Maine Life Insurance:

Term Life Insurance and Whole Life Insurance

Maine life insurance is one of the most versatile and widely used financial planning tools available. It can be used to meet many needs, including:

  • Income Continuation
  • Estate Planning
  • Security for a loan or mortgage
  • Source of cash for final expenses.

I Have Term Life Insurance Through Work. That’s Good, Right?

For many people, this is the only kind of life insurance they have. While this can be a great supplement to your life insurance program, it’s dangerous to rely on this employee benefit as your sole source of life insurance. Why?

  • It ends when your employment terminates, but your need may not.
  • It is generally only 1 or 2 times your annual salary.
  • It is only term coverage, which may not match your needs.

How Much Life Insurance Do I Need?

Although everyone’s need for life insurance is different, the historical guideline has been between 5 and 10 times annual income. Your life insurance need depends upon many factors, such as:

  • Your net worth
  • Income needed by your spouse and/or children in the event of your death – and for how long.
  • Your gross income
  • Your spouse’s gross income
  • Your age
  • Whether or not you want debts to be paid upon your death.
  • Burial expenses

Not surprisingly, most Americans buy life insurance near a “life event”, such as marriage, divorce, birth of a child or purchase of a home. No other product combines the flexibility and security of life insurance to meet the needs of families following the untimely death of an individual.

If you have questions about term life insurance or whole life insurance, or would like a life insurance quote, call Noyes, Hall & Allen Insurance at 799-5541.

At Noyes, Hall & Allen, we’re independent and committed to you.