Life insurance is the most important policy you can buy. If you have a family, then a life insurance policy will make sure they are provided for if something should happen to you. Knowing how much to buy, and what is a good price can seem like a mystery, but we are ready to provide you with the guidance and expertise you need to make an informed decision about how best to protect your family’s financial future.

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Term vs. Universal

There are two basic types of life insurance, term, and universal. Term life insurance covers you for a set number of years, such as twenty or thirty, while universal, sometimes called "whole" life insurance will stay in force until you die, as long as you pay the premium.

Term life insurance is generally less expensive than whole life, particularly for a relatively young person, since there is a good chance you will outlive the policy.

Many people choose a term life insurance policy that has an option to convert to a whole life policy near the end of the term. This can let you keep the cost of your policy lower while still making sure you have something to leave your family, no matter how long you live.

How Much?

There is no formula set in stone to determine how much money will be enough. A good start though, is to add up your financial obligations and then decide how many years of those obligations you need to cover.

This includes the cost of your housing, whether that is rent or a mortgage, any outstanding debts, like credit card or car payments, as well as living expenses like utilities and groceries. In addition to these needs, you will also want to think about future expenses like college for your kids.

How Much?

There is no formula set in stone to determine how much money will be enough. A good start though, is to add up your financial obligations and then decide how many years of those obligations you need to cover.

This includes the cost of your housing, whether that is rent or a mortgage, any outstanding debts, like credit card or car payments, as well as living expenses like utilities and groceries. In addition to these needs, you will also want to think about future expenses like college for your kids.