At Preferred Guardian Insurance, we simplify the process of purchasing and selecting the right amount, length, and type of insurance.There are many factors to consider in determining the best amount of life insurance protection.

Some of the most important factors include:

  • Your present income and future earning potential (the percentage you earn versus the entire family)
  • Your Age, Age of your Spouse, and Age(s) of children
  • Your Personal Debt or Business Debt
  • Your Assets
  • Your Budget

The amount of insurance benefits one needs isn’t a constant, but a moving target.  There are events in our lives that both increase and decrease our need for life insurance.

INCREASED NEED

  • Home purchased
  • Birth of Children
  • Salary or standard of living increases
  • Increase in debt
  • Marriage especially if one spouse is a primary wage earner

DECREASED NEED

  • Children are no longer financially dependent
  • Retirement
  • Taking on care for parents or extended family members

In most cases, life insurance protection can be accomplished through the purchase of term insurance.  Term life insurance is the least expensive, has a set premium for a number of years (the greater the number of years, the more expensive the insurance) but does not build cash value.  The following are some situations where permanent insurance or insurance with a savings component is suggested :

  • An individual is very wealthy and their estate will need liquidity to pay estate taxes.  This is particularly important for people with a lot of assets that aren’t easy to liquidate.
  • A person needs an automatic method of saving money.
  • A person seeking a way of protecting their assets from potential litigation.

Generally, the only information we need in order to quote life insurance is:

  • Date of birth
  • Height and weight
  • Blood pressure
  • Cholesterol
  • Did both of your parents live past 60 or are still living?
  • Do you have a DUI or DWI on your driving record?