September 22, 2014

When considering life insurance, what questions do you need to answer? What type do you need? Where do you go?

2 thoughts on “September 22, 2014”

  1. Garrett Haag says:

    The biggest question to ask yourself is if you need life insurance to start with, if you have no one who depends on your income to live you do not. A second question to ask is how much do you need, normally a good amount is 10 years worth of living expenses or until your kids are done with school. The only life insurance you should ever get is term life insurance, its cheaper and better. You can get it from at the best rates, the website will be the only place you need to go for it.

  2. Mike Finley says:

    Well said, Garrett. Let’s review.

    Will anyone suffer financially if I die? If the answer no, life insurance is very likely not needed. If the answer is yes, then you want to ask yourself, how much? 6 to 10 times your yearly income should work for many, but each situation is different so one should put plenty of thought to the matter. That would include teaching the one’s you leave behind on how to handle a large chunk of money if that day came.

    Garrett is right to recommend term and would be a site I would recommend. and are two other options. Avoid the expensive cash value life insurance policies that go by the names of whole life, universal life, and variable life. You can hit on the insurance needs tab on this website for a more detailed explanation on this issue.

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