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There is no one-size-fits-all when it comes to life insurance. How much and what type of coverage is needed is based on the individual and his or her:
Plus, as people move through life, their life insurance needs may change based on changes in their personal situation, including getting married or divorced, having children, change in income, etc.
Based on these considerations, a basic rule of thumb is to have enough life insurance coverage to provide approximately 10 times your annual household income. For example, if the current household income totals $50,000, consider having a total of $500,000 in life insurance protection.
Americans say they personally need life insurance
of American adults own some form of life insurance
American say they need life insurance
There are two different types of life insurance: Term Life Insurance and Permanent Life Insurance.
Offers an individual life insurance protection for a specified number of years (i.e. term). This type of insurance is usually less expensive than permanent insurance with the same face value, however term insurance does not accumulate cash value.
Coverage remains in effect until the policy holder’s death as long as the premium payments are made, unless the policy lapses or is surrendered. Most permanent life insurance policies also have some type of savings component that can build cash value over the life of the policy.
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When assessing your life insurance needs consider these questions and answer them honestly:
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WFGIA client Pamela Brown shares her story about why she purchased life insurance and how important it is for everyone to secure our financial futures.
I've been working at the same job for almost thirty-nine years, as a safety and security manager for a major retail shopping center in Edmonton. I always wanted to live a life of service of some kind, and I found it with this job.
My husband and I wanted children. but weren't blessed with a child until I turned 40. Although we had been living off two incomes, we were down to one as one of us wanted to stay home with our baby. We had just enough money to buy a house, but not much else. When we needed some financial help, I went to the banks and asked for some assistance – these were banks we dealt with for decades - and was laughed out of the office.
As luck would have it, and because we put our prayer out there on the wind, a young man came to our door and said, “Would you like to learn more about making your money work for you?” And we said yes. He moved on, so our account was given to Betty, who showed up bright and bubbly. She was so authentic and honest and open and didn't make us feel like we were stupid for not investing when we were in our 20s. She just found a way to help us get going.
You know what, it's a blessing that young man arrived when he did. In 2015 my husband was diagnosed with cancer and passed away shortly after the diagnosis -we found out about it in June, and he passed away in July. His life insurance basically saved the house, saved my daughter's future and my future. And we wouldn't have had anything if we were depending entirely on the banks.
When we got the medical diagnosis for my husband, we kind of figured that we'd have time. And then, suddenly - he's gone. Betty was at the house at least once a week. She not only helped me with the paperwork that needed to be done to take care of his business affairs, but also let me know that she was there if I needed help in any other way.
My advice to young people, whether you are on your own or a couple, find a way to secure your future. Even if you invest small. Start somewhere; you can do the same with your insurance. But sit down and talk to a WFG agent to help you find a way to get the insurance you need for your family and to grow with it. Red Oak #1819868 – 08.21
Alex Nunez shares his journey on obtaining life insurance for his father during the COVID-19 pandemic. The information and opinions expressed below are that of Alex Nunez only and not WFGIA.
The request was born out of a need to get life insurance for my father. I contacted a cousin of mine, but he didn't have the necessary license, so he connected me to Mr. Yohan, who is a fully licensed agent at WFG.
I had originally tried to obtain a life insurance policy with a competitor to WFGIA, because I had used them before. Even though I was along-time customer with this competitor, they could not fulfill the need. Mr. Yohan showed a lot of fortitude and was able to obtain an insurance policy for my father, which relieved my anxiety by letting me extend an honorable burial to somebody and not have to scramble when that time comes.
Getting a policy for my father was very difficult to because of the logistics. My father is in Florida and I'm in Syracuse, New York, and my agent is in New York City.
Once I was in touch with Mr. Yohan, we made headway and that left me impressed because it wasn't just a one day get on the phone, let's do this. Mr. Yohan and WFGIA did a wonderful job pushing through all these barriers that kept presenting themselves. It was a tremendous task. It took about four weeks to move all these pieces to get it done. In a pandemic when we didn't know any information, he got it done in that time.
In addition, I want to add that the policy came with a benefit that I do not have from my other policies. It’s a Concierge policy, and, as I understand it, the policy will arrange and shop around for the best possible prices for funeral services. It really is something priceless and very, very important.”
I'm very happy with what transpired with WFG. Thank you for sharing my experience. I truly do hope other people benefit and open their eyes to some of those things that WFG offers because they have truly wonderful products.
Red Oak #1820155-08.21
