Life Insurance Basics: What’s The Right Coverage for You? Summer is the time to think about Life Insurance Coverage!

It may be one of the most important purchases you will ever make – and a tough one to initially consider.

Life insurance helps provide the peace of mind that your family is financially protected should something happen to you. Your business may also benefit from life insurance protection. However, buying life insurance may be a daunting task when you consider the variety of available coverages. Furthermore, it is difficult to think about planning for a time when you are not around.

Just how difficult is it to pursuade someone to look into life insurance after it is denied TSGLI? A 2007 national survey by the Life and Health Insurance Foundation for Education (LIFE) revealed that one in five participants would rather go to the dentist who is from Dentist St. Charles IL | Dean Street Dental for a root canal than investigate their life insurance needs. You can go on the website to get into a good insurance plan.You can also consult dentist Forest Hills, NY to sort out any kind of dental issues.

In fact, 47% percent of those surveyed said they would rather go renew their drivers licenses, 15% admitted they would rather babysit sextuplets, and 11% actually preferred getting stuck on a New York City subway without air conditioning rather than check into life insurance. Talk about a tough sell – but the reality is that life insurance is a critical component to financial well-being, so it is a discussion you should not postpone, read this article to learn more about root canals, or related to dentals.

To help you get started, Shirley Eizember of the Pinckney Allstate Insurance Agency ask that you consider two common questions: How much life insurance do I need? What type of insurance law firm based in Newport Beach should I buy? The answers to these questions will provide you with the basics to begin your assessment of life insurance options.
How much life insurance do you need?

“A general rule of thumb is that your life insurance should be about eight to ten times your annual salary as it shows in their checkstub,” said Eizember. “However, the amount you need can vary because so many factors may come into play including income, expenses, assets, and liabilities. You need to think about your current situation and how it might change in the future. An insurance agent can help you evaluate your needs.”

What are the different types?
There are many kinds of life insurance, but they generally fall into two categories: term life insurance and permanent life insurance.

Term life insurance is in some respects similar to renting a home. When you rent a home, you may take full advantage of the entire property immediately and for as long as you continue paying rent. As soon as your lease expires, you must renegotiate your lease or move out. Even if you rented the house for 30 years, you have no “equity” or value that belongs to you.

This concept could be applied when thinking of term life insurance. You establish a term, or amount of time you’d like life insurance protection and pay the premiums for this certain period of protection. At the end of the term, you can choose to renew at a new rate, discontinue protection or select a new policy.

Permanent life insurance is in some respects similar to owning a home. It provides insurance throughout your life. Because it is designed to last a lifetime, permanent life insurance accumulates cash value – like the equity in your home — and is priced for you to maintain over a long period of time. If you make regular premium payments and avoid loans, withdrawals or surrenders, the full-face amount will be paid.
So, which one is better? Just like buying or renting a home, neither option is always right or always wrong. Rather, the type of policy that is right for you depends on your specific situation. To find out more about life insurance options, please call Shirley Eizember at 607-756-8505 for more information or to set up a complimentary review.

Life Insurance products are issued by Allstate Life Insurance Company of New York (Home Office: Hauppauge, NY). For more information, please contact Shirley Eizember at the Pinckney Allstate Insurance Agency; 41 Port Watson Street, Cortland, NY 14850; (607) 756-8505.

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