Platinum Life Insurance Frequently Asked Questions

Do I need to get life insurance?

Life insurance is something that most people should really be considering. If you have people you care about who will take on a financial burden in the event of your death, even just to pay funeral expenses, then you need life insurance. A funeral alone can cost tens of thousands of dollars, and your loved ones might also be responsible for any debts that you are unable to take care of before you pass away. While you might try to save money to leave behind for a spouse, children and other loved ones, there’s no way of telling what might happen unexpectedly in the future. If you get a life insurance policy now, your loved ones will be taken care of. If you want that peace of mind, you definitely need life insurance.

What types of insurance so I have to choose from?

There are two basic types of life insurance to choose from: term life insurance and permanent life insurance. If you want a policy that will continue to protect your family regardless of how long you live, you will want to choose permanent life insurance. This comes in either whole life insurance or universal life insurance policies. Whole life insurance provides a consistent premium and a guaranteed cash value table, while universal life insurance provides a cash account that increases with premiums. Term life insurance provides coverage for a specified term of years between one and 30 for a specified premium, and the policy does not accumulate cash value.

How much coverage should my life insurance offer?

There are a few assumptions you should make in order to be sure that the family members and loved ones who depend on you will have enough money after you pass away. Assume that they will need to continue having that same amount of money available for a certain number of years, and multiply your annual salary by that number of years. That is the amount of coverage you should get in your policy. You at least need enough coverage for your beneficiaries to pay for a funeral, any unpaid bills and other expenses that they may incur after your death.  

I don’t understand how the process works. What can I do?

The team at Platinum Insurance is here to provide as many of the important facts as possible, many of them here on our website. You can easily find out more information about the different types of life insurance and how the process works. By requesting a quote from our site you can also get more detailed information from an insurance expert.

Do I need to get life insurance?

Life insurance is something that most people should really be considering. If you have people you care about who will take on a financial burden in the event of your death, even just to pay funeral expenses, then you need life insurance. A funeral alone can cost tens of thousands of dollars, and your loved ones might also be responsible for any debts that you are unable to take care of before you pass away. While you might try to save money to leave behind for a spouse, children and other loved ones, there’s no way of telling what might happen unexpectedly in the future. If you get a life insurance policy now, your loved ones will be taken care of. If you want that peace of mind, you definitely need life insurance.

What types of insurance so I have to choose from?

There are two basic types of life insurance to choose from: term life insurance and permanent life insurance. If you want a policy that will continue to protect your family regardless of how long you live, you will want to choose permanent life insurance. This comes in either whole life insurance or universal life insurance policies. Whole life insurance provides a consistent premium and a guaranteed cash value table, while universal life insurance provides a cash account that increases with premiums. Term life insurance provides coverage for a specified term of years between one and 30 for a specified premium, and the policy does not accumulate cash value.

How much coverage should my life insurance offer?

There are a few assumptions you should make in order to be sure that the family members and loved ones who depend on you will have enough money after you pass away. Assume that they will need to continue having that same amount of money available for a certain number of years, and multiply your annual salary by that number of years. That is the amount of coverage you should get in your policy. You at least need enough coverage for your beneficiaries to pay for a funeral, any unpaid bills and other expenses that they may incur after your death.  

I don’t understand how the process works. What can I do?

The team at Platinum Insurance is here to provide as many of the important facts as possible, many of them here on our website. You can easily find out more information about the different types of life insurance and how the process works. By requesting a quote from our site you can also get more detailed information from an insurance expert.