Life Insurance

No one wants to think about their death, but being prepared with life insurance can make sure your family and other dependents are financially secured.

How Much Life Insurance Do You Need in Pennsylvania?

To determine how much life insurance you should have, you need to figure out what financial resources your dependents need if you were to die and what they currently have. Your policy should come as close to making up this difference as possible. Calculations should consider your current insurance and assets you have, such as personal property, real estate, investments, and savings. You also want to consider the income your dependents need for living expenses, future needs, and education costs. Determine how much cash you would need to have for final expenses, such as taxes and a funeral. An agent at Tommelleo & Associates can help you determine how much life insurance is right for you.

Types of Life Insurance in Pennsylvania

After you determine how much life insurance you need, you need to pick the right policy type. Term life insurance will cover you for a certain period of time. You can choose a time period lasting one or more years. If you die during the term, you get the insurance benefit. Many policies are renewable, even if your health has changed. Policies may also be converted before the end of a time period. Whole life insurance gives you coverage for your whole life. There are different types of whole life insurance, such as variable and universal life. You pay the same premiums as long as you live. These policies also create cash value. You may also borrow against the cash value and take a policy loan. You can also do different combinations to get the right amount of insurance for your needs. For example, you can get a whole life policy and then also get term coverage for the period where you need the most insurance.

Contact Tommelleo & Associates to get a quote on life insurance.