Life insurance should be the foundation of your financial plan no matter the season of your life. If there are people depending on your income, you need life insurance. If you have debts, like a mortgage, you need life insurance. Basically the need for life insurance is universal, and we have contracts with dozens of carriers to help you get what you need no matter your situation in life.
What type of insurance should I get?
There are two basic types of life insurance; term life insurance and whole/universal life insurance. They basically do what they say. One covers you for a set term and one covers you for your whole life. Each person’s situation is unique, so it’s best to talk with your agent to be sure. In general, term life insurance is cheaper so in your working years (when you need lots of coverage to replace your income) term is a great fit. However, permanent policies get more expensive as you get older so sometimes a combination of both is the best fit. You can get term quotes on our website and talk with an agent to discuss the right permanent policy for you.
How much coverage do I need?
Each person’s needs are unique, and “rules of thumb” don’t always apply. We have a very helpful calculator that can help you determine the need on this page. It’s very easy to use and gives you a thorough picture of your life insurance needs. However, if you’d like a quick and easy number to begin with you can go with ten times your income for a starter quote.
What if I have a complex health history?
The rate you pay on a life insurance policy is based on an insurance company’s assessment of your health. This assessment is called “underwriting”. The company’s goal is to determine, based on your health history, how risky you are to insure. If you have some concerns about your health it’s very important you get some guidance from your agent before you apply. At Covenant Insurance we can take the health info you share with us and “shop” it with underwriters at multiple carriers to ensure you get the most favorable rating possible so that your premium dollars go further. Call us and we can help you find the right carrier for your unique health history.