Do I Need Insurance?

Many Americans need life insurance. The average funeral can cost thousands of dollars. This doesn’t include other costs like unpaid debts, mortgage and outstanding medical bills left after your passing. Could your loved ones afford this? Life insurance will help pay for these expenses.


What is Life Insurance?
Many of us don't understand how life insurance works, the types of life insurance, or how our needs change as our lives change.  First, let's look at how life insurance works. Life insurance pays a specific benefit amount upon your death. You choose the benefit amount that is right for you based on your needs. The top four reasons people purchase life insurance are:


  • Final Expense Protection
  • Income Protection
  • Mortgage Protection
  • Children’s Education


Whole Life
  • Do you prefer a policy that builds cash and loan value?
  • Do you want to leave a financial cushion for your family or money to your favorite organization?
  • Would you lose your life insurance if you lost your job?


Researching Companies
Now that you know what life insurance is, you may be wondering how to choose a company. No two companies are alike. When researching companies, there are several things you should consider.


  • Company Stability – A stable company spends its money wisely and is more likely to pay claims. You should look for companies with strong Financial Strength Ratings from industry analysts like A.M. Best Company and Standards & Poor’s
  • Customer Service – You should look for a company you can contact with questions and has methods for you to look up your policy information.
  • Quality Products – No two life insurance plans are the same. It’s important to determine what your needs are and look for a company whose product matches those needs.