Individual Life Insurance
Who Needs Life Insurance?
If someone will suffer financially when you die, chances are you need life insurance. Life insurance provides cash to your family after you death. This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs like funeral cost, daily living expenses and college funding. Additionally, there is no federal income tax on life insurance benefits.
Most individuals need life insurance. To figure out if you need life insurance, you need to think through the worst case scenario. If you died tomorrow, how would your loved ones fare financially?
The truth is, it's always a struggle when you lose someone you love. But those struggles don't need to be compounded by financial difficulties. Life insurance helps make sure that the people you care about will be provided for financially, even if you not there to care for them yourself.
- What type of policy should I buy, term or permanent?
- What are the various kinds of permanent insurance?
- What are accelerated death benefits and how do they work?
- By using medical tests are insurers trying to eliminate any applicant likely to develop a serious health condition?
- What should I consider in naming life insurance beneficiaries?
- Does it make sense to replace a policy?
- What happens if I fail to make required premium payments?
- Should I just buy basic life insurance coverage or is it worth considering the other features that some policies offer?
- How do I go about finding a good insurance agent?
