Life Insurance: Protecting What Matters Most

A common rule of thumb is 10-12 times your annual income. However, the exact amount depends on your debts, income replacement needs, and future expenses like college tuition. Consider these factors carefully to estimate the right amount for your family.

Term life insurance covers you for a specific period (10, 20, or 30 years) and is more affordable. Permanent life insurance (whole life, IUL) lasts your entire life and builds cash value, but costs more. Term is ideal for temporary needs like income replacement, while permanent is better for lifelong coverage and wealth building.

Indexed Universal Life (IUL) is a permanent life insurance policy that offers both a death benefit and cash value growth potential. Your cash value is linked to a stock market index (like the S&P 500) but with downside protection—you won't lose money when the market drops. It's ideal for those seeking life insurance plus tax-advantaged wealth accumulation.

The best time is now! Life insurance premiums are based on age and health. The younger and healthier you are, the lower your rates. Waiting can result in higher premiums or even disqualification due to health issues. Most people should consider coverage when they have dependents or significant debts.

Yes! Many people have multiple policies to cover different needs. For example, you might have a term policy for mortgage protection and an IUL policy for retirement planning. This strategy, called "layering," allows you to customize your coverage as your needs change over time.