Life Insurance Quote.
Just answer a few questions, and get a quick quote – instantly. Not sure what you need? Book a complementary 15-minute call with our Life Insurance Advisor.
Key Life Insurance Products Explained.
Term Life Insurance
These affordable life insurance policies give you financial protection for a set period of time. Choose how long you want your term policy to last – 10, 15, 20 or 30 years.
If you die while your policy is still active, then your beneficiaries receive a lump-sum, tax-free payment (called the death benefit). They can use this money any way they choose.
Whole Life Insurance
This type of policy provides coverage for your entire lifetime. Whole life insurance accumulates a cash value over time at a guaranteed rate.
The policyholder can withdraw or borrow against the cash value amount. These policies offer a death benefit and an investment component, and as a result, they cost more than term life.
Universal Life Insurance
These policies offer a death benefit and a savings component. Policyholders can adjust their premium payments and death benefits based on their circumstances.
The policy cash value earns interest at a variable or guaranteed rate, which can be used to cover premiums or withdrawn. This is suitable for those seeking protection and investment returns.
On the surface, life insurance may seem pretty straightforward. But with a wide range of products and coverage options, sometimes it’s hard to know just what you need. As a certified financial planner, I help people assess their life insurance needs and get a policy that is right for them. Contact me to learn how.
Christina Wyatt
Managing Advisor – Life Insurance Division
Answers to Frequently Asked Questions
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How much life insurance do I need?
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Calculating the right amount of life insurance depends on various factors, such as your financial obligations, debts, future expenses, and income replacement needs. Consider your outstanding debts, mortgage, education expenses, and future financial goals when determining the coverage amount.
A common rule of thumb is to have 15 to 20 times your net income in life insurance coverage. Keep in mind it is essential to reassess your life insurance needs periodically, especially after significant life events like marriage, the birth of a child, or buying a home.
Contact a certified financial planner if you need help determining how much life insurance is right for you. Christina Wyatt, our Managing Advisor of Life Insurance, will help you answer this question with a life insurance needs analysis.
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What insurance product is best for me?
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The best life insurance for you depends on your specific needs and circumstances. Term life insurance is a good option if you want coverage for a specific period, like 10 or 20 years. It’s generally more affordable but doesn’t build cash value.
You might consider whole life insurance if you’re looking for a policy that lasts your entire life and has a cash value component. Ultimately, it’s essential to assess your financial goals, budget, and the duration of coverage you need. If you do not know what life insurance product is best for you, we recommend talking to our Financial Planner – Christina Wyatt, to assess your needs and find the best fit for you.
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Should I lock in my life insurance rates for 10 or 20 Years or more?
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Although it is cheaper to go with a 10-year term, by design this assumes you won’t require life insurance after 10 years. In addition, after 10 years your health may have declined and you may not get another well-priced 10-year term policy.
So there is a cost-saving going with a 10-year term policy, however, you are taking on an additional risk that you will still be healthy in 10 years.
A needs analysis should be completed when contemplating coverage to determine the right term for your specific needs. For example, if your mortgage is 25 years you would want to consider a Term 25 so the price is locked in and coverage is in place for the full length of your mortgage.
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