Many experts consider life insurance the cornerstone of sound financial planning, as well as an effective way to provide for your loved ones when you die. But how do you know what kind of Wisconsin life insurance you need—or even how much?
InsureMe, a leader in the online insurance marketing business since 1993, knows how difficult these decisions are…and how important it is to make them wisely. That’s why we’ve made it our business to help consumers like you find the right Wisconsin life insurance policy.
Take just a few minutes today to educate yourself and prepare your family for the future. Submit your information in our quote box, and let us help you find the right Wisconsin life insurance coverage.
Wisconsin life insurance offers you a cost-effective method to care for your family when you can no longer do so yourself. It is an important tool to:
Most of us don’t realize until it’s too late how much our families depend on us. But if you have dependents, you should consider how they would survive if they no longer had your income to meet their needs. Costs can mount quickly, especially if your family must pay off long term medical bills, estate taxes or funeral expenses associated with your death. In addition, as the price of a college education continues to climb, your children need the assurance that you’ve made provision for their future until they can financially stand on their own.
Elderly parents also present an important consideration. The rising cost of health and long term care insurance makes it absolutely necessary to make sure your parents are provided for in their later years…a chore most adult children take seriously. But how will your family do so if you pass away, too?
Wisconsin life insurance provides you an opportunity to analyze your family’s needs and decide how you can act in their best interests before you die.
How It Is Sold
You can buy Wisconsin life insurance either as an individual policy or as part of a group plan.
Individual life insurance is long term coverage. You must buy an individual policy, usually through your home or auto insurance company, and absorb the entire costs of insurance premiums. But you get to choose the plan you like most! If you buy the policy from your Wisconsin insurance company directly, you may avoid or reduce an agent commission fee, sometimes called a load fee.
Group life insurance is temporary Wisconsin life insurance purchased through your employer or trade association. Your employer or union representative may offer a group insurance plan where you pay a small portion or nothing for coverage. If you do pay, your premiums are withdrawn regularly from your paychecks, eliminating a good deal of bill-pay hassle. But beware—these policies are based on your employment, so coverage ends when you leave your job.
Types of Coverage
Once you are offered Wisconsin life insurance, you have to weigh all your policy options. Term life insurance is temporary, term-based insurance coverage for people 30-years-old or younger. This type of Wisconsin life insurance is recommended if you are young and healthy. Although the policy is inexpensive, your beneficiaries receive only a death benefit—no cash savings are paid out. Should you leave your company or forget a premium payment, your policy is usually cancelled.
On the other hand, if you have a family and outstanding debt, you might consider permanent life insurance. Wisconsin life insurance policies of this type provide greater benefits for your loved ones—including cash savings, which build equity while you own the policy, and a death benefit. Some insurance companies may allow you to take a cash value loan against a permanent life insurance policy.
Talk to your Wisconsin life insurance agent to find out what plan works best with your financial goals.
Deciding How Much to Buy
The process of deciding how much Wisconsin life insurance you actually need is a comprehensive one. Some experts recommend you purchase five to eight times your current income…but not all families are alike, so this formula may not be accurate in your situation.
Figuring out how much Wisconsin life insurance your family needs can best be approached by closely examining the following:
These are just a few of the issues you must examine to determine how much Wisconsin life insurance you need. As mentioned above, other costly issues might also invade your family’s finances—and each should be prepared for ahead of time as much as possible.
Your family doesn’t want to live without you—and it’s difficult to think about the possibility that might actually happen. But don’t leave them in an impossible situation by putting off your Wisconsin life insurance purchase. Preparation in this area brings invaluable peace of mind.
Get the policy you need—NOW!
Let InsureMe help you find the right Wisconsin life insurance policy to meet your needs. We’ll get you up to five competitive quotes from insurers in your area willing to compete for your business.
Don’t put it off…prepare for your family’s future today! They’ll thank you for it.