Life insurance offers an affordable way to leave your heirs with the means to pay off debt, pay college tuition, replace your income, pay funeral expenses and more. Here are some dos and don’ts that can make your life insurance policy purchase decisions much easier to make.

  • Don't just insure the wage-earning spouse. When a stay-at-home spouse passes away, many new expenses are created as outside help must be hired to replace the household contribution of the deceased spouse. From child care to cleaning, transportation to laundry, these can be burdensome expenses well outside the budget of the family. A life insurance policy can help to allow the family to hire those individuals without dipping into their savings.
  • Do get enough insurance. There is no objective right or wrong amount of life insurance to buy. Instead, it is a subjective decision based on what you want your policy proceeds to accomplish for your family. Try to think about all of the uses your family might have for your death benefit when you determine the amount to buy.
  • Don't just go for a generic policy with no medical underwriting. Working with an agent to find the right insurance policy is vital. An insurance agent can help you find a life insurance policy that is underwritten, priced according to your specific health concerns and from an A-rated carrier that will be there to pay the claim when it’s time. Additionally, depending on your health, you may be eligible for an insurance policy that pays benefits immediately—which is much more helpful to your beneficiaries than those policies that are non-medically underwritten and do not pay benefits if your death occurs during the first two years after the policy is issued.
  • Do think about life insurance for your children. Buying a life insurance policy for your children can help create a financial head start for your kids. You can lock in low premiums when you buy policies young and you can start building cash values that may allow them to take tax-free loans later on in life. And while no individual wants to consider the death of their child, a life insurance policy purchased for your children can ensure that you have the means to pay their funeral expenses, obtain grief counseling, and even pay off cosigned debt such as student loans.

If you're not familiar with the ins and outs of life insurance, give us a call at Heritage Insurance today. We'd love to work with you and help you design a Regina life insurance policy that protects your family when you’re no longer around to.

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