked in with your health and age.

Should you buy a term-life or whole-life insurance policy?
Term-life insurance provides higher coverage for less money, but the drawback is it is only for a limited number of years. After your term is up, the policy ends unless you convert the policy to a different type of policy.

Whole-life policies typically cover you for your entire life, but at a much higher cost. These higher payments reflect paying the premiums to match your cash value and death benefit. These premiums vary for every person depending on your financial situation and health status. We recommend you have both policies quoted and then make an educated decision.

Do children need life insurance?
Yes, however, they do not need a large amount of coverage. Life insurance for children is

solely for covering the funeral costs and protecting their insurability. Typically you can add them to your policy as a rider and have an option to get their own policy once they turn a certain age without looking at health history. This is beneficial because if they were to find out, they have health problems, they could be uninsurable. If you currently have a child that has significant health conditions and can’t get life insurance, we have a company that will write a parent policy that automatically insures your children.