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Life is full of unexpected events. The key is to plan and prepare for them before they happen. Life insurance is one way to do that. But how much coverage do you need and which type? We can help you figure it out.
There are 3 easy ways to find out:
If you're young, raising a family and paying a mortgage, you might need more coverage. As you pay down your debts, coverage needs may decrease, or you might want to use life insurance as an investment tool. Throughout different stages of your life, your coverage needs change. That's why it's important to review your policy every few years and whenever you have a life event, like the birth of a child, a marriage or a divorce.
There are two types of life insurance: term and permanent. How you choose between them depends on how long you'll need the insurance and what you want to spend.
|Premiums are affordable but can rise with age
||Premiums are usually level, don't increase with age
|Covers 20 years or less
||Offers lifetime protection
|No cash value
||Cash value grows over time, tax-deferred
|Rates can increase, depending on age and health
||Insurability is guaranteed under the contract
|Death benefits pass to beneficiary free of federal income taxes
||Death benefits pass to beneficiary free of federal income taxes
Once you've calculated how much life insurance you need and which type would work best for you, all that's left to do is purchase a policy. It's an important decision and one that should be made as a family. Start having those conversations with yours. With the right coverage in place, you can relax knowing you have a cushion for one more of life's "what ifs."
Edward Jones is a licensed insurance producer in all states and Washington, D.C., through Edward D. Jones & Co., L.P. and in California, New Mexico, and Massachusetts through Edward Jones Insurance Agency of California, L.L.C.; Edward Jones Insurance Agency of New Mexico, L.L.C.; and Edward Jones Insurance Agency of Massachusetts, L.L.C.