Financial Learning Center
- Life Insurance Needs–Guiding Philosophies
- Myths and Misconceptions about Life Insurance
- Social Security Survivor Benefits
- How Much Is Enough?
- Which Type of Policy Should You Own?
- Individual Term Insurance Policies
- Group Term Insurance
- Cash Value Insurance
- Whole Life Insurance
- Universal Life Insurance (UL)
- Variable Universal Life Insurance
- Single-Premium Life Insurance
- Packaged Products
- Understanding Your Policy
- Replacing Your Policy
- Shopping for an Individual Policy
- What If You're Rated or Uninsurable?
Some financial service companies and consumer organizations suggest that you need a face amount of life insurance that equals at least five times your current earnings. Actually, each situation is different, and the amount you need will depend on your particular circumstances. Your financial professional can help you decide how much life insurance you need.
When You're Younger
You need plenty of insurance if you have young children or there are others who depend on you. Your financial professional can help you decide which type of life insurance is right for you. Review the different options presented in this section. You should count on keeping a good deal of insurance on your life until the children finish school or leave home, whichever comes first. After that, your life insurance needs will depend on your unique personal and work situation.
When You're Older
Once you retire, you should have retirement savings, and Social Security, but you should still consider the need for life insurance after you retire, if you fall into one of the following categories:
- You had children later in life. It's wise to keep life insurance at least until the child completes school.
- Your spouse couldn't live on your retirement savings, personal savings, and Social Security. If you think an additional death benefit will help your spouse if you predecease him or her, keep the life insurance.
- You have a sizeable net worth. Life insurance can play an instrumental role in reducing your estate taxes. If you have a sizeable estate in excess of the asset exclusion amount, purchasing life insurance to pay estate taxes may be part of your estate planning in transferring wealth to your children.
Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA (Opens in a new Window)/SIPC (Opens in a new Window). UniVest Financial Services is a trade name of UniBank. Infinex and UniBank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of, nor guaranteed or insured by, any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.