Take Care of What Matters Most. Get a Life Insurance Quote

Everyone's needs are different, so the amount of life insurance you decide to carry may depend on how much debt you have and how many people depend on you financially. If something should happen to you, you should have enough in your life insurance policy to cover your debt, taxes, and final expenses, as well as meet the needs of the current standard of living for your dependents. You can calculate the amount of insurance that may best meet your needs by tallying up expenses and debts or by consulting with our life insurance professional services.

When you have a family that depends on you, you as a provider are irreplaceable. While your family might not want to think of life without you, it is important to make a plan that will keep your spouse and children secure financially if you are no longer able to fulfill that role. To put it simply, life insurance enables your family to remain financially stable and able to care for themselves if the unthinkable should happen to you.

Term life insurance is a policy that offers coverage for a specified number of years, during which the premium should remain level. For example, if you had a term life policy for 10 years, you would pay the same premium over those 10 years, but after that, the premium could increase if you want to continue your coverage. This type of policy offers face-value payment in the event of the insured's death. It does not offer cash value or the ability to borrow from the policy. Term life premiums usually start off low but tend to increase as the insured ages.

A whole life insurance policy lasts for the lifetime of the insured. It often comes with a higher premium than other policies, but it also has a cash value that you may be able to use as a loan to supplement sudden expenses or retirement income. The premiums are usually level for the duration of the policy so long as there is no lapse in coverage. Whole life insurance comes with tax-deferred savings and can be especially beneficial for those in a higher tax bracket or who are looking for a more effective way to transfer wealth.

In most cases, the premiums you pay for a life insurance policy are not tax-deductible. The IRS tends to view it as an optional personal expense like any other household purchase. However, every circumstance is different, and there may be unique cases where life insurance premiums do qualify as a tax deduction. The laws on this are complicated, so it is important to consult with a certified professional accountant if you think you might qualify. Keep in mind that while your premiums might not be tax-deductible, your beneficiaries should not have to pay taxes if they receive the benefits of the policy after your death.