Frequently Asked Questions

 Life insurance policies generally fall into three categories: term, permanent or whole, and final expense. 

• Term Lasts for a set timeframe (often 1, 10, 15, 20, or 30 years) and are affordable. They're typically for supporting your loved ones in case you pass away unexpectedly. 
• Permanent or Whole Life last your entire lifetime, have cash value that grows, and are usually more expensive.
• Final Expense is a more affordable type of permanent life insurance with a lower death benefit that's designed to cover your end-of-life and burial costs.

A number of factors – including your age, debts, monthly expenses and number of children – can influence how much life insurance you may need to comfortably plan for your future. As a general rule of thumb, a policy worth 10 to 15 times your gross income is a good place to start.  Always work with a trusted Agent to help you dial in to the specifics.

 As part of an overall benefits package, many employers offer some form of life insurance coverage to their employees. Since this coverage is typically paid for by the employer, it’s a great benefit to have. But it’s still wise to hold your own personal life insurance policy. There are a few reasons for this. First, the coverage provided by your employer might not be enough to support your family in the event of your death. Employer-provided life insurance often covers you for a low set amount — like $50,000. Additionally, your coverage will be lost if you take another job or find yourself unemployed. 

 A beneficiary is a person or entity designated to receive the funds from your life insurance policy in the event of your death. Your beneficiary can be a person, business, trust, charity, church or even a school. An insurance policy can have more than one beneficiary.

Choosing a life insurance beneficiary depends largely on how you’d like your life insurance benefit to be used upon your death. If you have young children, naming a spouse or close family member you trust as your beneficiary and memorializing your wishes may be one way to provide for your children’s care in your absence. Grown children could use the insurance benefit to help pay for college. 

What is Estate Planning?

Estate planning ensures the smooth transfer of assets, helps simplify the probate process, and reduces potential conflicts among heirs.  By using various documents such as wills, trusts, powers of attorney, and healthcare directives, it can ensure that your wishes are carried out, as you prefer.

Living Will/Healthcare Proxy

Addresses healthcare decisions and appoints someone to make medical decisions on your behalf if you are unable to do so.

Assigning heirs 

Naming someone as an heir in your will gives them full or partial access to your estate after you pass. You should consider which of your loved ones you would like to give this privilege to, along with what and how much you would like to give them. When selecting heirs, it’s common to select a spouse, siblings, children, close friends, and/or relatives. 

Picking an executor 

An executor is responsible for ensuring that the wishes laid out in your will are fulfilled and that any final expenses are paid. The executor is an important role and should be assigned to someone trustworthy. When you have someone in mind, ask if they are willing to carry out all the necessary duties before making them your will’s executor. An executor can also be one of your heirs, like a close family member.  

Selecting a guardian 

Choosing a guardian of your children impacts both your kids and those who will care for them. Selecting a guardian involves choosing someone that you can fully trust and shares your values in raising children. Typically, this is a close family member or friend that already has a strong relationship with both you and your children. 

If you are co-parenting with a partner, but you’re the only one with legal guardianship of your kids, you will want to ensure that the other parent is named the kids’ guardian in your will.

Many of our life insurance products offer free estate and will planning tools.  

Ask us for more information.