Do You Have “Enough” Life Insurance?

by Michael on May 11, 2019

in life insurance,Long Term Care

Do you have enough life insurance? It’s not a question most people like to consider. But it’s something one should consider.

Why? Things change. Policies that seemed perfect may no longer be. Or the amount of insurance, once thought adequate may not be. And then there is also the change in the type of policy that a person ought to have (based on age and dependents, or the lack thereof).

Who needs life insurance? 

Almost everyone. But the type needed can differ considerably.

How much do you need? 

You should carry enough life insurance to replace your income. This might include enough money to pay off the mortgage and other debts, support your children through college or provide in-home care for an elderly relative. Policies purchased at work serve temporary needs, but not long term needs. That is why a person ought to consider this when they still have the health to get a good rate.

What are some differences between term and permanent? 

Term life insurance lasts for a certain number of years: often 10, 20 or 30. It’s designed to cover the period when your spouse or children rely on your income. 

Permanent life insurance lasts for as long as you’re alive and you keep paying the premiums. It costs more than term, but it can be a good fit for families who need a guaranteed payout.

Certain types of Permanent also has provisions to pay part of the death benefit (or even more than the death benefit) toward needed Long Term Care. Buying it while still relatively young allows a person to play for the future (when it’s often no longer possible to have issued).

Is it time to review your coverage?

I offer a free review and can explain the options available to a person. It is not unusual for me to be able to increase the death benefit and lower costs. But the only way to know is to spend some time reviewing.

Please – Call me for your Free Review. I’ve been doing this for over 35 years. Michael Myers – CA License 0561502. Call (209) 390-1163.

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