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Individual life insurance provided by Strickler Insurance.
Get the life insurance you need from Strickler Insurance. Overlooking life insurance is a big mistake. Getting life insurance will protect your loved ones and help protect their future even after you die. Learn more about life insurance and the different types of life insurance.
What Is Life Insurance?
Life insurance is a type of insurance designed to protect your family from financial burden if you were to suddenly pass away. Getting a life insurance policy is a great way to ensure the financial security of your loved ones, even when you are no longer there to directly support them. When you purchase a life insurance policy, you will be asked to name a beneficiary (or multiple beneficiaries). The person (or persons) you list here will receive the payout upon your passing.
What Does Life Insurance Cover?
Depending on the policy conditions, coverage often includes death as a result of illness, accident, or natural causes. Additional benefits, such as coverage for terminal illness or accidental dismemberment, may also be included in some policies. Understanding your policy’s specific terms ensures that you know exactly what is covered and you can adjust it to meet your needs.
How Much Life Insurance Do I Need?
The amount of life insurance coverage that you need widely depends on your family’s specific situation. Usually, you will want to have coverage for 10 to 12 times your annual income, but this should be adjusted to account for outstanding debts, expenses caring for dependents, and other living costs. You’ll want enough to make sure that if the unexpected happens, money is the last thing that your family will have to worry about.
What Factors Impact The Cost Of Life Insurance?
Life insurance premiums depend on your age, health, job, lifestyle habits, and coverage needed. The younger and healthier you are, the cheaper life insurance will be for you. Additionally, men tend to have more expensive life insurance than women due to women having a longer life expectancy.
What can Life Insurance Payouts Be Used For?
Life insurance policies are designed to cover any financial costs incurred upon your death. Life insurance is often disbursed as one lump-sum payout to the beneficiary(ies) listed on the policy. This means that life insurance covers almost anything. Life insurance can cover any debt you might leave behind, it can cover funeral costs, or any remaining mortgage payments. These funds can also provide financial security for your loved ones, ensuring they do not face additional financial hardships during an already difficult time.
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Providing for Your Family
Risk Factor
Raising a child can be a rewarding life experience, but it is also very expensive. It costs hundreds of thousands of dollars to raise a child to age 18, with college tuition, fees, room, and board resulting in another potentially enormous expense. If you were to die tomorrow, would funds be available to provide for food, clothing, day care, and educational expenses for your child?
Solution
Having life insurance could secure the future for your children if you have an untimely death. With a life insurance policy, there could be enough income to help pay for everything your child might need while growing up.
Mortgage Payments
Risk Factor
After your death, any outstanding debt and financial obligations do not disappear. Your home is probably the costliest and most significant property you own. A mortgage payment is a large burden for a spouse or partner to carry.
Solution
A life insurance policy would allow your spouse or children to pay off your outstanding debts and spare them the stress of making monthly payments on the home.
Auto Payments
Risk Factor
Many families lease or finance their automobiles these days. If the primary earner in the family were to die, the family could be left with outstanding car payments for years to come.
Solution
A life insurance policy would allow your spouse or children to pay off your outstanding debts and spare them the stress of making monthly payments on your car(s).
Funeral Costs
Risk Factor
An average funeral can cost tens of thousands of dollars, and that's without unnecessary options or luxurious services. A death in the family is stressful enough; why add the hefty bill of a funeral to that stress?
Solution
A life insurance policy can easily cover the cost of a funeral. Your family will be able to think of you and have peace of mind without being burdened by funeral costs.
Protecting Your Retirement Savings
Risk Factor
Once you retire, you will be living off social security, and if you are lucky to have them, a pension or retirement fund, too. But what if the surviving spouse has been relying on you to fund retirement for the couple? Premature death of an earner can affect sources of retirement benefits such as Social Security.
Solution
Life insurance can help support a surviving spouse during their retirement.
Protecting Your Small Business
Risk Factor
If you passed away, would your business suffer? There are many complications and financial issues that can arise due to the death of a business owner. Many people overlook this predicament.
Solution
A life insurance policy can keep a business moving along even during tough times, such as the loss of the business owner/partner. Key person life insurance is payable to the company and provides money for training and hiring of a new employee. A buy-sell agreement, funded by life insurance, allows the other partners in the business to buy the deceased’s share of the business, which will provide money for his or her family.
Spousal Support / Income Replacement
Risk Factor
Many people mistakenly think that they don’t need life insurance if they don’t have children or if their children are grown. However, your financial responsibilities fall to your family when you are gone.
Solution
Life insurance can replace the income you would usually bring in and help support your spouse or adult children, ensuring your loved ones are able to maintain the lifestyle they're accustomed to.
What Are The 3 Types Of Life Insurance?
The three types of life insurance are term life insurance, whole life insurance and universal life insurance. In each of these three forms of life insurance
Term Life Insurance
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What Is Term Life Insurance?
Term life insurance is set for a fixed amount of time. Essentially the idea behind the coverage is you pay a premium during a set amount of time, and that premium will increase as the risk of death increases. Let’s say your life insurance term is for 20 years. If you die within that 20 years you will receive the full payout from the term life insurance policy. If you do not die within that fixed 20 years, you receive nothing.
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Why Would I Get Term Life Insurance Instead Of Whole Or Universal?
Most people get this life insurance because it is cheaper or they have children. While term life insurance is not an investment you can receive a payout for before you die, it protects your family if you were to suddenly die.
Whole Life Insurance
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What Is Whole Life Insurance?
Whole life insurance does not have a set term or timeframe. Essentially you will pay a fixed amount until you die and receive a payout upon your death. In certain whole life insurance policies you can make an early withdrawal before you die but this can either cancel out your life insurance from continuing or severely deplete the final payout.
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Why Would I Get Whole Life Insurance?
Whole life insurance is commonly purchased because it has the flexibility of being an investment and not just financial protection from your death. Whole life insurance is a great life insurance option that can provide the protection you desire with financial benefits in the future.
Universal Life Insurance
- What Is Universal Life Insurance?
Universal life insurance is essentially a mix between whole and term life insurance, but you have more flexibility. Universal Life Insurance can act almost like a loan at some points where you take a portion out when needed and pay it back later.
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Why Should I Get Universal Life Insurance?
Universal life insurance is designed for someone who is looking for complete flexibility in their life insurance. Be sure to speak with your insurance provider to learn what would be the best life insurance for your personal life and situation.
Do I Need Life Insurance?
There are benefits to getting life insurance at a younger age, but there is a greater need for life insurance when you become a parent, or a homeowner. Remember the whole purpose of life insurance is to pay for or provide funds for your family if you were to suddenly die. If you were to die and not have life insurance would your husband or wife be able to afford your home or mortgage? Would they also be able to raise your children?
Another thing to consider is if both you and your spouse were to die, what happens to your children. If you and your spouse both have a life insurance policy you can make sure your children’s future is secure and financially protected.
When Should I Buy Life Insurance?
While there is no definitive best time to buy life insurance, you’ll want to make sure you have coverage when you are married, have children, or have other people who depend on your income or work. The younger you buy life insurance, the lower your rates will likely be. The worst thing that you can do is wait too long to buy life insurance because if something happens to you, it will be too late to protect the people that matter most.
Other Life Insurance Policies
- Key Person Life Insurance: These policies are designed to offer protection for businesses when a key person who is valuable to the business dies or has a serious accident. It provides extra compensation to help cover their loss and allow your organization to take the time to plan how you can move forward.
- Child Life Insurance: While less common and different from a traditional life insurance policy, it gives families a chance to start saving for their children’s future expenses and helps them get their own life insurance in the future. If something were to happen to your child, it would help cover funeral costs and work leave costs. This policy is only best in certain scenarios where your child has a pre-existing health condition at a young age.
- Accidental death & dismemberment insurance: This coverage is typically offered to individuals through their employer. It is common in high-risk industries, and only covers deaths and dismemberments that happen from an accident.
Get Life Insurance From Strickler Insurance
Strickler Insurance is located in Lebanon Pennsylvania. Get your Life insurance in Lebanon PA, Pennsylvania or one of our neighboring states. At Strickler we hope to provide the best Life insurance possible. We provide Life coverage in New Jersey, New York, Maryland, Delaware and Virginia. Contact us today for a free Life insurance quote!
Why Choose Strickler Insurance For Life Insurance?
When you choose Strickler for your life insurance, you are partnering with a team of professionals dedicated to finding the right policy for your specific situation. Strickler Insurance has been helping families in Lebanon Pennsylvania and beyond for over 160 years, and is ready to see how we can help yours next. Our success is determined by how well we help our customers.
Learn more about our company and meet our dedicated and experienced team.
Frequently Asked Questions For Individual Life Insurance
Am I required to have life insurance?
You are not required by law to have life insurance. There are many scenarios where life insurance is highly recommended and where going without it is costly, but there are no requirements saying you must be covered.
Can I be denied life insurance coverage?
Yes, life insurance companies can refuse to offer you coverage. This typically happens if you work in an extremely high-risk job, have a serious health condition, or have unhealthy habits like tobacco use or alcoholism. If you do fall into these categories, you can still find coverage, but it will likely cost more.
Do I have to pay taxes on life insurance benefits?
In most cases, you will not have to pay taxes on life insurance payouts. Benefits from life insurance are typically not considered gross income, meaning you most likely don’t have to report it on your tax documents. However, if you earned interest on the benefits, that would likely be taxable.
What’s the difference between life insurance and accidental death & dismemberment insurance?
Life insurance provides coverage if your loved one dies for any reason. Accidental death & dismemberment insurance is a much narrower policy that only covers unexpected deaths and serious injuries. Life insurance is more expensive, but it provides coverage for more events. Accidental death and dismemberment insurance is typically used by individuals who don’t need the broader coverage or want extra protection on top of their traditional life insurance policy.
Can I borrow money from my life insurance policy?
For most whole life and universal life insurance policies, you can borrow from the benefit that your family would receive at your death. When your policy grows to a certain value, your insurance company may let you borrow some of that benefit and repay with little credit impact and low interest. If you don’t pay back the loan before you die, your beneficiaries will lose the amount you borrowed from their benefit, plus any unpaid interest.
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