LIFE
INSURANCE

COVERAGE FOR THOSE YOU LEAVE BEHIND

You never know when you or your family will need insurance. That’s why it’s important to have a partner who can help you plan ahead.

There are two basic questions to start with:

1. What type of coverage will work for me and my family?

2. How much coverage should I get?

 

Contact an Agent

TERM vs. WHOLE LIFE INSURANCE

Term life insurance in its simplest form is for a set period of time, while whole life insurance is permanent protection lasting your entire lifetime. It’s not unusual for people to have a combination of term and whole. Getting life insurance is an important step in planning for the unexpected — our agents will find the right coverage for you and your family.

 

 

TERM LIFE

This is an affordable option for the time in your life when you have your biggest responsibilities like mortgage, auto and school loans, and of course a growing family at home.

Some considerations we’ll talk you through:

 

LENGTH

Starting at 5 and running up to 30 years, we’ll walk through options that work in conjunction with your biggest responsibilities.

 

HEALTH

Depending on the coverage amount you choose, an insurance carrier could request a medical exam. For many, this is great because the healthier you are, the better your rate will be.

 

RIDERS

This add-on coverage is an affordable way to increase your protection. For example: If you would like to protect your children, putting a child rider on your term insurance is an affordable way to get up to $25,000 in coverage.

 

WHOLE LIFE 

This option is usually more expensive, but it’s guaranteed for your entire life, as long as premiums are paid to maturity.

Some considerations we’ll talk you through:

 

LONG-TERM SECURITY

Many times, we think of whole life as a great way to invest in the future costs of your final expenses, like your funeral bill.

 

CASH VALUE

Typically, whole life insurance policies build cash value over time. Our trusted agents will walk you through what your cash value options are to see if it’s right for you.  

WHAT'S THE RIGHT AMOUNT OF COVERAGE?

Sometimes this is the hardest question because it’s uniquely based on your family, financial state and life stage. Break it down into these steps:

 

TRICOR can help answer all of your Life Insurance questions

BUDGET

First, look at your expenses and gain an understanding of what you can afford. 

 

DEBT

This can be overwhelming because not everyone can afford a policy that covers everything. It’s okay to break your debt down by what your family could afford to pay for a period of time vs. what they could completely pay off.

 

FUTURE

It’s important to think about bills that will need to be paid after you’re gone. Do you want to build a coverage amount that pays those bills for a period of time, or leave an amount you can afford that pays for things such as replacing your paycheck for a period of time, your kids' college education, etc.?

It’s important to remember when you’re deciding your coverage amount, you have to first be able to budget for life insurance payments because, at the end of the day, any amount of coverage will help pay for bills you may leave behind.

FAQs

Can I get life insurance coverage for my children they can take over when they're old enough?

Absolutely! Individual Children's insurance is a great way to invest in your child's future. Remember insurance rates are based on gender, age and health so the younger and healthier your kids are, the more affordable it will be long-term.

Is accidental death insurance the same as life insurance?

Not exactly! Accidental death insurance pays in the event your death is ruled an accident. Life insurance pays in the event your death is an accident, from natural causes, etc.. Every policy is different so it's best to have your agent explain the details.

If I am a cosigner on my child's school loans, should I get life insurance on them?

None of us want to think the unexpected will happen to any of our kids, but it's important to plan for life's uncertainties. As a cosigner on your kid’s student loan, if they unexpectedly pass away, you will be responsible to repay the loan, so this is a great way to invest in your kid's future, while protecting yourself.

Who, or what, can be a life insurance beneficiary?

Choosing a beneficiary means your choosing a person (or entity) whom will receive the money from your policy after you die. You can name:

  • One, two or more people
  • A trust
  • A charity
  • Your estate

It’s a very personal decision. We’re here to help you understand all your choices.

I have life insurance through my employer. Do I need to get my own life insurance?

When you get life insurance through an employer it’s usually “group” life insurance. Group insurance is typically an affordable benefit option from your employer. We recommend individual life insurance as well. Here are a couple of things to consider:

  1. “Group” insurance through your employer is not “portable” that means you’re only covered as long as your employment continues there.
  2. Life insurance rates are based typically on age, gender, and health. The younger and healthier you are when you get insurance the more cost effective your premiums may be, and individual insurance stays with you, as long as premiums are paid—no matter your employment status.

We typically recommend thinking of group insurance through your employer as an affordable way to supplement your individual life insurance. Get individual life insurance for what obligations you want to cover, and supplement that with your employer’s group coverage.

CONTACT A LOCAL AGENT TO GET STARTED

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EXPECT MORE FROM YOUR INSURANCE PARTNER

“One size fits all” coverage could leave you underinsured

You have assets worth protecting. We’re here to help educate you on your policy. That means understanding your coverage options, limits, deductibles and more. 

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ONLINE ACCOUNT ACCESS

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MOBILE APP

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