Home/Life insurance
Life insurance for Owensboro families, sized to what you need to protect.
The right amount of life insurance depends on who counts on your income, what you owe and what you want paid for. I help you work out that number first, then compare policies from the companies I represent.
Three kinds of life insurance, and who each one is for
| Feature | Term life | Whole life | Final expense |
|---|---|---|---|
| How long it lasts | A set number of years, such as 10, 20 or 30 | Your whole life, as long as premiums are paid | Your whole life, as long as premiums are paid |
| What it is usually for | Replacing income while children are home or a mortgage is unpaid | Lifelong coverage that also builds cash value | Funeral costs, final medical bills and small debts |
| Premiums | Usually the lowest cost for the most coverage | Higher, and usually level for life | Smaller policies, usually with level premiums |
| Health questions | A medical exam or detailed questions, depending on the amount | Varies by company and amount | Often a short set of questions, usually no exam |
How much coverage is enough?
A simple way to start: add up what your family would need if your income stopped. That means debts, the mortgage, some years of income and future costs such as college. Then subtract savings you would use and any life insurance you already have, including coverage through work.
Final expense coverage
Final expense insurance is a smaller whole life policy meant to cover a funeral, final medical bills and the other costs that land on a family right away. Because the amounts are smaller, the application is usually shorter than for other life insurance.
Watch for waiting periods. Some final expense policies pay a reduced benefit for the first years, often called a graded or modified benefit. I will tell you plainly if a policy you are considering works that way.
Already covered through work?
Life insurance through an employer is a good benefit, but it usually ends when you leave the job unless you convert it or take it with you, and the amount is often a multiple of your salary rather than what your family actually needs. It is worth seeing how your work coverage fits with a policy you own yourself.
What helps when we talk
- Your date of birth, general health and whether you use tobacco
- Any life insurance you have now, including coverage through work
- Who you want to protect, and your biggest monthly obligations
Life insurance questions
Is term or whole life insurance better?
Neither is better for everyone. Term usually gives the most coverage for the lowest premium for a set number of years. Whole life lasts for life and builds cash value, at a higher premium. The right choice depends on what you are protecting and for how long.
Can I get life insurance with health problems?
Often, yes. Insurance companies look at health differently, and some policies ask fewer health questions than others. The price and the type of policy depend on the details, which is why comparing companies matters.
Do I need a medical exam?
Not always. Many policies are decided from your answers to health questions and records the company checks. Larger coverage amounts are more likely to need an exam.
How long does approval take?
It depends on the company, the amount and whether an exam or medical records are needed. Smaller policies can be decided quickly, while larger ones can take several weeks.
Start with the number, then the policy.
Call, or send the form and I will call you back to talk through what your family needs.
(270) 302-0524Mike’s direct line