You want the best for your family and to make sure they are taken care of for years to come. And while no one wants to think of a time when they will not be around, planning for uncertainty is necessary, especially if there are people who rely on your income.
Life insurance is one of the ways to potentially guarantee expenses will be paid and your dependents (spouse, children, elderly parents, etc.) will be financially protected if something unexpectedly happens to you. Like auto or health insurance, life insurance is a policy that you pay a set annual premium, for a certain period of time and in exchange you are covered in the event of an emergency. There are several types of life insurance and each offers specific benefits depending on your personal needs.
We’ve come up with a simple list that can walk you through questions you need to answer before selecting the life insurance plan and amount of coverage that is right for you.
First, let’s consider how much you need. Life insurance calculators can be helpful. Generally, determining how much you need depends on factors like:
Once you have determined how much life insurance you need, you then need to decide what kind of insurance you should get. A common type of life insurance is term where you pay a premium for a certain amount of time.
Finally, once you have determined the amount of life insurance you need and the plan that is the best fit for your family, you should consider how you will share the information with your loved ones. Here are few things to consider:
This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent. This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company.
Rockland Trust Company and Rockland Trust Financial Services are not registered brokers/dealers and are not affiliated with LPL Financial.
Not FDIC Insured - Not Bank Guaranteed - May Lose Value -
Not Insured by any Federal Government Agency - Not a Bank Deposit
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