During a person’s life they will require life insurance for different reasons.  For a young single they may simply need a small policy to cover a few debts, and for a family they may require a larger policy to cover the mortgage and ongoing family expenses.

Seniors have a variety of reasons for needing life insurance.  Some will choose a small policy to cover their funeral expenses, some will require a larger amount to provide a financial buffer for their living partner, and in some cases more complex structures are required for estate planning.

Whatever your reasons are for needing life insurance, your age should not mean that you cannot obtain the appropriate cover.

What is the maximum age for life insurance?

Most life insurance policies have an expiry age of 99.  This means that as long as you keep paying the premiums, the insurer will agree to cover you until you reach 99 years of age.  Once you reach this age the policy will expire and no benefit will be paid.

There are some policies with lower expiry ages and some that are higher, so if you are planning on keeping your life insurance policy for a long time it is worth checking this with any policies you are considering.

Although the expiry age for many seniors life insurance policies is 99, most policies will have an entry age limit that comes in much earlier.

Maximum entry age for life insurance

Most insurance companies will have a maximum age limit for seniors taking out a new policy.  This doesn’t affect existing policies holders, but if you are planning on taking out a life insurance policy later in life, you need to be aware of the entry age requirements.

The maximum entry age for most Australian life insurance policies is between 65 and 70 years of age.

As with most life insurance features, the maximum entry age can vary from one insurance company to the next.  If you have passed the maximum entry age for one insurer, it is worth shopping around as you may still be eligible for a life insurance policy issued by a different insurer.

Medical requirements for seniors life insurance

As we get older our risk of suffering a serious or life threatening illness increases.  For this reason insurers may require that blood tests or a medical exam is undertaken once you have reached a certain age and are applying for a new life insurance policy.

The requirements do vary between the insurers, and they can also vary depending on the amount of cover you are applying for.  Generally the older you are or the more cover you are applying for, the greater the chance that the insurer will impose medical requirements.

Funeral insurance

A common alternative to life insurance for seniors is funeral insurance.

The application requirements for funeral insurance are generally lower, particularly when it comes to medicals, however the cover will often be more expensive than life insurance.

If you are still in good health and have a good medical history, life insurance can be a better alternative to funeral insurance for seniors.

Life Insurance Case Studies

Life insurance can benefit singles and families of all different types in many different ways.

Many people wrongly believe that life insurance is only for families with mortgages, however the following case studies are designed to show how life insurance can benefit almost anyone.

Case Study 1 – The Young Single

David is a 25 year old carpenter from Sydney.  He works hard and plays hard, and isn’t scared to borrow money to fund his love of toys.

He currently has a $30,000 loan on his new ute, a $15,000 loan on his jet-ski and a personal loan of $10,000 which he used to buy new tools.

David is far from ready to settle down, and is happy to rent a big house with a few mates rather than buying his own place.  He has no financial dependants and is happy living the single life.

Like many other young males David sees himself as being indestructible, but a few years ago he took his father’s advice and took out a small insurance package which included $100,000 of life insurance.

David certainly doesn’t expect to claim on his policy anytime soon, but he enjoys the peace of mind knowing that if something did happen to him his parents would not be burdened with having to repay his debts.

Of course David’s parents could sell his ute, jet-ski and other belongings, but David knows that depreciation would make these assets worth far less than the money he owes on them.

David’s small life insurance policy costs him less than $20 a month, but he’s happy knowing that the life insurance payout will save his parents from the considerable financial burden of repaying his debts and covering his funeral expenses.

Case Study 2 – The Young Family

Peter and Sandy are both in their early thirties and have two children aged seven and nine.  They live reasonably comfortably on Peter’s wage and have a large mortgage on their home.

Peter and Sandy have been together since high school, and despite completing a university degree, Sandy has never been employed, instead choosing to stay at home to look after their children.

Although the children are now both in school and Sandy could work if she wanted, she doesn’t feel comfortable in doing so since she has never been employed before, and Peter’s decent wage means she doesn’t have to.

The children mean everything to Peter and Sandy, and for that reason they have locked in their financial security using a range of personal insurances, including life insurance.

Peter has life insurance of well over one million dollars.  At first glance this may seem a lot for an average family, however the money can be very quickly accounted for.

Peter’s life insurance has been calculated to repay their $600,000 mortgage and $20,000 car loan.  He has also included an extra $30,000 to ensure that his funeral expenses will be covered along with any other incidental costs.

What makes up the bulk of Peter’s life insurance is a lump sum to be invested for his family’s benefit.  Peter knows that Sandy would not be comfortable with working full time, so he has allowed for a large lump sum that can be conservatively invested to return an amount equal to his annual income for the next twenty years.

The amount is significant, but it will comfortably see the children through their schooling years, including university if they choose.  Peter hopes to provide this support from his income whilst still working, but thanks to his life insurance he will still be able to provide it even if he isn’t around.

Peter and Sandy know that their financial security doesn’t just rely on him though.  Sandy is also an important part of the family, and her loss would also have a massive impact on the family, including a financial impact.

For this reason they also have a life insurance policy on Sandy.  Sandy’s life insurance policy is smaller that Peter’s, but is still large enough to repay a portion of their mortgage, which will relieve some financial stress from Peter in what would be a very stressful period.

Sandy’s life insurance also includes a lump sum of $50,000 to be invested for the benefit of their children.  This money will be given to her children when they reach age 21, giving them a great head start in life.  It’s her way of giving her children a helping hand if she can’t be there in person.

Peter and Sandy plan to be around to see their children turn into adults and have their own families, but at least they know if something does happen, their children will be looked after financially.

Case Study 3 – The Empty Nesters

John and Margaret are in their late fifties, and thanks to some good financial decisions when they were younger, they are able to live comfortably on a combination of John’s part-time consulting work along with their investment income.

They have four adult children, three of whom live with their own young families overseas.  Two of them are in the UK where the family was original from, and one in the US.

John and Margaret have a small mortgage on their family home, which was taken out a few years prior to for some renovations.  Other than that they have no major debts besides a small credit card balance.

Although they know that their home and other investments could be sold to comfortably cover their debts and leave their adult children with some money, they would like to keep their beachside home of thirty years in the family, to be used by the family members whenever they wish.

To achieve this, John and Margaret have each taken out modestly sized life insurance policies.  The policies are not large, but are sufficient to repay their small mortgage and cover their funeral expenses.

John and Margaret did not want to burden their children with the considerable costs of flying their young families back to Australia for a funeral, so they also included an additional $100,000 in their life insurance policies that would allow each of the three overseas-based families to return to Australia without having to worry about the cost.

Although life insurance isn’t exactly cheap for John and Margaret due to their ages, the premiums are affordable given the relatively low amount of cover required, and the cost is worth it for them, knowing that their children will not be burdened with the costs of flying their families back to Australia for a funeral.

Furthermore, the life insurance money will also ensure that the family home can be kept in the family for their exclusive use, which is very important to both John and Margaret.

Life Insurance is for everyone

As we can see, people of all ages and all financial situations can benefit from a well planned out strategy that incorporates life insurance.

We all have different goals and objectives in life as well as death, and life insurance can help us to achieve them in a cost effective way.

Life Insurance in Estate Planning

Life insurance is often looked at in terms of saving your loved ones from financial hardship in the event of your passing.  But there is more to life insurance than simply paying out your mortgage.

It is true that the majority of life insurance holders take out cover to the big ticket items.  Generally this is to extinguish personal and business debts, cover funeral expenses and in some cases to provide ongoing income via investment of a lump sum amount.

A less common strategy for using life insurance is for estate planning.  Before we get into the details, we should start by covering exactly what estate planning entails.

Estate planning is the process of ensuring that, upon your death, your assets are distributed to the right people at the right time, and with the most favourable tax outcomes for all involved.

Including life insurance as part of your estate planning, and included in your will, is about more than just bolstering the inheritances of your loves ones, but of course this is one option.

Many Australian parents and grandparents would love to be able to give their loved ones a great head start in life by leaving them a healthy inheritance.  For some people this won’t be a problem, but for many people they’d love to be able to give more.

A life insurance policy can be included in your estate planning process, and basically it will provide additional funds that can be distributed to the beneficiaries – your loves ones.

The proceeds of a life insurance policy paid out upon your death with generally be tax free for most of your beneficiaries, but it is important to check which of your beneficiaries will and won’t be taxed, and plan the distribution of your life insurance proceeds accordingly.

The strategy of simply bolstering your estate using life insurance is a fairly straightforward one, but there are more complex strategies where life insurance can be used effectively.

There are many issues that can come up in the time after your death, and unfortunately this period can tear apart even the closest families, as unfortunately the distribution of money can really bring out the worst in people.

So how can life insurance help in this situation?  It all revolves around the subject of estate equalisation.

A common issue with the distribution of estates can revolve around property.  Often the family home will be your estate’s largest asset, and if you have multiple loved ones included in your estate, generally you will have to split the home between these people.

The problem with splitting the family home between your loved ones is that they cannot all live in the home together, unless the home is very large!  Instead, the only option for many families is to sell the home and then distribute the proceeds amongst the family members.

But what if one of the family members don’t want to sell the home?  Maybe they could buy the shares of the other family members, but that’s not always possible.  There are also other occasions where the family home, or any other significant asset, may not want to be sold.

Under normal circumstances this can result in major disagreements between your loved ones, which is the last thing you want when they should have this time to grieve together instead of arguing with each other.

Thankfully there is an easy solution to this problem, and it involves the inclusion of life insurance in your estate plan.

Let’s take the example of the Smith family.  They have a family home worth $800,000 as well as cash and shares totalling $600,000.  They also have four adult children which the estate is to be equally distributed amongst.

If each of the children were happy to tell the family home, the distribution of the estate would be very straightforward, however one of the adult children still lives in the family home with his wife, and would like to stay there.

The other three children are happy for him to remain in the home, but they want their share of the home’s value in cash, as they were entitled to in the will.  His share of the home is worth $200,000, but he does not have access to the remaining $600,000 that he requires to pay out his siblings.

Under normal circumstances they would have no choice but to sell the home, which would leave one child very unhappy.  The other children would get their money, but they still wouldn’t be happy to see their sibling miss out what they wanted.

Unfortunately, these types of situations can very quickly deteriorate and can create major rifts between otherwise close-knit families.

Thankfully the parents had a life insurance policy valued at $1,800,000.  This mean that child one received the $800,000 family home, and the remaining three children each received $200,000 worth of cash and shares, as well as $600,000 each from the life insurance policy.

The overall outcome, thanks to the life insurance policy, was that each child received their $800,000 share of the estate and that child one received the family home that they so dearly wanted.

As you can see, life insurance had a major positive impact in this case.  The parents did not require life insurance to repay any debt since they were debt-free, and they did not require life insurance for living expenses or any other reason since they had around $600,000 in cash and shares which would have comfortable seem them through the rest of their lives.

The Smith family is just one example of many cases where life insurance can be used in a positive way as part of your estate planning.  Of course you could be paying premiums on the life insurance for a long period of time, depending on how long you life for, but those premiums will provide a healthy return when the time comes to distribute your estate.

Please remember that there can be tax consequences when distributing life insurance policy proceeds after your death, so it is important to take these factors into account when deciding on how to structure your life insurance.

Group Life Insurance in Superannuation

All working Australians will hold superannuation in one form or another.  Whilst we have the choice to place our super with any provider we choose, or even to manage our own funds, many Australians still have an industry fund or an employer sponsored fund.

In many of these industry and employer sponsored super funds there will be automatic inclusion of life insurance.  There are certainly some benefits with this structure, however there are some major issues that must be considered before you decide whether or not this insurance structure is right for you.

Life insurance held in this manner is generally known as ‘group life insurance’.

Benefits of group life insurance

Essentially there are two main benefits with holding your life insurance within an industry or employer fund.  First up, most funds will provide automatic acceptance up to certain limits.  This means that you do not have to undergo any medical or blood tests, and you don’t even have to complete an application form in most cases.

The second benefit is cost.  Generally speaking, the premiums for group life insurance will be cheaper than the price of obtaining ‘retail’ cover through a financial adviser or directly from the insurer.  The reason for this is that your super fund is buying the insurance in bulk and can obtain significant group discounts.

Despite these benefits, there are a number of issues to consider, and they can have a major impact on the financial outcomes for your family in the event of your passing.

Issues with group life insurance

Although you will generally not require medical tests or blood tests for group life insurance, the downside is that the levels of cover can be very restrictive, and may not appropriate for your needs and objectives.

Although industry super funds have improved their insurance offerings over the last few years, in some funds you will find yourself restricted to around $250,000 in cover.  Given the average mortgage size in Australia, this maximum may not be appropriate for many Australians.

In most cases the insurer will also reduce the amount of cover as you get older.  Using one of the largest industry funds as an example, their standard maximum cover of $250,000 is only available up to age 40, at which time it will reduce to $186,000.  At age 50 it will reduce to less than half of that at $83,000, and at age 60 it will drop all the way down to $25,000.

It’s fair to say that these amounts would fall grossly short of the actual life insurance needs of most Australians within those age brackets.  You can top up these amounts by taking out a second life insurance policy outside of your superannuation, but having multiple life insurance policies can add further complications and costs.

Control of your life insurance payout

When you hold your life insurance within any superannuation fund, the insurance is actually owned by the fund and not by you.  In the event of a claim, the claim proceeds will initially be paid not to your estate or your loved ones, but instead to your super fund.

In most cases this is not such an issue, as once your life insurance claim has been paid into your super fund, the full amount combined with your super balance will then be released to your estate and onto the people who need it most, which of course are your family and loved ones.

Whilst this is the case most of the time, there can be complications.  Although your super fund will allow you to nominate who your insurance and super proceeds are paid to, under a standard nomination the super fund is not actually bound to pay the funds to that person.

For example, if you have nominated a person who is not related to you to receive your life insurance benefits, the super fund trustee may override your nomination and will instead pay the benefits to a current or former spouse.

This issue can be overcome through the use of a ‘binding nomination’ however these must be renewed regularly and not all industry super funds have the ability to accept a binding life insurance nomination.

Comparing apples with apples

In addition to the issues we have covered so far, there are a number of other differences between group life insurance held with your superannuation, and retail life insurance obtained through a financial adviser or direct from the insurer.

Group life insurance is generally a very basic policy with most of the extra features and benefits stripped out.  The reason for this is twofold; firstly to reduce the premiums to a minimum and secondly due to the restrictions put in place by the Superannuation Industry Supervision Act 1993.

Benefits not available with group life insurance include the following:

• Financial Advice Benefit – A payment of up to $2,000 to allow your loved ones to obtain financial advice on how to best utilise your life insurance payout.
• Accommodation Benefit – A payment of up to $150 per day if you are confined to a bed due to a terminal illness.  These funds can be used to pay for accommodation to ensure your loved ones can be close to you during this stressful period.
• Child Cover – A payment of up to $150,000 if a child dies or suffers from a listed critical condition.  These funds are commonly used to fund treatment and to allow you to take time off work when you need it most.

The specifics of these benefits do vary from one policy to the next, but in most cases they are included free of charge as a standard benefit.  They are only available in a retail fund however, and not within group life insurance.

There are many areas to consider when deciding on the right type of life insurance.  Group life insurance is generally cheaper and has an easier application process, however it also has some fairly major limitations in terms of the amount of cover and the benefits available.

A retail life insurance policy on the other hand will give you more control over how much you are covered for and how that cover is distributed at claim time.

When providing for your loved ones is your goal, term life insurance is an excellent choice. It is the most common and least expensive option in most cases. Term life insurance can be especially beneficial if you do not want to leave your loved ones with debts hanging over their heads. The following paragraphs will help you better understand the way term life insurance works.Term Life Insurance BasicsWhen you purchase term life insurance, you are entering a contract with an insurance company. You agree to pay premiums for a certain period of time and the insurance company agrees to pay out a death benefit to your beneficiary in the event of your death. Term life insurance cover does not build any cash value. If you live beyond the time frame specified, no benefit is paid. The advantages of term life insurance are:o You can buy it for a short term with a low benefit amount to cover small debts
o It is available in spans ranging from one to thirty years
o It is widely available
o It is relatively inexpensive
o You can choose from a range of death benefit amounts
o Your beneficiary can use the money to meet a variety of needs
o The death benefit is not taxable

Choosing the Death Benefit Amount and Length of Term

Understanding the needs of your loved ones should you pass on is the first step in making a decision about term life insurance. Questions you should ask include:

o How much debt needs to be covered?
o How will the loss of my income affect those I leave behind
o Will my spouse and/or children need money for ongoing expenses?
o What amount will be needed to cover funeral expenses?
o Will my spouse need to hire someone to help with the children?

If you only want cover for a few years because of some outstanding bills you do not want to leave behind for your loved ones, a five or ten year term might be right for you. You might want a product that is specifically for paying off the mortgage. If you are concerned with your children getting through school, a twenty or thirty year term might be better.

Types to Choose From

Several options are available with term life insurance and you should carefully consider them. A couple of basic options are decreasing and increasing premium types. If you are only concerned about paying off a mortgage, you will want the amount of the death benefit to decrease as the amount you owe on the mortgage goes down. With this type, your premium would also diminish over the years. An increasing premium type would start out very inexpensive but you would gradually be charged more each year, as the risk of death increases with your age. Alternatively, you could choose cover with level premiums and pay the same amount for the life of the policy. Life insurance products that pay out during your lifetime in crisis situations are also available. These include:

o Trauma cover
o Income protection insurance
o Total and permanent disability cover

What Happens When the Term is Up

There are several things that could happen when your term life insurance expires. Possibilities include:

o You are simply no longer covered
o If you purchased a return of premium contract, you could get back a portion of what you paid in premiums
o If your contract is renewable, you might be able to retain cover after a medical exam and for a higher premium
o Your cover may be eligible for conversion into a permanent life insurance product

Always a Good Choice

Whether you are interested in cover for the near or distant future, term life insurance is always a good choice. Even if you are single, you will not want to leave your next of kin with the burden of your debts. If taking care of your spouse or providing for your family is important to you, you will want the right amount of cover to meet their needs. When purchasing any life insurance product, be sure that you carefully read and fully understand the product disclosure statement.

Buying life cover on your own: Why it pays to be honest

Most of us would love to get the best deal when buying life insurance in order to save on the premium while enjoying the greatest number of benefits. Unfortunately, some life cover applicants resort to providing false details when making their application in order to qualify for cheaper premiums. It has been reported that approximately 5% of applicants lie about their health when applying for life cover. This is a worrying figure, as being dishonest when buying life cover is risky and disadvantageous.

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Planning or pessimism: Do I really need life insurance?

Life is not always a bed of roses. Economic downturns, illness, accidents and death may occur at any time, disrupting routines and affecting lives. The future is erratic at best, which can be a bane to financial stability when a person is not prepared to face the worst. People who make plans ahead for the long term and have their reservations about maintaining a bright outlook may seem pessimistic, but they are in fact doing the right thing, which is to be safe, rather than sorry. With this in mind, something such as life cover can help a person prepare for future uncertainties.

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Life insurance comparison: How to tell a good quote from a bad one

Recognising the importance of being accessible, many insurance companies have made life insurance quotes instantly available for potential policyholders. These are usually accessible online, and consumers can browse the cover policy of interest and study its details before deciding on the one option. As a person may wind up with a rather long shortlist, identifying the very best quote can be difficult if he or she lacks relevant information on life insurance.

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Occupational Hazards: How your job can affect your life insurance policy

A comprehensive life insurance policy features highly personalised coverage that takes into account various factors, including a person’s very bread and butter, i.e., his or her job. As most people spend much time at the workplace, the hazards to which a person may be exposed will affect premiums charged, as well as the amount of coverage for which the person qualifies. For example, if occupational hazards are an ongoing and constant concern in your workplace, they can affect life insurance terms.

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Life Insurance in Australia: A Brief Summary

Nobody can doubt the unpredictability of life. In order to ensure that your family is protected from financial hardship in the event of your death, disability, long-term sickness or injury, you need to have good financial planning that includes adequate life insurance.

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How to choose the best life insurance policy

The benefit of having Life insurance is that it covers your financial obligations in the event of your death. Such as a mortgage, your kids’ college/university fees and other recurring expenses.

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The task of finding an acceptable life insurance policy can seem overwhelming.  Before you can even compare life insurance policies, it is helpful to understand the terminology.  Here is a list of terms to get you started…
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Australian Life Insurance

Buying life insurance is a bit like taking out the garbage — no one really wants to think about it until it has caused enough of a stink to grab your attention. So, to save you the pain and complexity of another necessary chore, here is a simple breakdown of your options.

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What’s the deal with Underwriting?

It is relatively easy for a consumer to obtain life insurance. You simply give the insurance company some personal and family health information, and they give you a quote on your assessed premium and coverage.

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How do Life Insurance Premiums work?

How does a premium get determined for each individual? In order to determine an individual’s life insurance premium, the insurance company normally bases it on two aspects.

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Life Insurance Overview

Life Insurance is the best way of providing for your family and next of kin should something happen to you which leaves you unable to provide for your family, either in a temporary or permanent capacity.

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Life Insurance Glossary

For anyone considering life insurance for the first time, and even some more seasoned Life Insurance veterans, not knowing the terminology used in the life insurance arena can make the whole process more daunting than it needs to be.

Once you spend a few minutes familiarising yourself with the terms particular to life insurance, you will be able to make an educated decision on your life insurance needs.

To that end, we’ve put together an index of terms to help you understand what you are looking at as you shop for and compare policies. Keep in mind that these terms will possibly vary a little, depending on the company. Almost all companies will have some clever or cute (at least they think so) name for each of their policies – names that don’t always have anything to do with the type of coverage offered – so you may have to ask a few questions to figure out what it is.

Policy Types

Income Protection: Like the name implies, income protection insurance will provide you with a percentage of your usual income if you become disabled for a long period of time. You choose the premium you pay by selecting the amount of time you have to wait for benefits once you are disabled and also the length of time you will be eligible to receive the benefits. The sooner you are eligible and the longer you are eligible, the more you can expect to pay in premiums.

Mortgage Protection: Similar to income protection, mortgage protection will cover your mortgage payments in case of a long-term disability.

Term Life Insurance: When most people speak of life insurance in Australia, this is what they are referring to. This insurance makes a lump sum payout to your estate when you die. Many policies will make the death benefit payout if you are diagnosed with a terminal illness in lieu of death.

Total and Permanent Disablement Insurance: Usually not a stand alone policy, although it can be, TPD works in conjunction with your life insurance policy and makes a lump sum payment in the event you become totally and permanently disabled.

Trauma Insurance: This cover kicks in when you suffer one of the pre-defined conditions in the policy, such as cancer, heart attack or stroke. The more expensive policies will cover more health conditions than the basic policy that is often bundled with life insurance policies.

Whole Life Insurance: Fairly uncommon today and no longer available in Australia, whole life combines a death payout with some sort of savings vehicle. The savings plans often under perform other investment options and can make the agent/company a small fortune in fees.

Other Definitions

Accidental Death: An optional payment in case of death caused by an accident.

Annual Premium: The total cost of the policy on a yearly basis. Most people pay on a monthly or quarterly basis and are more familiar with those amounts.

Automatic Indexation of Benefits Policies: with this clause will adjust the benefits according to the latest Consumer Price Index movements at renewal time.

Beneficiary: The person or persons who will receive your death payout.

Benefit Period: The length of time you will receive disability, income, illness or mortgage benefits once the waiting period is up.

Cover: Another name for insurance in Australia, can also be used in place of the word coverage.

Critical Illness Insurance: Another name for trauma insurance.

Death Cover: Another name for term life insurance.

Disablement Insurance: Another name for TPD insurance.

Index-Linked Premiums and Cover: The same as automatic indexation of benefits.

Offset Clauses: These clauses will allow your insurance provider to reduce the amount of payment due in cases other than death where you have some other source of monies coming in. For example, if you have a long-term injury and your employer provides sick pay, the insurance company may adjust your payout down accordingly.

Nominated Beneficiary: See Beneficiary.

Non-Cancellable Policy: This type of policy can’t be cancelled by the insurer due to changes in your situation.

Permanently Unable to Work Insurance: The same as TPD insurance.

Premium: What your life insurance cover will cost you. Can be stated as a monthly, quarterly or yearly basis.

Renewal: Your policy automatically renews every year on the date it originally became effective. Premium and benefit changes may take effect upon renewal.

Waiting Period: The amount of time you will have to wait upon becoming disabled to start receiving benefits.

Is Your Lifestyle Affecting Your Ability to Get Affordable Life Insurance?

Shopping for life insurance forces you to think about the unthinkable – how your family will survive financially after your death. If you’re finding life insurance rates prohibitively high, or are having trouble getting insured, then it’s time to do some more serious thinking; namely, how your lifestyle is affecting how insurers perceive you.

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Life Insurance: Are You Uninsurable?

When it comes right down to it, life insurance companies have a bottom line to consider. If a large proportion of the people they insure meet an untimely death – i.e. a death that comes before years of premiums are paid in – then they’re out of business. No wonder, then, that certain health conditions, hobbies and jobs will make you virtually uninsurable.

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How Much Life Insurance Do I Really Need?

If you’ve decided that you need life insurance, you’ve made a wise decision. Your death will affect your loved ones enough without the added worry about finances. However, before you buy a policy, it’s good to have a ballpark idea of how much insurance you need.

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