Most people name their spouse (or partner) as the primary beneficiary and their children as secondary (or contingent) beneficiaries. Secondary beneficiaries receive the death benefit if the primary is no longer alive. You can name any person (or entity) that has an insurable interest in you (meaning they would suffer … Continue reading Who should I name as my beneficiary?

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Now that you have determined how much you need, hopefully the insurance company will offer you that amount. Insurance companies use multipliers as described above and will not provide you with more coverage than they think you need, based on their formulas. There is some flexibility there, so if you … Continue reading How much can I get?

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There are several methods of determining how much life insurance you need. One method is using the multiple of income method, using a multiplier of your income to determine the benefit amount. Between 25 and 35, we recommend 20-25 times your income; between 35- 50, multiply your income by 15; … Continue reading How much life insurance do I need?

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You should purchase life insurance now if: If you are married (or about to get married) and your spouse depends on your income. If you have young children (or about to). If you are married and own a home with a mortgage. If you have a large estate and expect … Continue reading When should I purchase life insurance?

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If you have a spouse (or partner) and/or children that would suffer financially if you were to die, you need life insurance. There are others who need life insurance (e.g. business partners), but the main incentive to own life insurance always has been to ensure your loved ones will be … Continue reading Who needs life insurance?

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Life insurance is a legal contract (policy) between you (the insured) and an insurance company (the insurer). In the contract, you agree to pay a fee to the insurance company, either periodically (monthly, quarterly, semi-annually or annually) or in a lump sum. In return, the insurance company agrees to pay … Continue reading What is life insurance?

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