Life Insurance
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Life Insurance Information
Many want to ensure their loved ones have financial support after they are gone. Life insurance can provide this safeguard, giving monetary care to the beneficiaries named on a life insurance policy.
What Are the Different Types of Life Insurance?
Although there are various types of insurance coverage, many people choose from two main types:
- Term life insurance provides money to your beneficiaries if you die during your term, which could be a period of 10, 20, 30 or more years, depending on your policy’s expiration date. If you don’t die during this period, your policy won’t pay, and you need to apply for a new policy to continue coverage.
- Whole life insurance lasts for the remainder of your life once you enroll. Your policy won’t expire unless you stop paying it. A whole life policy also can provide a cash value investment opportunity, a revenue source while you’re alive and the eventual death benefit.
We can discuss other types of life insurance available and if they’d be a suitable fit.
How Much Life Insurance Do I Need?
Life insurance is often tied to an individual’s debts, such as a mortgage or car payment. For instance, if you die while your debts are outstanding, your beneficiary could settle these expenses with the death benefit. You may also tie your death benefit to your income and leave the equivalent of some of your salary to your beneficiaries. Whatever you choose, it’s your choice, and we can help guide your decision.
How Many Life Insurance Policies Can I Have?
Many people choose to have multiple life insurance policies. However, many insurers will review your existing coverage to ensure you are not exceeding your insurability limit, which is usually 20 to 30 times your annual income. Life insurance is meant to replace your earning ability, not to increase your beneficiaries’ wealth significantly.
If you’re unsure of your coverage needs, you can start with one policy and adjust your coverage over time, as needed.
How Much Life Insurance Do I Need at 60?
As you near retirement age, it’s a good time to reevaluate your life insurance options. You may already have a current policy—or a few—or you may need to purchase a policy. It’s essential to consider your debts and any other financial obligations when determining the coverage you may need when you die.
Gain Peace of Mind
The Stastny Insurance Agency can give you peace of mind knowing your loved ones will be financially taken care of after you die with appropriate life insurance coverage. Call us at 800-864-2645. Our experienced insurance professionals can help you find a policy that fits your needs.
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