FAQ's

The time for life insurance is the first day a loved one depends upon you – even partially – for their financial well-being. When children are in the picture, the need for life insurance becomes critically important because the loss of a family breadwinner can be especially tragic. Too often families struggle financially, and are even torn apart, when life insurance would have been such an easy solution to have in place.

Life insurance acts as a substitute for income. Have you ever calculated how much you’ll earn in your lifetime? For everyone, over the course of their working years, the answer is always “a fortune.” The potential risk of losing that earning power, especially at the early or mid-point of those years, is what makes life insurance a necessity.

If you have others depending upon your income for support, you need life insurance to fulfill your commitment to them. Your spouse might also need life insurance coverage, even if he or she doesn’t work, if childcare or other expenses must be covered were your spouse to die. Use the “D.I.M.E.” method to consider what other financial obligations need to be covered with life insurance: Debt, Income, Mortgage, Education.

You need inexpensive term life insurance. A common misconception about life insurance is that it is a permanent need for each family. Most financial experts see life insurance as a tool to “buy time” until you accumulate savings – and not as a permanent fixture of your financial life. Term life insurance is generally much more affordable to provide the right amount of coverage you really need for your family.

If your family is like most, the answer to that question is probably more than you currently have. Ten times your annual salary is a good rule of thumb. Your Primerica representative can help you determine how much life insurance you need, and many other questions you might have as you travel life’s financial highway, with a Financial Needs Analysis (FNA).