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3 Questions to Answer Before You Purchase Life Insurance

3 questions to answer before you purchase life insurance

Life Insurance FAQs

Life insurance can be a vital part of your financial strategy to protect those you love. Which is part of what makes choosing a plan so stressful.

Some of the biggest challenges facing people searching for or managing life insurance plans are:

  • Not knowing if it’s the right time or situation.
  • Purchasing too much or too little insurance.
  • Paying with methods that don’t match your needs.

In the newsletter, Three Questions to Answer Before You Purchase Life Insurance, we examine life insurance FAQs related to exactly these decision making challenges.

Do I Need Life Insurance?

Life insurance, also referred to as a death benefit, is a resourceful tool to have to replace a family member’s salary, helping with living expenses of surviving family as well as helping future generations build their own wealth. But you may not need life insurance at all. If you are one of many who lack the financial resources to fill a monetary gap if you were to die, then the answer for you is a resounding “yes.”

“Consider the people you love, such as your children and spouse. You want to ensure they would have a solid financial base (however you define it) if you were to die. Very often the best answer is using life insurance to create an estate and income for them.”

To learn about more areas in your life that would be influenced, read the full newsletter below.

How Much Life Insurance Do I Need?

If you decide that you need to set up a death benefit, the next step is to figure out how much coverage to purchase. In the newsletter below, the Financial Harvest team has put together three examples that outline use cases for life insurance that will help you answer: “How much life insurance is enough?”

How Should I Pay for My Life Insurance?

Close up of a check and pen - related to issuing a check as life insurance premium notices arrive
“The least complicated and most direct way to pay premiums is to write checks for them as the premium notices arrive.”

In this newsletter, we discuss the four approaches to paying premiums. One of the most common ways to pay premiums is out of pocket, but you are by no means limited to just paying straight cash. These benefits can also be part of an employee benefits package, paid for with pretax dollars. Read on below to find out about additional insurance financing methods.

You can go into more depth with these life insurance FAQs in the full newsletter to examine if you need life insurance, how much and how best to pay for premiums.

Read the full newsletter below, or click here to download as a PDF.

three-questions-to-answer-before-you-purchase-life-insurance

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3 questions to answer before you purchase life insurance

Financial Harvest Wealth Advisors Team

info@financialharvest.com

The Financial Harvest Wealth Advisory team is dedicated to helping address the unique financial planning needs of each family, business, or individual that we have the privilege to serve. Our team members are focused on client success and helping our clients realize their most significant and meaningful life goals.

Financial Harvest Wealth Advisors creates a safe environment in our office for visiting clients by practicing social distancing, wearing masks, and we have installed UV lights in our A/C system. Or, we'll work with you via Zoom or telephone conference. Your health, well-being, and peace of mind is our primary concern.