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Life Insurance Faq Page


Frequently Asked Questions:

What exactly is Life Insurance?

Life insurance offers a way to replace the loss of income that occurs when someone dies, normally the person responsible for providing the majority of income for the family. It is a contract between you the insured and the insurance provider that has issued the insurance. If you die while the insurance policy is in force, the insurance provider pays the face amount of the contract free of income tax to the person or persons you name as beneficiaries.

Let's take a look at what a good life insurance program covers. It must do more than just replace the loss of income that occurs when the bread winner dies. It also needs to provide money to cover the many extra costs that arise from your death. Such things as funeral expenses, probate, taxes, child care and many other expenses. There should also be enough funds to provide for your family's future needs as well, including college education for your children, housing expenses, transportation and more.

There are types of life insurance that build a cash value (permanent insurance). With this type of insurance you can borrow against the cash value or surrender the policy outright for the cash value. This feature should be considered as a secondary purpose if you choose this type of life insurance, the primary purpose of all life insurance should be the financial protection of your loved ones.

Do you need Life Insurance?

The question You might ask yourself is would my family suffer financial hardship if you were to die? Would your spouse be able to support themselves and any children you might have? Families with small children have a definite need for life insurance. If both spouses work you probably need life insurance on both of you. Even if only one spouse works, the need for insurance on the nonworking spouse can be important too. There will be the need to hire someone to take care of the children if they were to die as well.

What would happen to your family if you were not properly covered?

Anytime we lose a loved one it can be traumatic. But, if you have left them without proper life insurance to meet their basic needs, or to make their future plans, dreams, and goals possible it can be devastating. They will need time to get back on their feet emotionally as well as financially. They could be forced to go into debt just to meet the daily needs. All of these things should be taken into consideration when thinking about purchasing life insurance.

We suggest you talk to a licensed life insurance agent or broker to help you find a plan that is right for you.

Term life insurance

Whole life insurance

Universal life insurance



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