HOW DOES LIFE INSURANCE COMPANIES MAKE MONEY

What Is Life Insurance ? How Much Life INSURANCE Do Clients

What is Life Insurance and How Much Insurance Do You Need?

Life insurance is an essential part of any financial plan and can provide financial security to your family or loved ones in the event of a tragedy. But when it comes to life insurance, it can be hard to decide how much coverage you need.

How Life Insurance Works

Life insurance is a contract between you, the policyholder, and your insurance provider. You pay premiums to the insurance provider to remain the policyholder, and in return the insurance company pays a death benefit to your named beneficiary—your partner, children, parent, or other family member—in the event of your death. Your policy also may include several additional benefits, such as cash value growth and riders for extra benefits.

Calculate Your Coverage Needs

Figuring out how much life insurance you need is one of the most essential steps when shopping for a policy. Fortunately, it doesn’t have to be a daunting task. Use the following steps to determine your coverage needs:

  • Consider your financial goals. Think about what you want your life insurance policy to do for your family. Do you want to cover funeral and burial expenses? Do you want to provide for your children's higher education costs? Do you want to provide your loved ones with a potential stream of income to compensate for your lost wages?
  • Calculate your income replacement needs. Figure out how much your spouse, partner, or other family members may need to replace your lost income. How many years would your spouse/partner/family need support? Could they pay the bills and maintain their current lifestyle without your income? Evaluate your mortgage, credit cards, fixed expenses, living expenses, and other debts that would need to be covered.
  • Don’t forget other expenses. What other costs need to be taken into consideration? Are there debts such as student loans for your children that need to be covered? Do you need to provide medical and health care costs for any family members? Don’t forget to include end-of-life costs like burial/funeral expenses, estate taxes, and other associated costs.
  • Do the math. Take the sum of what you calculated in Steps 1-3 and multiply the number by five to 10 times your annual salary to calculate your coverage needs. Make sure to review your policy periodically to make sure the amount you need still covers your expenses.

FAQ

Q: What is the difference between term and permanent life insurance?

A: Term life insurance provides coverage for a specific period of time and has a set premium that remains level throughout the policy term. Upon expiration of the term, the policy will terminate. Permanent life insurance, like universal and whole life policies, provides a death benefit that lasts your entire life and also builds cash value over time. Premiums are typically higher, but they remain level throughout the entire policy.

Q: How can I get an accurate estimate of life insurance costs?

A: You can get an accurate estimate of life insurance costs by contacting an insurance agent in your area, who can evaluate your individual needs to help you determine the ideal coverage for you. Additionally, most insurance companies allow you to request a free quote on the internet.

Having life insurance is an important part of providing financial protection for your loved ones. Once you’ve assessed your needs and determined the amount of coverage you need, you can work with an insurance agent to find the policy and coverage level that best meets your needs.


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