The policy nobody wants to think about, and the one your family would need most. Let's make it simple, honest, and appropriately sized.
Life insurance conversations get avoided because they're uncomfortable. But the discomfort of an hour's conversation is nothing next to what a family faces when the income stops and the mortgage doesn't.
My approach is straightforward: figure out what your family would actually need, look at what you already have through work, and cover the difference with something you can comfortably afford. No pressure, no products you don't need.
Almost every life insurance decision starts here, and the honest answer is that it depends on what you're solving for.
Covers you for a set period, commonly 10, 20, or 30 years, at a fixed premium. It's the most affordable way to buy a large amount of protection, which makes it a strong fit for covering a mortgage and raising children.
Permanent coverage that doesn't expire as long as premiums are paid, and builds cash value over time. It costs more per dollar of coverage but serves needs term can't, including lifelong obligations and estate planning.
Many families are best served by a mix: a large term policy covering the high-need years, plus a smaller permanent policy that stays in place for life.
There's no universal formula, but a useful starting point is to add up what your family would need to stay financially stable:
Group life insurance through work is a nice benefit, but it comes with two limitations people rarely consider. First, the coverage amount is often a modest multiple of salary, which can be well short of what a family with a mortgage and young children would need. Second, and more importantly, it usually ends when the job ends.
If you change employers, get laid off, or retire, that coverage typically goes with it. You may then be buying a new policy at an older age, potentially in worse health. An individual policy you own stays yours regardless of where you work.
Life insurance is priced on age and health, and both generally move in one direction. The same coverage almost always costs less at 35 than at 50, and a policy purchased before a health condition develops locks in rates that may not be available afterward.
If you've been meaning to get around to this, the cheapest day to buy is usually today.
A common starting point is enough to cover your remaining mortgage, replace your income for the years your family would depend on it, fund your children's education, and clear outstanding debts and final expenses, minus any coverage you already have. Everyone's number is different, and I'll work through yours with you at no cost.
Term life covers you for a set period such as 10, 20, or 30 years at a lower cost, making it well suited to covering a mortgage and raising children. Whole life is permanent coverage that does not expire and builds cash value over time, at a higher premium. Many families use a combination of both.
Usually not. Employer group coverage is often a modest multiple of your salary, which falls short of what most families with a mortgage and children would need. More importantly, that coverage typically ends when your employment does, leaving you to buy a new policy at an older age. An individual policy you own is not tied to your job.
It depends on the policy type, coverage amount, and your age and health. Some options are available with simplified underwriting and no exam, while larger policies typically require one. I can walk you through which options fit your situation.
Call, text, or send a message. I'll give you a straight answer and a free quote with no obligation.