Tips on Choosing Life Insurance

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Choosing Life Insurance

For many people, life insurance is too complicated to deal with. Figuring out the amount you need and what type of life insurance policy is right for you can be a daunting task, especially since it deals directly with your death. However, life insurance provides a valuable death benefit to your beneficiaries so they can use this money to replace some of the income you would have earned or to help pay off debt and other expenses. Life insurance is part of sound family and business planning and at Petruzelo Insurance we want you to have the information you need so you can choose a life insurance policy that is right for you.

How Much is Enough

Determining the amount of life insurance you need depends on several factors. Before choosing a life insurance policy consider how many children you have, whether or not you have other relatives that are dependent on you, debts that are outstanding including mortgages, car payments and credit cards and other expenses that will transfer to your beneficiaries in the event of your death. Insurance agents are very helpful when it comes to figuring out the amount of life insurance you need so if you find yourself stuck making the numbers work, contact your local representative to lend a hand.

What Type of Policy is Right

Many people assume life insurance is a single policy when in fact there are several types of life insurance coverage. Whole life, term life, variable life and universal life are just some of the options you can pick when choosing life insurance. Most people will opt for either term life or whole life but depending on your unique needs it is always a good idea to inquire about your options. Some life insurance policies build tax-deferred cash values that can be borrowed against the cash accumulation fund without being taxed and others are permanent policies with an investment fund tied to a stock or bond mutual-fund investment. Life insurance can be complicated when it involves other financial instruments so it is very important that you know what type of policy is right for you and what it includes.

Keep up on Premiums

No matter what type of life insurance policy you choose, do not forget to keep up on the premiums. Nothing is worse than that moment when you need a policy only to find out it expired. Keeping up on the premiums will ensure your policy is in force and give your loved ones peace of mind.

For more information on life insurance in Connecticut, call: 1-866-479-3327


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