Protect Your Family's Future with Life Insurance

The amount of life insurance you need depends on several factors, including your financial obligations, income, and future goals. A common approach is to calculate your coverage by considering the following:

1. Income Replacement: Multiply your annual income by 5 to 10 years to ensure your family can maintain their standard of living.
2. Debts and Expenses: Include mortgage, car loans, credit card debt, and other outstanding bills.
3. Future Costs: Factor in future expenses like college tuition or retirement for your spouse.
4. Final Expenses: Estimate costs for funeral and medical expenses.

A financial advisor can help tailor the right coverage for your needs.

If you outlive your term life insurance policy, the coverage will expire, and no death benefit will be paid. You have a few options at this point:

1. Renew the Policy: Some insurers allow you to renew the policy, though premiums may be higher due to your age.
2. Convert to Permanent Insurance: If your policy includes a conversion option, you can switch to a permanent policy (such as whole or universal life) without undergoing a medical exam.
3. Purchase a New Policy: You can apply for a new term or permanent policy, though premiums may increase based on your health and age.

It's best to review your options before the term expires.

 Yes, you can change your beneficiaries on your life insurance policy at any time, as long as you have not made the beneficiary designation "irrevocable." To update your beneficiaries, simply contact your insurance provider and complete the necessary forms. Be sure to review your beneficiaries regularly, especially after major life events like marriage, divorce, the birth of a child, or the death of a current beneficiary. Keeping your beneficiaries up-to-date ensures that the death benefit will go to the right people when the time comes. 

The cash value in a whole life insurance policy is a savings component that grows over time, in addition to the death benefit. A portion of your premium payments is set aside and accumulates tax-deferred within the policy. This cash value grows at a guaranteed rate and can be accessed while you're alive.

You can use the cash value by taking out a loan against it, withdrawing funds, or surrendering the policy for its full cash value. Keep in mind, loans or withdrawals may reduce the death benefit and have tax implications if not managed carefully.