Start with the responsibilities you want a policy to help address, then discuss coverage that fits those needs and your budget.
Decide what you want coverage to do
Life insurance is designed to pay a death benefit to beneficiaries under the policy’s terms. Think about income replacement, debt, final expenses and the support you want to leave behind.
Understand the type of policy
Term coverage is designed for a specified period. Permanent policies can provide longer-term coverage and may include cash value. Costs, guarantees, exclusions and requirements differ by contract.
Questions for your conversation
- How long do I expect this need to last?
- What premium can I sustain over time?
- What happens if I miss a payment?
- Which values are guaranteed and which are illustrated?
- Who should be named as primary and contingent beneficiaries?