Is life insurance necessary for me?
Life insurance is an essential tool for providing financial security and peace of mind to loved ones in the event of an unexpected death. When a breadwinner or primary income earner passes away, the loss can have devastating financial consequences for their family. Life insurance provides a tax-free payout to beneficiaries that can be used to cover expenses such as funeral costs, mortgage payments, outstanding debts, and everyday living expenses. Moreover, life insurance can help to ensure that children’s education and future plans are not disrupted by an unexpected loss. In short, life insurance is a way to safeguard the financial wellbeing of loved ones and to ensure that they are taken care of even after the policyholder is gone.
We make buying life insurance easy
At Vault Insurance & Risk Management, our goal is to make life insurance easily obtainable. We offer online applications that can be completed quickly and easily from the comfort of your own home. The application process typically involves answering a few basic questions about your health, lifestyle, and medical history. In many cases approval happens without a medical exam, depending on your answers. Additionally, many insurers offer simplified underwriting for policies with lower face amounts, which means that approval can be granted in a matter of days, if not hours.
Is the life insurance provided by my employer sufficient?
While many employers offer life insurance as part of their benefits package, it’s important to consider purchasing additional coverage outside of the workplace. One reason for this is that employer-provided policies may not be sufficient to meet your financial needs. These policies may have low face amounts, and the coverage typically ends when you leave the company, leaving you without protection.
How much life insurance do I need?
The amount of life insurance needed varies based on personal factors such as income, age, debts, and dependents. One common approach is to calculate a coverage amount that equals 10-12 times your annual income. However, this may not be sufficient if you have significant debts or dependents that rely on your income. It’s important to work with an insurance agent to determine an appropriate coverage amount based on your individual circumstances and financial goals.
Calculate how much coverage you need here: https://engage.midlandnational.com/life-insurance-calculator?agent=ashley@vaultinsure.com
How to get started on your Life Insurance quote
It is simple! Get a free, no-obligation quote from us by filling out the required information in the form below. After completing the form, you have the option to upload your current declaration pages. This way, we can verify that you have not missed any crucial coverage. If you’d rather speak with us directly, feel free to give us a call. We strive to simplify the process for you.
Is life insurance necessary for me?
Life insurance is an essential tool for providing financial security and peace of mind to loved ones in the event of an unexpected death. When a breadwinner or primary income earner passes away, the loss can have devastating financial consequences for their family. Life insurance provides a tax-free payout to beneficiaries that can be used to cover expenses such as funeral costs, mortgage payments, outstanding debts, and everyday living expenses. Moreover, life insurance can help to ensure that children’s education and future plans are not disrupted by an unexpected loss. In short, life insurance is a way to safeguard the financial wellbeing of loved ones and to ensure that they are taken care of even after the policyholder is gone.
We make buying life insurance easy
At Vault Insurance & Risk Management, our goal is to make life insurance easily obtainable. We offer online applications that can be completed quickly and easily from the comfort of your own home. The application process typically involves answering a few basic questions about your health, lifestyle, and medical history. In many cases approval happens without a medical exam, depending on your answers. Additionally, many insurers offer simplified underwriting for policies with lower face amounts, which means that approval can be granted in a matter of days, if not hours.
Is the life insurance provided by my employer sufficient?
While many employers offer life insurance as part of their benefits package, it’s important to consider purchasing additional coverage outside of the workplace. One reason for this is that employer-provided policies may not be sufficient to meet your financial needs. These policies may have low face amounts, and the coverage typically ends when you leave the company, leaving you without protection.
How much life insurance do I need?
The amount of life insurance needed varies based on personal factors such as income, age, debts, and dependents. One common approach is to calculate a coverage amount that equals 10-12 times your annual income. However, this may not be sufficient if you have significant debts or dependents that rely on your income. It’s important to work with an insurance agent to determine an appropriate coverage amount based on your individual circumstances and financial goals.
Calculate how much coverage you need here: https://engage.midlandnational.com/life-insurance-calculator?agent=ashley@vaultinsure.com
How to get started on your Life Insurance quote
It is simple! Get a free, no-obligation quote from us by filling out the required information in the form below. After completing the form, you have the option to upload your current declaration pages. This way, we can verify that you have not missed any crucial coverage. If you’d rather speak with us directly, feel free to give us a call. We strive to simplify the process for you.
Term Life Insurance
The most important investment you can make for your family.
Individual life insurance is arguably the biggest investment you can make in your loved ones’ security. It’s a complicated field, but don’t let that put you off. We’ll be happy to talk you through the options.
Choosing between term, whole, and universal life insurance.
First, you’ll need to determine the type of life insurance you want to buy, with the most common types being term life insurance, whole life insurance, and universal life insurance. Each has its own way of paying out, and the plan you choose can be best determined by your individual needs.
What is term life insurance?
Term life insurance provides affordable, financial protection for a set period of time. If you pass away during the selected term, your loved ones receive a tax-free death benefit to help cover expenses and maintain financial security. While you pay a fixed premium throughout the term you will get to choose the term length which allow you to choose coverage that fits your family’s needs and budget.
What is whole life insurance?
With whole life insurance, there’s no set period. You usually pay regular premiums until you die, at which point the policy pays out. Sometimes you have the option to take a lump sum back while you are still alive, but this will reduce the amount paid out when you die.
What to consider before getting life insurance.
The premiums you pay depend heavily on your age and medical history, along with the amount you want the policy to pay out. So, it’s important to seek expert advice before committing to life insurance. There are many different types of policies to choose from so a quick conversation may help you in the long run.
When Things Change, Review Your Life Insurance Beneficiary
Keeping your life insurance beneficiary designations up to date ensures that your wishes are honored.
You name a beneficiary when you purchase a life insurance policy. This designation lets the insurance company know who should receive the proceeds of the policy. Keeping your beneficiary designation current is key to ensuring your life insurance benefits are paid as you desire. By not updating your beneficiary designation, your benefits may go to your estate instead of to those who need it the most. When life circumstances change, be sure to review and verify your life insurance beneficiary designation.
When should you review beneficiary designations?
Marriage
If you purchased a policy when you were single or if you remarried after a divorce or death of a spouse, be sure to verify your beneficiary.
Birth or Adoption of a Child
Leaving a legacy to your children is a goal for many parents. You may wish to establish a trust for the benefit of your children or use the Uniform Transfers to Minors Act as a way to leave money for your child. Both options should prompt a discussion with an attorney.
Divorce
Many states automatically revoke the beneficiary designation of a spouse upon divorce unless your divorce decree and property settlement specifically state that the life insurance policy is to remain for the benefit of the former spouse. The divorce revocation statutes are complicated, though, and have even garnered recent attention from the U.S. Supreme Court. Be sure to discuss your life insurance policies with an attorney at the time of a divorce.
Death
Review your beneficiary designations after the loss of a spouse, parent or loved one. You will need to designate a new beneficiary, if you named the deceased as a primary or contingent beneficiary.
Trust is No Longer in Existence or Trustee Passes Away
If you established a trust when you purchased life insurance, be sure to remove that trust as a beneficiary if the trust no longer exists. If the trustee passes away and no successor trustee is named, there could be a delay at the time of a claim. A life insurance company would need a claim form completed by the trustee, so it is important that the trust is valid and that the trustee can claim the proceeds.
Business is Sold or Closed
If a policy is taken out with a business named as beneficiary, be sure to consider what changes might be needed if that company closes, changes names or is sold to new owners.
Substantial Inheritance
Life insurance needs may change if you receive a large inheritance from a family member or spouse. Check your policy to determine if your beneficiary needs updated.
Changes in a Will or Estate Plan
When your will is changed, consider whether life insurance should also be reviewed for similar changes. Life insurance companies follow the terms of the policy at death, regardless of what is stated in the will.