Life Insurance - The Insurance
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Life Insurance



Insurance is the process of protecting against the economic impact of loss. The goal of insurance is to give you the financial peace of mind for today, and for the future.


LIFE INSURANCE provides protection against the loss of income that results from the death of a wage earner. It can also be used to build savings for retirement. You should consider life insurance if you support a family or spouse, have a mortgage or plan to send your children to college.




How much life insurance do you need?
Your life insurance needs will depend on a number of factors, including whether you’re married, the size of your family, the nature of your financial obligations, your career stage, and your goals. For example, when you’re young, you may not have a great need for life insurance. However, as you take on more responsibilities and your family grows, your need for life insurance increases. There are plenty of tools to help you determine how much coverage you should have. Your best resource may be a financial professional, such as we have here at The Insurance Suite. At the most basic level, the amount of life insurance coverage that you need corresponds directly to your answers to these questions:

  • What immediate financial expenses (e.g., debt repayment, funeral expenses) would your family face upon your death?
  • How much of your salary is devoted to current expenses and future needs?
  • How long would your dependents need support if you were to die tomorrow?
  • How much money would you want to leave for special situations upon your death, such as funding your children’s
    education, gifts to charities, or an inheritance for your children?
  • Since your needs will change over time, you’ll need to continually re-evaluate your need for coverage.

If you have financial obligations including a mortgage, children’s education or household support that would be imperiled in the event of your death, then you should consider life insurance.


How does it work?
A life insurance contract is made up of legal provisions, your application (which identifies who you are and your medical declarations), and a policy specifications page that describes the policy you have selected, including any options and riders that you have purchased in return for an additional premium.

Provisions describe the conditions, rights, and obligations of the parties to the contract (e.g., the grace period for payment of premiums, suicide and incontestability clauses).

The policy specifications page describes the amount to be paid upon your death and the amount of premiums required to keep the policy in effect. Also stated are any riders and options added to the standard policy. Some riders include the waiver of premium rider, which allows you to skip premium payments during periods of disability; the guaranteed insurability rider, which permits you to raise the amount of your insurance without a further medical exam; and accidental death benefits. The insurer may add an endorsement to the policy at the time of issue to amend a provision of the standard contract.


What does it cost?
The cost depends on the amount and type of insurance you purchase as well as your life expectancy. There are insurance products to suit just about any budget.

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The Insurance Suite