Life Insurance

Life Insurance isn't for the people who die. It's for the people who live.

Most people are familiar with the basics of life insurance. You pay a premium and your family receives a monetary payout when you die. But what other basics do you need to know?

What is term life insurance?

Term life insurance is the most affordable type of life insurance. With a term life policy, you select the number of years—the term—in which your policy will be active. You may find monthly premiums to be very affordable.

What are the benefits of term life insurance?

If you wish to leave a legacy behind for your family, life insurance is an important consideration. Term life insurance provides an affordable way to ensure your family can continue making ends meets. Because this is the most basic type of life insurance, it’s easy for many to fit it into their budgets. And you’ll pay the same rate for your entire term, regardless of waning health.

Most insurance providers allow you to select a term up to 30 years, giving you the option to lock in your rate for longer. When you renew a term life insurance policy, your new rate is recalculated based on your current health and other factors. This is why many people lock in their rate for longer terms.

Get started today!

Are you wondering how much term life insurance would cost you? Fill out a quote form today, and let our agency find a policy for you. All it takes is a few minutes to provide your family with years of financial protection.

No one really wants to think about life insurance. But if someone depends on you financially, it’s a topic you can’t avoid. Getting life insurance doesn’t have to be hard (or boring). We have some answers to common questions about life insurance so that you can make informed decisions about protecting your loved ones financially.

Why is Life Insurance worth it?
There are many answers to the question of why is life insurance important. But by and large, the most important one is ensuring your family’s financial security and peace of mind. If anyone depends on your income, they would most likely struggle if you were to pass away. That’s why life insurance is so important to have. There are different types of life insurance policies, but essentially they all pay cash to your loved ones when you die. Money from life insurance can be used to cover daily living expenses, a mortgage or rent payments, outstanding loans, college tuition and other essential expenses. Life insurance is the best way to ensure that your loved ones would be in a good financial place if you and your income were no longer in the picture.

Do I Need Life Insurance?
If someone depends on you financially, you are most likely someone who needs life insurance. Life insurance provides cash to your family or loved ones after your death. This cash, known as the death benefit, replaces your income and the many non-paid ways you support your household. Your family can use this cash to pay for expenses like funeral costs, a mortgage, college tuition and more.

How Much Life Insurance Do I Need?
The amount of life insurance to buy depends on who you want to protect financially and for how long.

1. Everybody needs a different amount of life insurance based on their individual situation. But it basically comes down to how much money your loved ones would need to remain on firm financial ground if your earnings were no longer in the picture.

   To get started, it helps to consider a few questions like:  

   • Who do I want to protect? Common answers include a spouse or partner and children, but your list may also include siblings, aging parents and more.
   • How long would they need financial support? Consider the ages of everyone who depends on your earnings.
   • Is anyone disabled or have other special needs? It’s important to remember that some people may need lifelong support.
   • How much debt do I have? You’ll want more coverage if you have a mortgage, auto payments, credit card debt and other outstanding loans.
   • How much savings do I have? Factor in all of your savings and investments and how liquid they are—some investments like real estate cannot instantaneously be converted into needed cash.
   • Were you planning on contributing to a child (or children’s) college education? If so, you’ll want to up your coverage level.
   • Will my spouse or partner need help with funding his or her retirement? If so, more coverage is needed than if he or she is fully funding his or her own retirement.

   What is the Process for Getting Life Insurance?

   The process for how to get life insurance starts by filling out a simple form. This will allow us to provide you with some proposals based on your specific needs. From there, an agent will discuss your options with you and help you fill out an application for insurance. Your application will undergo a process called underwriting. This is when a life insurance expert known as an underwriter decides whether to offer you life insurance and at what finalized cost. Approval and costs are based on your risk class. Overall it is a pretty simple process for such a life-changing decision. Take the next 3 minutes and submit a form to get started. Someone from Rutt Insurance will help guide you through the process.