Life insurance may help provide crucial financial support for loved ones after the insured person’s death. It can also serve as an integral part of a financial plan. Beneficiaries can use a life insurance policy death benefit for any reason, including income replacement, paying off secured debt, funeral and burial expenses, estate taxes, everyday bills and educational expenses. 

Contact Steward Kriese Insurance today to learn more about how life insurance can help you reach your financial goals.  

How Many Life Insurance Policies Can I Have? 

 

No laws limit the number of life insurance policies one can have. Some people prefer to purchase smaller term life insurance policies as their needs change. For example, it’s common for young families to have multiple children in the span of just a few years. Purchasing additional policies as needed can help keep you adequately insured.  

How Long Is Life Insurance Good For? 

 

The amount of time you have life insurance coverage depends on whether you choose permanent or term life insurance.  

Permanent life insurance, which includes whole life insurance, variable universal life, indexed universal life and standard universal life, may provide coverage until the insured person dies, no matter their attained age. Term life insurance is good for the policy’s term, which is typically 5, 10, 15 or 20 years.  

Your agent can help you understand your life insurance options and match a policy to your potential needs.  

How Much Life Insurance Do I Need? 

 

The amount of life insurance coverage that’s right for your situation depends on multiple factors. To find out how much life insurance you may need, think about why you want the coverage.  

If you have a business partner, it’s crucial to consider their potential needs if you were to pass away unexpectedly. It’s also important to consider your co-signers if you have jointly-held debt. They could experience severe financial harm in the event of your death.  

Many people purchase term life insurance to provide for loved ones that are financially dependent. If you have young children at home, you may be concerned with paying off the mortgage and providing for your family’s financial needs after your death.  

Parents in charge of child-centered tasks such as transportation, planning activities, making meals, handling medical needs and facilitating extracurricular activities are often economically undervalued, which can cause financial problems if they are also underinsured. When calculating life insurance coverage needs, remember that the surviving parent may need life insurance money to hire help to keep the household running smoothly.  

How to Buy Life Insurance 

 

Contact Stewart Kriese Insurance in Modesto, California, to learn more about your life insurance options and get a personalized quote.