Life insurance, and who it's for
Life insurance pays the people who depend on your income if you die. I help you work out how much you need, then find a policy you can keep paying for. My post on how much you actually need walks through the math.
Types of life insurance
Term life insurance
Coverage for a set number of years, often 10 to 30. It fits:
- Young families with a mortgage
- Replacing your income during your working years
- Covering a specific debt
- A large amount of coverage for a low premium
Permanent life insurance
Coverage for your whole life that builds cash value. What that looks like:
- Whole life, with guaranteed premiums
- Universal life, with flexible premiums
- Cash value that grows over time
- A savings part with tax advantages
Long-term care insurance
Plenty of people need help with daily care later in life. Long-term care insurance pays for it, so your savings don't have to, and it gives you a say in where you get that care.
What long-term care covers
- Home health care and in-home assistance
- Assisted living facilities
- Adult day care programs
- Nursing home care
- Hospice care
When to look at it
Most people look at it between 50 and 65, while they're healthy enough to qualify for a lower premium. If you wait until you need care, you may pay much more, or not qualify at all.
How much coverage you need
I help you work out the amount from:
- Average cost of care in your area
- Inflation protection to keep pace with rising costs
- The assets and income you want to protect
- Family health history and personal risk factors
Policy options
You can buy long-term care coverage on its own, or as part of a life insurance policy. I'll show you both and help you weigh the coverage against the cost.
How much life insurance you need
For life insurance, I look at:
- How much income your family would need to replace
- Debts, like the mortgage and any loans
- Costs ahead, such as college
- Final expenses and your estate plans
What it does for your family
- Replaces your income for the people who depend on it
- Pays off a mortgage or other loans
- Helps the kids with college
- Covers final expenses, so your family isn't left with them
Want me to look at your situation?
It's a free call, and I'll tell you straight whether anything needs to change.
Or start my check A few quick questions, about 90 seconds.