Get insurance with appropriate coverage

Plan for the Future

A life insurance policy is a contract agreement between you and an insurance carrier. In exchange for regular premium payments, the life insurance company agrees to pay a set amount of money (known as a face amount) to your chosen beneficiaries when you pass away.

Life insurance is used to replace income, provide for special expenses such as a mortgage or child’s college education, and to provide generational wealth.

There are a few different kinds of insurance policies, including:

  • Term life, which is like renting life insurance, because the coverage and premiums only last for periods typically between 10-30 years.
  • Whole life insurance, which is more permanent coverage with some having benefits such as cash value savings plans inside.
  • Universal life insurance, which is more permanent coverage that lasts to age 120.
  • Burial insurance, which usually has face amounts no larger than $15,000, and these funds are intended to pay for final expenses.

Maintain appropriate life insurance coverage to help support your loved ones after you pass away. Many people recommend calculating your life insurance needs by evaluating the following:

  • Total of any debts you owe
  • Your annual income x5 or x10
  • Any other needs, such as providing for a child’s college education

Select a policy with an appropriate “face amount”(total dollar value of coverage on the policy.) Term life insurance is the most affordable, which provides coverage for a set period of time usually between 10-30 years.

If you travel extensively, make sure you have repatriation of remains coverage in any existing insurance policies where it is available.

Personal Considerations


Do you have a secondary residence?


Make sure you have an insurance policy that will cover the repatriation of remains. Repatriating remains from a foreign country can be very costly.


Make sure you have insurance for repatriation of remains if you plan on traveling extensively. Repatriating remains from abroad can be very costly.


If you have a secondary residence:

Make sure you have an insurance policy that will cover the repatriation of remains. Repatriating remains from a foreign country can be very costly.

If you do not have a secondary residence:

Make sure you have insurance for repatriation of remains if you plan on traveling extensively. Repatriating remains from abroad can be very costly.


Plan for the Future