Your Guide to Buying Life Insurance

July 21, 2021

Personal life insurance is an excellent tool to ensure that your family can sustain the loss of your income and your business can continue to operate if you pass away. By guaranteeing a specific amount of money upon your death, life insurance can allow your family to pay for debts and unexpected expenses and provide the means for your business partners and employees to maintain their livelihoods. This is especially important if you are critical to the day-to-day operation of the business.

How To Assess Your Life Insurance Needs

Life insurance needs for each individual and business owner are unique. You should ask yourself several questions when evaluating your insurance needs, especially if you are thinking about succession planning for your business:

  • How will my family replace my income?
  • How will my business pay creditors for loans in my absence?
  • How will my business maintain operations after the loss of a key employee?
  • How will my partner hire and pay for someone to replace me and my skills?
  • How will my partner’s family receive compensation for their share of the business?

What To Look For When Buying Life Insurance

Once you have considered these questions, it is time to determine the personal life insurance coverage that best fits your needs. You must investigate how much you need, how long you need it and how much you can afford. Your health at the time of application is also a factor. Although two basic types of life insurance are available, policies may combine different kinds of insurance, allow you to change from one kind to another or offer benefits while you are still alive.

Determining the kind and number of policies that best fit your needs and your budget can consume a lot of time and result in a great deal of frustration. You may not know the right questions to ask to acquire this information. An independent insurance agent who lives and works in your community has the ability to ask the right questions and sidestep the need to complete numerous repetitive quote forms. Instead of focusing on the often-aggravating search for providers, you can trust your independent agent to use the information you supply once to compare rates for various policies from multiple insurance providers for you.

What To Expect From Owning the Right Life Insurance for You

Personal life insurance can provide financial stability for your loved ones and business partners in the event of your death. This can provide peace of mind for you and confidence that your family and business can focus on grieving and recovering rather than on financial uncertainty. A good relationship with your independent insurance agent can provide a path to this peace of mind.

About Brooks, Todd & McNeil

Since 1839, the independent agents at Brooks, Todd & McNeil have been pleased to offer our community the best and most affordable policies from a variety of providers. Our dedicated facilitators are ready to put their 75 years of combined experience to work on your claims. To learn more about our products and services, contact us today at (800) 448-4567.

Social Title: What You Need To Know About Choosing a Life Insurance Plan

Social Description: Find out how an independent insurance agent can help you find the best personal life insurance that will meet the needs of your family and business.