Life Insurance Strategies

We’re here to help you feel confident in your financial future.

Life insurance is put into place to help protect loved ones left behind after you die, making it an important purchase. When doing life insurance research, certain things such as the following need to be considered:

  • Family’s standard of living
  • Current financial needs
  • Income replacement cost
  • Funeral costs
  • Estate costs

If you’re unsure of how much coverage to get, it’s recommended that you look for insurance that covers around 5 to 7 times your gross annual income.

The two general types of insurance policies are permanent and term. Term insurance will give coverage that pays out an amount to your beneficiaries if you pass away during a certain period of time, which would be specified beforehand. For level premium term insurance, the same amount is paid from the first day of the policy until the term end date. The other side of the spectrum is a permanent insurance policy; when you pay the premiums for this type of policy, it will remain in effect for the entirety of your life.

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