Life Insurance

We all need life insurance when we have family that depends on our contribution to their well being.  Insurance is designed to help families plan for possible future tragedies.  Basically it replaces income if someone dies.  Life insurance is protection and security for your family.  It demonstrates your love, concern and level of responsibility or lack there of.

Life Insurance - Term, Universal, WHole, Cash

What does your wife or husband and kids do when you die?  Are they ready to take on all of the financial responsibility?  Can they pay the funeral bill without it keeping them from fulfilling other obligations?

Life insurance will provides the financial security to make that happen.  The premiums that you pay for life insurance are to provide a lump sum of money in the event of death.  (There are many clauses that can be attached to policies.)

Being a truck driver, the reality is that it is possible that you end up dying a lot sooner than anyone expects.  An accident could happened due to no fault of your own.  Not, something we like thinking about but we MUST as responsible adults.  Especially family men and women.

So the only real question is should you use whole life also called "Cash Value" insurance by some people especially insurance agents or term life.   You also have the term Universal and many variations of the terms mentioned.

I will cover what little I know about some of the differences between whole life and term live in general that could matter.

Insurance should also be taken out on the kids.  Just in case something happens, so that you will have the money to bury them.  It is very inexpensive.  Plus you can get enough to have money left over to make life easier.  Insurance is cheaper for the young.

Whole Life Insurance

A version of whole life insurance generally speaking that builds up cash value while you are still alive which you can borrow against. The policy usually lasts until you die.  That means you are guaranteed a payout to the beneficiary.

For this reason whole life can be expensive. 

In the picture above you can see that Whole life policy example is $573 dollars for the other term options the amount is significantly cheaper.


Term Life Insurance

Term life is usually for a specified amount of time. As you can see in the quote pictured above term life for the same person as the whole life policy would only cost about $191 dollars.

So the idea is that instead of paying high premiums you can do something responsible with the money with better returns so that by the time the term ends, you have a larger nest egg available that exceeds what the whole policy value would provide.


Insurance For Business Owners

Key man insurance -  This is for people who runs a business to replace the value that is left from lost of income from losing a key employee of a business.

Especially useful for a family business or partnership.

Last Will and Testament

When you get your life insurance you will designate a beneficiary to receive the money.  You need to have a will so that the money and your other assets left behind can be distributed as you see fit.

Otherwise the state will distribute your assets the way the law of that state says it needs to be distributed.  Protect your wishes and family unity with a will that says who gets what.

Some Questions That Were Asked

Do you participate in activities such as piloting, sky diving, scuba diving, rock climbing, etc.? Yes No

Have you ever been convicted of DUI/DWI? Yes No

Have you had insurance within the last 30 days? Yes No

Have you or your spouse ever served in the U.S. military? Yes No

Does anyone take prescription medications? Yes No

Does anyone have any major health conditions? *

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