• Quick College
• FAQ's
• Insurance Terms
• AM Best Ratings

Frequently Asked Questions

• How much life insurance do I need?
• What is the difference between term and whole life insurance?
• Should I buy life insurance for my husband/wife or children?
• Why should I buy life insurance through a separate company if I already have life insurance through my employer?
• I'm not in the best of health. Can I get life insurance at an affordable rate?
• I'm going through a divorce. What life insurance issues
  should I be concerned with?
• What health considerations are important in getting favorable life insurance coverage?
• What happens at the end of my term policy?

Q. Does it make sense to purchase life insurance for my husband/wife or children?

A. In most cases, it makes a lot of sense. Even though the breadwinner is the most likely candidate for life insurance, a stay-at-home parent's contribution to the family's standard of living is also important. In fact, when you add up the costs for daycare, meal preparation, bill paying, running errands and more, it's estimated that the stay-at-home parent contributes the equivalent of $70,000 year to the family's standard of living. Consider: if something happens to the caregiver, could you really comfortably afford daycare and other child raising expenses?

Children can also benefit from life insurance. Insurance rates will almost certainly go up, and by purchasing a universal life policy for your child today, you can help assure that he or she can carry it into adulthood at current lower rates. Your son or daughter may also convert term life coverage into a universal policy down the road…and that's especially valuable if a health condition arises.