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Life Insurance Questions and Answers

Why do I need life insurance?

Life insurance proceeds can help provide both financial security for your loved ones and reassurance for yourself. It can help you rest easy, knowing that you have helped to protect  the financial future of those you care about.

Life insurance can help:

Pay the mortgage
Maintain your family’s current standard of living
Fund the kids’ college education
Pay for final expenses

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Why the Mike Bissell Agency?

You have a lot of choices when it comes to life insurance, so it’s important to work with an agency that has been around in good times and bad. Who better to do that than the agency that handles all your insurance needs already?

We will help protect the financial security of your loved ones, the continuity of business, and the stability of retirement incomes.
You can conveniently manage all of your insurance in one place with one agency.
We will simplify the process with a free needs-analysis service, so you can select the life insurance coverage you want.
We have life insurance options that may suit your needs and budget through all stages of life, along with discounts that could help save you money.

How much life insurance do I need?

It’s important to find out how much life insurance coverage you think is right for you. Consider the formula below to find out how much financial support your family or dependents may need if you were not around.

Debt + Income + Mortgage + Education = Life Insurance Needs

How much does life insurance cost?

These days, you can buy life insurance for less than a few dollars a day! (That’s like an extra cup of coffee or bottle of water, to help protect your family’s financial future.) The price you pay depends on risk factors like your age and health, and the type of coverage you want.

Did you know:

The younger and healthier you are, the lower your annual premium may be! If you wait, you may develop a medical condition that will make you uninsurable or substantially increase your rates.

Employer-provided life insurance may end if you lose or change jobs and may not meet your goals and needs.

Why buy life insurance for a child or grandchild?

Unlike money kept in savings plans for children, such as 529 college savings plans, a juvenile life insurance policy’s cash value doesn’t have to be used specifically for education. It can be used by a grown child for other purposes, such as wedding expenses or starting a business.

The earlier the policy starts, the longer the policy has to accumulate value. As your child grows, so does the cash value of the policy.

Guaranteed insurability–As an adult, your child’s health or occupation may prevent him or her from qualifying for life insurance. A juvenile life insurance policy can ensure coverage for your child or grandchild into adulthood, even if their health or lifestyle changes.

The earlier the coverage begins, the lower the cost may be.

Continuation of coverage–In the event of your death, an optional payor benefit may be available that could cover the premium payments for you.

I have life insurance with my work, so why would I need life insurance?

A common misconception is that if you have life insurance through your work, you don’t need life insurance. Here are some things to consider if you are one of those people:

Does the policy continue after my retirement?
Does the policy cover your spouse or just you? If it is only you, you probably want to consider a policy for your spouse?
What if I’m laid off? Life insurance cost goes up the older you are, so it is best to lock in at a young age.
Do you have enough life insurance? Depending on the type of insurance your employer is offering, it is usually only 1 or 2 years of your salary. Will that cover the cost to maintain your lifestyle, pay off the mortgage, and send your children to college?

Mortgage Insurance vs. Life Insurance

Bank	Insurance Company
The coverage decreases during the term, even though you pay the same amount.	The coverage remains the same for the term, and you pay the same amount.
The check is cut to the bank and must be used towards your mortgage.	The check is cut to you. You may use it to pay the mortgage, bills, final expenses, debt, education costs, or however else you see it.
If you refinance, or move you must requalify for coverage based on your age at that time.	This coverage is transferrable. No matter how many times you refinance or move, this coverage will stay with you.

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