When should you get life insurance?
Pretty much if someone depends on you or when you have any form of debt.
- Unmarried – buying your 1st car
- Married or getting married – Especially if you are the breadwinner or rely on two incomes
- A parent or about to become one – Would your spouse be able to give your children opportunities without you?
- A homeowner – Pay the mortgage in full should you die
- Retired or planning for retirement – Help widows avoid financial struggles
How much life insurance do you need?
When you consider all the things that life insurance proceeds need to fund and how long the money will be needed, you begin to realize that your true need for coverage is often 10 or 15 times your gross annual income, sometimes more!
How much will a Life policy cost me?
Insurance companies use a process called underwriting to decide whether to sell life insurance to someone and how much to charge them.
The following Lifestyle Indicators will be applicable to you when buying a Life Policy from Trustco Life:
- Age • Qualification
- Cholesterol Level • Body Mass Index
- Blood Pressure • Liver Function
- HIV/AIDS • Smoker/Non-Smoker
Younger applicants and people who are in good health, don't smoke and exercise regularly will be charged lower premiums because the company expects that these policyholders will live longer. Applicants who are older, have health problems, smoke and hardly ever exercise will probably pay more.
