Life insurance provides a death benefit to named beneficiaries when the insured dies while qualifying coverage is in force. It can help families and businesses address financial obligations that remain after a death.
Shamas Insurance helps Albuquerque and New Mexico clients evaluate life insurance based on the people and responsibilities they want to protect.
Life Insurance Isn't Really About You.
It's about who has to keep going without you.
A spouse.
Children.
Parents.
A business partner.
Employees.
The better question isn't:
“How much life insurance can I buy?”
It is:
“If my income disappeared, what would I want the people depending on me to still be able to do?”
What Can Life Insurance Help Address?
Depending on your goals, life insurance proceeds can help beneficiaries address needs such as housing, household expenses, debt, education, final expenses, and income replacement.
Business owners may also consider life insurance for certain business-continuity or key-person needs.
Term Life vs. Permanent Life Insurance
Term Life Insurance
Term insurance generally provides death-benefit protection for a specified period, provided you meet policy requirements.
It can be useful when a need has a defined time horizon.
Permanent Life Insurance
Permanent policies are generally designed for longer-duration coverage, provided you meet required premiums and other policy conditions.
Certain products may contain additional features.
Which Type Is Better?
Neither is universally better.
The appropriate choice depends on factors including:
- Your goals.
- Your age and health.
- Your family.
- Your financial obligations.
- How long protection may be needed.
- Your budget.
How Much Life Insurance Do I Need?
There is no universal number.
A useful analysis may consider income that would need replacing, mortgages and other debts, education goals, existing savings, current insurance, and anticipated future obligations.
When Should I Review Life Insurance?
Major life changes are good opportunities.
Marriage.
A new child.
A home purchase.
A major income change.
Starting a business.
Taking on substantial debt.
Or simply realizing the policy you bought years ago hasn't been reviewed in a while.