Life Insurance Quote Forms
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When considering how much is needed to protect your family there are a few ways to calculate the amount. If you are looking for a quick snapshot you can use the D.I.M.E. method (Debt, Income, Mortgage, Everything Else) you add up all of those and it is a rough estimate of the amount need to keep your family financially secure.
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Life Insurance Information
The goal of life insurance is to protect your family financially if an unforeseen death was to occur. The named beneficiary would receive the payout from the policy to reduce the burden any financial hardship from the loss.
life insurance falls into two types of categories: term insurance and permanent insurance
Term Life Insurance: This type has limited coverage period (10yr, 20yr, or 30yr) once this period or “Term” ends it will be up to the policy holder to renew or let the coverage end. Some characteristics of term life insurance is the low costs (based on age and health), no cash value, usually renewable, and sometimes can be converted to a permanent policy.
Whole Life Insurance: This type of insurance provides coverage for the duration of the policy holders whole life, hence the name. The whole life insurance contract includes an insurance and investment component. The insurance component provides protection for your family if something unexpected should happen. The Investment component builds a cash-value which allows the policyholder to barrow against or withdraw. The dividends, or interest builds up in the account tax-deferred.