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Determining Your Life Insurance Needs


Life insurance can help provide you with a measure of comfort and peace of mind, knowing that your loved ones will remain financially secure in the event of your death. But how do you determine your life insurance needs?

Who needs life insurance?

Life insurance can be a helpful tool for anyone who wants to protect their loved ones, but roughly 40% of Americans don’t have life insurance.

You might strongly consider getting life insurance if any of the following apply to you:

  • You have a spouse

  • Your family depends on you financially

  • You provide care for another person

  • You hold a significant amount of debt

  • You’d like to secure money for your children’s education

  • You’ve bought or rebuilt a home

  • You took on a new job, or you want to add to the coverage you receive from an employer

  • You’re looking to diversify your investments

  • You’re planning your estate

Once you’ve determined that life insurance is a good choice for you, it’s important to find the right type.

What kind of life insurance is right for you?

There are generally two basic kinds of life insurance policies: term and whole life insurance.

Term life insurance offers coverage for a set amount of time or “term.” This may be a span of 5 years, 10 years or more. One of the underlying ideas here is that you’re seeking protection for a set amount of time, which might correspond to when your children are growing up and taking off for college, etc.

Whole life insurance, a kind of permanent life insurance, builds value over the entirety of your life, and remains in effect as long as you pay your premiums according to your plan. These kinds of plans can be used as an investment vehicle, since their value increases over time.

AIG Life Insurer Companies offers four different types of term life policies to meet your individual needs:

  • Level term

  • Renewable term

  • Convertible term

  • Return of premium (ROP) term

You choose the term — between one and 30 years — and the benefit amount. Enjoy peace of mind during times in your life when you need it the most.

If you need help determining your life insurance needs, speak with one of our licensed agents.

info@ezepfinancial.com

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