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Life Insurance Questions and Answers
Why do I need life insurance?
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?
- 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?
Debt + Income + Mortgage + Education = Life Insurance Needs
How much does life insurance cost?
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?
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?
- 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
|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.|