4 Important Life Insurance Questions Answered
So, you’re in the market for a life insurance policy, but one quick google search has left you with more life insurance questions than answers. Luckily, your search has brought you to our doorstep, and our insurance experts are here to provide some clarity and guidance. While we may not have figured out how to read minds yet, we have put together 4 of the most frequently asked life insurance questions, and asked our insurance experts to weigh in with some answers and insight. Read on for more information from our Lifetime Insurance team!
Starting with the “Why?“
You may be at the early stage of your life insurance journey, wondering, “Why do I need life insurance, anyway?” Before we dive into addressing specific life insurance questions, we’ll start with the big-picture question of “Why?” Let’s face it, nobody likes staring down their own mortality, making the topic of life insurance a difficult one to brooch. If you’re inclined to put off the discussion, let’s re-frame the picture; the fact that you’ll one day die does not make life insurance a necessity– but the fact that your loved ones will continue to live on does. With the right policy in place, you can live every moment you do have on this earth to the fullest, knowing that the legacy you’ll leave behind for your loved ones will enrich their lives, not saddle them with debt and final arrangement expenses. Now that we’ve faced the elephant in the room and hopefully removed some of your anxiety about the topic, let’s tackle some life insurance questions!
1. What Type of Life Insurance Do I Need?
In many ways, life insurance is one of the most straight-forward types of coverage you can buy, since most policies have a fixed coverage amount and premium. In other words, you’ll always know what you’ll pay and receive in a claim. While life insurance is one of the most straight-forward types of coverage, the answer to the question, “What type of life insurance do I need?” isn’t as cut and dry. Essentially, your life insurance policy needs are a direct reflection of your lifestyle, future goals, and current financial situation. If mortgage protection is a prominent concern, exploring a term policy may be a good place to start. On the other hand, a permanent policy is more costly, but offers life-long coverage and even accrues cash value over time. Long story short, your life insurance needs are going to be unique to you, and one of the best things you can do is consult with a seasoned insurance specialist, like the experts at Lifetime!
2. How Much Life Insurance Do I Need?
Of all the life insurance questions you should ask, how much coverage you should purchase is an important one to address. While this particular question is separate from what type of life insurance you need, the answer is often dependent upon many of the same factors. If you’re in an earlier season of life, your priorities are going to be different than those of a retiree. That being said, life insurance is meant to provide a financial safety net for the what-ifs in life, and curveballs can be thrown at any season. If you have or plan on having a spouse and children, your focus should center on them. You can utilize your life insurance policy to provide financial security toward your childrens’ education and your golden years in retirement. Your policy should also cover final expenses when you pass away, sparing your loved ones from added financial stress when the time comes.
Ask the Right Life Insurance Questions
The swiftest way to get the answers you’re looking for is by asking the right questions. A great place to start is with your state – explore some Texas-specific FAQs about life insurance, and bring them to our experts!
Additional Life Insurance Options
Although term and whole life insurance policies are the most common types, there are additional options to consider, such as universal life insurance and variable universal life insurance. If you’re leaning towards a permanent policy, you may want to talk to our specialists about a universal life insurance plan. A universal life insurance policy combines the flexibility of death benefit protection with customized cash value. The design reflects your priorities for protection and cash accumulation. A variable universal life insurance policy enables you to adjust the premium and death benefit amount, while investing in the policy’s cash value.
3. Is a Term or Permanent Plan Better?
Deciding between a term or permanent life insurance policy can seem like a daunting task. If mortgage protection is a prominent concern, exploring a term policy may be a good place to start. Just select an amount that matches your mortgage and a term that matches the length of your mortgage payment period. This is often a popular choice for younger life insurance policy holders. However, you get what you pay for when it comes to your life insurance policy. Although a permanent policy is more costly, it offers life-long coverage and even accrues cash value over time, offering more long-term planning solutions.
4. Can My Plan Change As My Needs Change?
Like any good insurance policy, flexibility is an important factor to consider when you’re shopping the market for life insurance. Your life is going to inevitably change, and each season will bring about fresh priorities. There are plenty of options for life insurance coverage that will allow you to protect what matters most to you, as those priorities shift. But in order to make sure you’re getting the most out of your life insurance policy, you should reach out to a seasoned insurance specialist who can help you find the right plan that can grow with you through every season of life.
Tackle All Your Life Insurance Questions
While we may have put a good dent in your life insurance questions, we want to tackle them all with you! At Lifetime Insurance, our team is passionate about helping you grab a hold of your coverage with the perfect policies to suit your needs. If you’re ready to talk life insurance, we’re ready to dive in with you – give us a call today at (972) 771-2622 or visit our website!
More Life Insurance Questions?
Do you have some of your own life insurance questions that need to be answered? Let our team help – reach out to our insurance experts at the button below. We can’t wait to hear from you!