Indiana Life Insurance
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Understanding Indiana Life Insurance
What is life insurance?
The primary function of life insurance is to help meet the financial needs of your dependants in the event of your death.
Why do I need life insurance?
Many experts consider life insurance to be the foundation of sound financial planning. In essence, life insurance is needed to replace your income if you should pass away.
How much life insurance should I buy?
According to the Life and Health Insurance Foundation for Education, the average American has $110,000 in life insurance coverage — roughly three times his or her gross income. However, after an analysis of all the things your Indiana life insurance needs to cover, you may find that you need upwards of 10 or 15 times your gross income.
In determining your need for Indiana life insurance, you will want to consider coverage for the following:
- Income Replacement
Your life insurance will financially support your dependants in your absence. Your life insurance policy can also supplement reduced benefits to the surviving spouse or help finance retirement. - Pay Outstanding Debts and Long Term Obligations
Consider your Indiana life insurance policy as means to compensate for unpaid medical expenses, burial costs and credit card debt. You can also use your life insurance policy to pay off a mortgage or help pay for college. - Estate Planning
You may want to use the proceeds of your life insurance policy to pay your estate tax so your beneficiaries won't have to liquidate their assets. - Charitable Contributions
You may want some of the proceeds from your life insurance policy to go toward your favorite charity or organization.
What kinds of Indiana life insurance are available?
The most common types of life insurance are term and whole, also known as permanent.
Term life insurance is the most common type of life insurance. It provides coverage for a specific period of time, or term. Terms may last anywhere from 1 to 30 years and must be renewed. Term life insurance is best choice for covering debts that will be alleviated in time such as a mortgage or college tuition.
It is important to note that an Indiana term life policy does not build cash value and will only pay a death benefit if you die during the policy's term.
Whole life insurance is meant to be kept throughout your life. This means as long as you continue to pay the premiums, a death benefit will be given. Generally, Indiana whole life insurance builds cash value and may be borrowed against. However, if you do not pay back what you have borrowed, your beneficiaries will receive a reduced death benefit.
It is important to note that there are different kinds of whole life insurance; therefore you will want to go over your options with your Indiana life insurance agent before you purchase your policy.
What if I still have questions?
You may contact the Indiana Department of Insurance at (317) 232-2385 with any questions regarding Indiana life insurance.
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