Our agency is proud of the top rated life insurance companies we represent, We also have extensive brokerage arrangements for situations where unusual or difficult underwriting issues create unique problems.
How much life insurance should I buy?
That depends on your needs. For newly married couples where both are working, just covering the mortgage is a good first step. Unless there is an imminent expectation of a child or children, this may meet your needs adequately. Term insurance is a bargain; we shop this for you.
Once children enter the scene, we'll help you quantify the value of your future income(s), less existing assets to come to a reasonable life insurance amount. Here your need is often based on replacing income for the wage earner(s), for as long as it takes the surviving dependents to become financially independent. This of course, could run out 15, 20, 30 years, or longer, so either longer period guaranteed term or permanent insurance make sense here.
For people with estate tax issues (such as where a large percentage of an estate is made up of illiquid assets such as real estate or a closely held business), calculating today’s tax liability and projecting tax liability into the future is a first step. Consult your attorney about whether an insurance trust may be justified. An insurance trust can help you keep insurance proceeds outside of the estate, reducing the taxable estate size, and providing important liquidity. This can get quite complex, so don't do this without professional participation and guidance. We network broadly, and can bring in appropriate experts as needed.
We are happy to work with customers individually in determining these needs and finding the most economical solutions possible.
Other essential parts of your personal safety net...
When you think of all the assets you insure, are you adequately insuring your greatest asset? Your ability to get up in the morning and make a living?
Considered another way, if you owned the Golden Goose from Jack and the Bean-stalk, would you insure the golden eggs but not the goose? Your work skills are your own golden goose.
Disability insurance may be part of your benefits package, so if you are changing jobs, pay attention to your long term disability benefits. If you're not sure, call us, and we can help.
If you don't have disability insurance at work, talk to us about the best approach for you to insure your golden goose: your ability to go out and do what you do. Give us a call at 800-649-3252.