Life Insurance

Life Insurance Information

If you pass away unexpectedly, your loved ones could face costly expenses. Life insurance can provide your beneficiaries with a lump sum—known as a death benefit—to help protect your family from financial hardship, among other benefits.  

Contact Marinette Insurance and Financial Services, LLC, in Marinette, Wisconsin, to learn more about our life insurance coverage. 

What Does Life Insurance Cover? 

Although individual policies may vary, here are some of the common benefits of a life insurance policy: 

  • Final expenses may help pay for funeral expenses, burial fees and other estate administration costs.
  • Income replacement may help provide financial compensation to beneficiaries who depend upon your salary.
  • Estate taxes may help pay for federal income taxes on your estate.

Your life insurance policy may also enable you to create an inheritance, allowing you to pass your wealth and assets on to chosen beneficiaries. 

How Much Life Insurance Do I Need? 

Life insurance isn’t required by law, but it may be beneficial. In certain instances (e.g., you have debt, your spouse depends on your income), you may purchase a life insurance policy to protect your beneficiaries from financial hardship. To determine the coverage amount that’s right for you, you may want to consider the total cost of the following obligations: 

  • The cost to replace services you provide
  • The cost to replace your annual salary for a set number of years
  • Future costs for your family (e.g., college tuition)
  • Outstanding payments (e.g., mortgage, debt)

Finding the right life insurance policy can provide peace of mind. Contact Marinette Insurance and Financial Services, LLC, to learn how we can help.  

How Many Life Insurance Policies Can I Have? 

You can have multiple life insurance policies if you’re looking for more coverage. Many people consider purchasing a second life insurance policy after a major life change event (e.g., having a child). Typically, your life insurance policies can be a combination of term and permanent life insurance, depending on your situation. 

Here’s what you should know about term and permanent life insurance: 

  • Term life insurance provides coverage for a set period (e.g., 10 or 20 years). At the end of that term, your insurance company will no longer provide a death benefit when you die.
  • Permanent life insurance (e.g., universal life insurance, whole life insurance) provides coverage for your entire life. This insurance typically has a level premium that locks in your insurance costs and may allow you to obtain greater coverage when you’re older without paying higher premiums. As an additional benefit, permanent life insurance typically enables you to accrue cash value with your life insurance policy that you can use to make future insurance payments, borrow against or withdraw.

How Far Back Do Life Insurance Companies Look? 

When you apply for life insurance, you may be asked to take a medical exam or to submit other health care information to your insurance company. Your insurer will use this information to determine the cost of your premiums and if you’re eligible for life insurance.  

Here are some of the public records your life insurer may use to evaluate your application: 

  • Driving record
  • Prescription medication record
  • Previous life insurance applications
  • Credit history

Individual insurance companies may have different policies regarding how much of your medical history they will evaluate. Contact Marinette Insurance and Financial Services, LLC, for a life insurance quote. 

Getting Life Insurance 

Finding the right life insurance policy may seem daunting. We’re here to help. Contact Marinette Insurance and Financial Services, LLC, to speak to a life insurance agent today.