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Choosing the Right Life Insurance Policy

Understanding the difference between Term and Universal Life insurance policies is key in determining which type of coverage is right for you. Life insurance policies can be more than just a death benefit, they can also assist in achieving financial goals.

Even if your employer provides a life insurance benefit as part of their group plan, in most cases this is not enough to insure the security of your family in the event of your death. MillerWade’s Life Insurance Needs Calculator and Human Life Value Calculator can help you to determine how much insurance you will require to meet the future needs of yourself and your family in the event of a catastrophic injury or death.

A few questions you should ask when deciding on the right policy include:

Do You Really Need Life Insurance?

Make provisions for the welfare of your loved ones after your death. Life insurance doesn’t have to be confusing or intimidating.

If you want to make provisions for the welfare of your loved ones after your death but find the subject of life insurance confusing or intimidating, read on. It’s easier to understand than you think, and the rewards can be substantial.

The ability to earn an income can be considered your family’s most valuable asset because your income allows you to obtain other assets, particularly the necessities of life and, of course, the comforts. However, as we know, the ability to earn an income is not guaranteed. Yet, the need for income may continue for those who were financially dependent upon you. Consequently, your need for life insurance and the amount will depend upon your personal and financial circumstances. If any of the following statements apply to you, you probably do need to consider life insurance:

  • You have a spouse.
  • You have dependent children.
  • You have an aging parent or disabled relative who depends on you for support.
  • You have another loved one that you wish to provide for.
  • You have business or estate planning needs that life insurance can satisfy
  • Your retirement pension and savings are not enough to insure your lived ones’ futures against a rising cost of living.
  • You have desire to leave money to a favorite charitable organization.

Other Reasons to Consider Life Insurance

Your policy can carry a cash value, to help out with college, education, etc. You can pay estate taxes and funeral expenses with life insurance.

How Can I Choose The Policy That’s Right For Me?

Life insurance is a long-term commitment. Before buying any policy, ask yourself these very important questions.

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  • List item two
  • List item three

What Are My Options?

There are four basic types of life insurance to meet your individual needs.

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