September is Life Insurance Awareness Month and was created by Life Happens and sponsored by LIMRA (Life Insurance Marketing and Research Association) and LOMA (Life Office Management Association). This campaign aims to help education consumers about Life Insurance and the impact it can have when financially protecting family income and assets. When considering life insurance, many people often ask themselves how much life insurance is enough. This answer can change significantly over your lifetime. Click on the below link to access a Life Insurance Calculator to help solve this question.
https://lifehappens.org/life-insurance-needs-calculator/
Another common question to consider is what type of life insurance do you need to protect your assets or your family. Are you wanting a term policy or permanent whole life coverage? Term life insurance typically offers the most amount of coverage for the lowest initial premium. This makes this type of life insurance policy a good choice for those on a tighter budget. Permanent life insurance provides lifelong protection for as long as you pay the premiums and typically protects to age 100 and does not have to be renewed or rewritten.
Depending on your circumstances and financial goals, sometimes a combination of term and permanent insurance is the answer. Elite Insurance associates has many licensed agents who can shop carriers to assist you in finding the coverage that is designed with you in mind. We also have several options for those that want to bypass Medical Underwriting and enroll in guarantee issue or graded policies. Generally death benefit funds are not taxable and can be paid out in a lump sum or installments. Please contact our office today to schedule an appointment and learn more about your coverage options.