Life Insurance Protects
Although the benefit of protection may seem obvious, many individuals don't fully realize the true value of life insurance, and the protection it provides you and your family, until presented with the facts. While each person's situation is different, Columbus Life can address some of these common questions that you may have when considering life insurance.
- Why do I need life insurance?
- How much life insurance do I need?
- When should I purchase life insurance?
- Can I get life insurance if I have a pre-existing medical problem?
- Real life testimonials
Why Do I Need Life Insurance?
Life insurance should be an essential part of every person's life plan. Upon death, it provides financial income to your beneficiaries. It may provide the needed funds to pay off your personal debt so that your dependents aren't burdened with your additional financial obligations. It's a financial safety net in the case of unexpected death. An important feature of life insurance is that the amounts paid to your beneficiaries are not subject to federal income tax.
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How Much Life Insurance Do I Need?
You should base the amount of life insurance on your current financial needs and those of your family. How much current financial obligation do you have? How much do you want to protect them in case of your death? As initial guidelines, consider:
Immediate financial obligations upon death - final medical expenses, funeral costs, and estate taxes. Funds to cover life adjustments for survivors - previous debt, cost and time of job search nd/or possible relocation. Ongoing expenses - monthly bills, rent, mortgage, school tuition, daycare, medication, day-to-day basics, and retirement needs.
Evaluating these items should help you gauge the amount of coverage you need. An often used general guideline is that your life insurance should cover 5 to 7 times your annual income. It is a good idea to frequently review your needs in relation to your policy so that if adjustments are needed, your policy can be reviewed accordingly.
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When Should I Purchase Life Insurance?
The best time to purchase Life Insurance is usually determined by the individual. Once you feel you have people you want to protect, or significant debt you wish to avoid burdening thers with, you should consider some type of life insurance plan. Although, it is never too early to plan for the unexpected. Depending on the type of policy you choose, it may be a good means of contributing towards a fund you can draw on later. When you do consider life insurance, your current needs will likely help you decide what type of plan you should choose.
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Can I Get Life Insurance if I Have a Pre-existing Medical Problem?
It depends on what the illness/medical condition is. Today, it is often likely that illness may be controlled with treatment, prescriptions and diet. Any good life insurance company will take these factors into consideration. If you are interested in talking with a Columbus Life representative about your situation, click here.
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Real Life Testimonials
The Life and Health Insurance Foundation for Education, www.life-line.org, is an industry organization which provides information to consumers about the benefits of life insurance. For a practical look at how life insurance protects, review the real life stories of consumers who have realized the true value of life insurance.
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