Married, Now Let’s Talk About Life Insurance

Congratulations, you’re married! Now what? It’s time to discuss merging finances, auto  policies, and, LET’S TALK ABOUT LIFE INSURANCE.

While the conversation regarding life insurance can be intimating, remember that this policy is nothing more than a safety net for your future. It’s just another part of the planning process for what may come.

Life Insurance is financial protection. Just like a $401k’s or having investment opportunities, life insurance can offer debt protection. It can be used for retirement savings or everyday expenses when the premium payout occurs.

There are two types of life insurance: term and whole life . We recently read that it’s an easy formula to remember when you compare term insurance to renting property. Whole insurance can be compared to owning property.

Term- “ A policy that covers the insured person for a certain period of time, the “term” that is specified in the policy. It pays a benefit to a designated beneficiary only when the insured dies within that specified period which can be one, five, 10 or even 20 years. Term life policies are renewable but premiums increase with age.”

Whole – “ The oldest kind of cash value policy that combines protection against premature death with a savings account. Premiums are fixed and guaranteed and remain level throughout the policy’s lifetime.”

Various insurance carriers have different requirements. Age, health, medical history can all influence premiums. It’s just a fact, younger and healthier individuals will have a lower premium.

If you or your spouse have a current life policy, review it together. Make sure you have the correct beneficiary listed.

For more information on life insurance, give one of our  specialists a call. Schirmer Insurance Group has several options for you and your spouse.