Finance is Fun: Life Insurance 

Marion Syverson was in for this week’s Finance is Fun to talk about life insurance.
Who needs it?- One web site answered this question like this, If someone depends on you financially, that may be a good indication of a need to life insurance. Do you supply income to someone? Do you help with the expenses of a family member? Do you own a property that people who depend on you live in? These are the questions to answer so you know if life insurance is beneficial to you.
How much? – Suffering the loss of a loved one is a terrible tragedy. Receiving money as an inheritance or from life insurance at least allows you to LIVE after that terrible separation.  Being able to continue to live in the home, keep the kids in the same school, spend more time with them now that a loved one is no longer around to provide love and support, these are the reasons for insurance. Keeping your lifestyle when someone you love has passed. How much do you need? What lifestyle do you want to maintain?
What kind? – There are several types of life insurance. Term insurance is for a period of time: ten, twenty or thirty years are common periods. Term insurance is often less expensive than other types as it is for a specific period of time. Two other types of insurance fall into the category of  ‘permanent’ life insurance. Those kinds are whole life and universal life. These types of policies build cash value and remain in effect for the entire life of the insured (or until age 100) as long as the premium is paid. Lots of details about how these vary but we don’t have time to discuss them here. You should speak with an insurance professional regarding your individual situation.
Now what? – Insurance agents need to be licensed. Whether you use a local agent or a person who you’ve never met, the same rules apply for them to offer insurance. The difference, of course, if you work with a local insurance agent is that they live in the community, have their kids in the same school and may understand your family more personally.
If you suspect you need this, get a quote. There is no obligation and getting what you think you need could really help your family.