Life Insurance Awareness Month

Did you know that Dentists Disability Insurance can also help with your life insurance needs?  We are licensed with just about every insurance company out there, and have years of experience with both term and permanent life insurance.

September is Life Insurance Awareness Month.  With kids back in school and summer cooling down, now is a great time to review your family’s life insurance plan.  Consider the fact that 1 in 3 households would have immediate trouble paying living expenses if the primary wage earner died, according to the 2016 Insurance Barometer Study by Life Happens and LIMRA. And the study also found that 40% haven’t bought life insurance or more of it because they’re unsure of how much or what type to buy.

The “how much” question is far more important than “what type”.  If you die too soon your family will not care what type of life insurance you have.  They will only care about how much death benefit you had, and if that will be enough for the family to survive.  So how much is enough?

As a general rule of thumb, most insurance companies will offer you up to 15 – 20x your income as a tax free death benefit.  If you are making $150,000 / year, you would likely be able to apply for a maximum death benefit between $2,250,000 and $3,000,000.  Use the life insurance calculator to find out if this would be enough for your family.

Once you are confident that your family will be taken care of with the appropriate amount of death benefit, then you can begin to think about what type of life insurance is best for your specific needs.  Are all of your needs (mortgage, college education, family debt, income replacement, etc.) temporary, or are some of them permanent?  A portion of your $3,000,000 need can be solved with a temporary / term insurance 10yr, 20yr, or 30yr.  However a portion of your need may be permanent, and should  protected with a permanent life insurance policy.

Call today to learn more. (866)220-4880.

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