There are a few different life insurance policy options to be aware of as you begin making these decisions, including:
I know having life insurance is important… But can you answer a few questions first?
Do I really NEED life insurance?
Life insurance is essentially based on whether or not you have dependents. If you do not have anyone providing on you for support, then life insurance is probably not necessary. However, if you have a family, or an extended family, then life insurance can assist with making sure that they are taken care of should something happen to you. We suggest that if you have a family, are planning to start a family, or have a spouse that does not work then you should most definitely invest in life insurance.
But give us a call to discuss your options, we’ll be more than happy to talk!
What about group life insurance policies? Should I invest in this for my employees?
Are there ad-ons to my life insurance policy that I can choose from?
- Additional term insurance: designed for individuals seeking to invest money into their whole life or universal life policy, but do not have the equity at the moment. As you grow your financial resources, you can convert some or all of the additional term rider into the main cash value policy.
- Guranteed insurability: gives you the opportunity to purchase additional coverage in the future – usually stipulating that you purchase it prior to a specified age.
- Accidental death: can double the value of your death benefit should you die in an accident.
- Disability waiver of premium: should you become disabled, this add-on states that you are not responsible for paying the premium for the duration of the policy.
- Accelerated death benefit option: usually reserved for persons in the last stages of the life, this will allow for a prepay of the death benefit.
- Spousal rider: combines you and your spouses policies into one.
- Children’s rider: can provide additional term insurance for your children, generally lasting until they are in their early 20s.