Let us be
your Life Coach
How much life insurance do you need?
What type of life insurance should you buy?
How medical conditions affect your rates?
How much income do you need to replace?
Calculating your debts?
The cost of having a baby?
These are all the great questions and the foundation of understanding how much and what kind of Life Insurance may be best for you!
However keep in mind that this is a "Moving Target" - we mean that in a good way. As you get older and your lifestyle changes, what was today the right product can tomorrow not suit your needs and the financial goals you are trying to achieve.
In general, there are two ends of the spectrum that are really defined by age and financial responsibilities. The thought is, that as you get older your financial responsibilities tend to decrease or change and the Life Insurance product you have should reflect those changes.
Although there are exceptions, as a general rule the younger you are, the more you should be leaning towards Term Life Insurance. Term will afford you the biggest bang for you premium buck and allow you to protect family, business, etc.
While permanent products will last you through your lifetime, the premiums are higher. As we get older the thought process turns more toward "Wealth Preservation" and or "Wealth Transfer".
A good strategy to consider is a "Hybrid Strategy", that is to say you may need more than one insurance product to suit your needs at any given stage in your life. An example of this would be to blend a Term Product with Permanent product, allowing you to safeguard your family's future and provide for retirement and or wealth transfer.