Life insurance is the best way to protect your family if you have their best interests at heart. People often wonder if they really need life insurance or not. Typically, your need for life insurance will depend on your age, how big your responsibilities are, and how dependent your family is to you. The more dependent your family is to you, the more you need life insurance.
There are two major kinds of life insurance: term insurance and whole life insurance. In term insurance, protection is provided for a term of one or more years. If the policy holder dies within that term, death benefits shall be paid. Renewal may be necessary at the end of the term. In whole life insurance, you are given life-long protection as long as you pay your premiums well. There are various kinds of policy benefits that come along with life insurance. This can include waiver of premium in case of disability, accident death benefit, guaranteed insurability regardless of health, level term and long-term care rider.
In Kansas, there are more than 700 insurance companies and over 15,000 agents authorized to sell life insurance. This is an overwhelming number making the market very competitive. However, this also means that you have various options to choose from. It is best to look around for the best deals before choosing a company to trust.
More importantly, when deciding on your life insurance coverage, you have to consider various factors. First, look at your current financial situation and your financial needs. Second, consider what your family's lifestyle and their immediate needs will be should you unexpectedly die. Typically, an amount six to eight times your annual gross salary is a good estimate. This is just a safe rule of thumb. It is still best to consult an insurance agent to determine what you and your family's exact needs are.