Personal Insurance FAQ's

Who should buy life insurance?
How do I know what kind of life insurance to buy?


Who should buy life insurance?

Anyone who has a person or people that are financially dependent upon them should buy life insurance. If a spouse, child or another person counts on you for financial support, life insurance is a good idea because it will provide that person financial security in the event you pass away.


How do I know what kind of life insurance to buy?

Depending on your age and financial status, you have two choices of life insurance: term and permanent. Term insurance gives you a means of providing financial support to dependants if you pass away before you have time to accumulate assets. While term insurance is relatively economical for younger people, the premium will go up as you age. On the other hand, life insurance requires a long-term investment, and provides your beneficiaries with a death benefit when you pass away. This form of insurance is much like a savings account where interest is earned and is later dispersed with the cash value of the policy. At any time, you can borrow from your permanent policy to pay for items such as college or retirement.