Life insurance can be tricky for many people. We at TruePoint Insurance, serving Savannah GA, are here to help answer your questions about this important piece of your life. Here are some of the most frequently seen questions we get at the agency.

I’m too young for life insurance, right?

We see this all the time. What we like to ask people after this is, “Are you a parent? A spouse? A son or daughter?” Anyone at any time needs to have life insurance protection. We can use these as mortgage protection, a part of financial planning, even income replacement after a death. Life insurance may not be a topic everyone wants to discuss, but it is very needed.

What’s the difference between term and permanent life insurance?

This is an excellent question and one we always love to answer. Term insurance has lower premiums but has no cash value and it is for a set amount of years. You may renew these policies if needed. Permanent life insurance is a little higher in premium, but it builds a cash value and is with you until the day you die. One is not “better” than the other but one policy may be better suited for your situation.

How much insurance is enough?

While there is a lot of talk about 5-8x your yearly income being the factor, there are questions that are better to understand how much insurance you need. You should factor in how much debt you have, estate taxes, any college you’d like to pay for the children left behind, the income you will not be providing after death, as well as factoring in the cost of inflation. Talking over your needs with a licensed agent can better get you to the number you need than pulling an arbitrary number out of a hat.

Can I insure myself?

There is a thing called “insurable interest” that means that only someone who will feel your loss can insure you. So no strangers and not yourself. Besides family, creditors and business partners may fall in to the category of “insurable interest”.

TruePoint Insurance, serving Savannah GA, is here to answer whatever insurance questions and concerns you may have. Call or come by the office to speak with one of our licensed insurance agents today.