What type of life insurance is right for me?

For anyone that lives in the Mapleton, UT area, getting proper insurance coverage is very important. One form of insurance that people should consider getting is life insurance. This form of insurance is vital as it will provide the coverage that you need to ensure that your dependents are adequately cared for. When you are looking for this insurance, there are several options to consider. You should consider the advantages of both term and whole life insurance to determine what type of coverage is right for your situation.

Term Life Insurance

The first type of coverage to consider is term life insurance. With a term life insurance policy, you are going to receive coverage for the entire term of your policy. This coverage will give you protection up to your policy limit. Most people will find that the premiums tend to be more affordable compared to other forms of life insurance.

Whole Life Insurance

While it can be more expensive every month, whole life insurance is often a good option. A whole life insurance policy will give you coverage for the rest of your life as long as payments keep being made. Also, with a whole life insurance policy, a portion of your premiums each month will accrue in an account that will appreciate in value with interest. This can also make it a great investment tool. 

As you are shopping for life insurance in the Mapleton, UT, you can easily feel overwhelmed and confused. To ensure that you pick the right policy for your situation, you should reach out to Maple Mountain Insurance Services. The insurance team at Maple Mountain Insurance Services can help you to pick a policy that provides you with the right type and level of coverage. 

How much life insurance is enough

Life insurance is not something that most people are comfortable talking about. It seems morbid but nothing could be farther from the truth. Life insurance is part of financial planning and it is not about death but rather about life. If you live in Mapleton, UT you have the helpful agents at Maple Mountain Insurance Services to help you navigate your way through the mound of information that is available about life insurance. 

When it comes to determining how much life insurance is enough there are a few things that need to be considered. How old you are? Who is dependent on your income? How many years do you need to provide that income for and what long terms debts do you have. 

If you are young and unmarried or no one is dependent on you, you only need enough insurance to cover any gap there might be between your savings and assets and what debt and final expenses you might have. 

If you have a wife and children, their ages and your income are deciding factors. For how many years do you want to replace your income? If you want to replace it for 10 years then multiply your income by 10 and then add $100,000 for the college education of each of your children. While this is not an exact science, it will at least provide a reasonable place to start your planning. You want to make sure that your family will be able to maintain the life they have now, even if you are gone. 

At Maple Mountain Insurance Services in Mapleton, UT we will be happy to discuss your life insurance needs with you. Why not stop by our office or give us a call, you will be glad you did.