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What is Life Insurance and How Much Do I need?


So what is the best type of life insurance to buy and how much coverage do you need? If you don't have any kids, do you even need life insurance? 

In short everyone is different and discussing your coverage needs with a licensed insurance agent can help you clarify the type policy and benefit to meet your specific needs. Without oversimplifying things too much, life insurance is coverage on a persons life and future earnings. So to when you buy a life insurance policy, you pay a monthly, quarterly or annual premium for the term of the policy. The term can be as short as one year or as long as a lifetime. If you die within the term of your policy, your beneficiary will receive a fixed amount of money.

Some of the uses for life insurance benefits may include:

Paying final costs: 
The proceeds of a life policy can be used to pay final expenses, including funeral or cremation costs, medical bills not covered by health insurance, estate administration fees or other unpaid obligations.

Debt or replacing income:
Life insurance can help replace your income in the even of an untimely death. Your beneficiaries can use the money to help cover essential expenses, such as paying off a mortgage or securing college educations for your children.

The death benefit can also serve as a supplement to other inheritance funds you may wish to leave your heirs and depending on the product used the proceeds can be tax free.

Paying federal or state estate taxes: 
Your heirs may face an estate tax upon receiving their inheritance, depending upon the state of residence and the amount. Consult with your life insurance provider or a financial professional for more information on your projected estate tax impact and life insurance benefit.

Charitable contributions: 
Life insurance policies can be created with your favorite charity as a named beneficiary. This can help ensure that benefits are provided to your charity of choice... even if you don’t have a substantial amount of assets or large estate.

Russ Rymer

Vice President of Sales

Direct: 865-963-1224