life insurance solutions

Determining the best type of life insurance for an individual is not a one-size-fits-all approach. The amount and type of coverage needed depends on the individual's specific circumstances and needs.

• Age
• Health
• Income, current financial situation
• Number of dependents

As major life events such as marriage, divorce, having children, or changes in income can impact the most suitable life insurance policy for an individual, it is important to reassess coverage over time.

A general guideline is to have coverage equivalent to approximately 10 times your annual household income. For instance, if the household income is $50,000 per year, consider having $500,000 in life insurance protection.

Discovering the Ideal Insurance for Your Future

When you are collaborating with an agent to evaluate your life insurance requirements, it's important to take into account these questions and respond to them truthfully.

• How much long- and/or short-term debt do you have?
• What are your long-term goals?
• How much of the insured’s income will be needed and for how long (how many years)?
• How much do you want to set aside for funeral costs and/or an emergency fund?
• What assets do you have that may be able to cover these costs?

It's important to schedule a meeting with a experienced life insurance agent to carefully assess your needs and secure the appropriate type and level of coverage.

Frequently Asked Questions

What is the importance of having life insurance?

Life insurance is important because it can provide financial security for your family in the event of your passing. It can help replace your income, pay off debts, cover medical expenses, and provide for your children's education and childcare expenses.

When is the ideal time to apply for life insurance?

It is important to consider life insurance even if you don't have financial dependents or significant obligations. Applying for a policy while young and healthy can lock in lower premiums. We recommend speaking to an insurance agent before major life events such as getting married, having kids, or buying a home.

What's the process for comparing various life insurance policies?

Choosing your first life insurance policy may seem like a daunting task, but you don't have to go through it on your own. Our team of licensed insurance agents at WFG is here to assist you. They have extensive knowledge in various aspects of life insurance and are more than willing to discuss the different policy options and coverage amounts that suit your budget.

What is the most suitable life insurance type for my needs?

Term life insurance and whole life insurance have distinct purposes. Term life insurance provides coverage for a set period, like 10, 20, or 30 years, and offers higher coverage amounts for a lower premium compared to whole life insurance. On the other hand, whole life insurance provides coverage for the duration of your life, as long as premiums are paid. When deciding between the two, it's important to consider your budget, preferred coverage duration, and investment goals.