Life Insurance

There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance. For all of your life insurance needs, visit us at http://ljmlifeinsurance.com/

Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.

It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.

Once you have decided what type of Life Insurance fits your situation, you will need to decide on how much coverage you need.  The amount on coverage needed is calculated by what you want the policy to pay for, in the event of your death.  Some issues to consider are the following:

1.  Burial expense
2.  Loss of income to the household
3.  Medical expenses form a prolonged illness
4.  Outstanding debts ie.. mortgage, car payments
5.  Future family expenses ie.. education, child welfare
6.  Inheritance for family members
7.  Charitable donations
8.  Cash value accumulation 

 The best way to figure out the amount and type and amount of life insurance that makes sense for your particular situation is to discuss your needs  with a qualified and licensed life insurance professional, at LJM Insurance.