Navigating all the steps involved can be difficult, especially when you are also dealing with grief. Fortunately, this guide makes these steps easier, helping you find what you need while also giving you peace of mind. 

If you have been frantically searching the internet for how to find a life insurance policy of the deceased, here are some answers. 

Understanding the Importance of Locating Policies 

One reason family members should try to find policies for the deceased is to determine the last wishes of that individual, including named beneficiaries. In many cases, insurance companies do not automatically pay out these policies because they are not aware of the covered individual’s death. If you do not let them know, the benefit will join the tens of millions of dollars of unpaid benefits that go unclaimed annually. 

Common Obstacles in Finding Life Insurance After Death 

When a policy does not pay out, in most cases it is because the survivors had no knowledge of the policy and when the payments stopped, the policy became inactive. Insurance companies may try to find a beneficiary in these cases, but if contact information is not up to date or the primary beneficiary has died, the policy lapses. 

However, if you are fortunate enough that someone in the family has knowledge of some type of life insurance the decedent had, you can start the search. Begin by looking through their paperwork and other belongings. If you do not find what you are looking for, you may need to cast a wider net by speaking to friends and employers (the deceased may have told them about protecting themselves from the storm of unexpected events) while also conducting specialized online searches. 

First Steps in Searching for a Deceased Person’s Life Insurance Policy 

If you are trying to figure out how to locate a life insurance policy, you should know that it is often a multi-step process. Use the steps below to help you get started and save plenty of time along the way. 

Review Personal Documents and Digital Footprints 

The first step in looking for a policy is to check the physical and digital paperwork of the deceased. This includes any records, bills, or old mail they might have kept. Business cards and bank statements may provide important clues. Make sure to also check their digital footprint, including emails they might have received about their policy from a carrier. 

Talk to Family, Friends, and Professional Advisors 

When focusing on how to check for life insurance policies, do not forget to ask the family and friends of the deceased. In many cases, they can either provide a direct answer or help you dramatically narrow down your search. It is equally important to reach out to any financial advisors, estate planners, or other professionals who would know about any existing policies. 

Reaching Out to the Deceased’s Workplace 

Do not forget to reach out to the employer and co-workers of the deceased. In addition to personal policies, they may be able to tell you if they had any coverage provided directly through the employer. 

Leveraging State and National Resources 

If the above tips do not work, that does not mean you have to give up on locating policies for the deceased. Below, you will find a breakdown of state and national resources you can utilize to find the information you need. 

Utilize NAIC and Other Life Insurance Policy Locators 

Your first step is to use the National Association of Insurance Commissioners (NAIC) Life Policy Locator tool. By inputting basic info about the deceased (name, birthday, date of death, and Social Security number), you can instantly find out if the database has any information about policies belonging to the dead family member. If you do not find anything, then it is time to contact more localized resources. 

Contact State Insurance Departments or Unclaimed Property Offices 

Every state should have both an insurance commissioner and an unclaimed property office. A commissioner will have their own state-specific database that can be used to search for information about policies belonging to the deceased. An unclaimed property office, meanwhile, is where many carriers will deliver policies when nobody claims them. By contacting both the commissioner and the unclaimed property office, you can greatly improve your chances of discovering an otherwise lost policy. 

When to Consider Professional Assistance 

If the tips above do not help you locate the life insurance policy, that does not mean you have to give up. You may be able to hire a third-party service to help you, but before you do so, it is important to understand the pros and cons of such a service. 

The Benefits of Hiring a Third-Party Service 

The main benefit of hiring a specialized third party to find a life insurance policy is that they are experts. Letting them focus on this task will save you plenty of time and potential stress. Meanwhile, the time you save by hiring a third party can be used to help you deal with other estate-related issues or simply focus on your grief. 

Knowing the Costs and Limitations of Fee-Based Services 

The exact cost of hiring a third-party service to find policies will vary, so it is important to know exactly what someone is charging and whether you can afford it. It is also worth considering that much of what the professionals will do for a fee (such as checking through old records and contacting various friends, family, and employers) are things that you can do on your own, all without paying any extra money to anyone else. 

FAQ: Navigating Life Insurance Lookup Post-Mortem 

You may still have a few questions about how to locate a policy for a deceased family member. Here are answers to a few frequently asked questions. 

Who Is Eligible to Request Information on a Life Insurance Policy? 

An insurance carrier will only release information about policies to family members, policy beneficiaries, or the executor of the estate. However, anyone who has the relevant information (including the policy holder’s Social Security number) can use national and state resources to search for policies. 

What Should You Do If You Suspect Being a Beneficiary of an Unknown Policy? 

If you think your loved one chose you as a life insurance beneficiary, try using the national and state resources described above ASAP. It is up to you to determine whether you should continue researching the matter if you do not find anything during these initial searches. 

Is There a Central Database for All Life Insurance Policies? 

NAIC is the closest thing to a central database for life insurance, but it does not have info on every single policy. That is why it may be necessary to consult with state databases and unclaimed property offices to find info on missing policies. 

Know the Policy is with InsureOne? Next Steps 

If you are confident the life insurance policy is with Insurance One, contact us immediately so we can help you search. At InsureOne, we are your total coverage concierge for life insurance and beyond. When you are ready to protect your future or the future of your loved ones, get a quote online. Of course, you can also pick up the phone and give us a call at 800-836-2240 or find an InsureOne office near you and visit us in person. 

Many people rely on a great whole life insurance policy to provide for their loved ones after they are gone. There are a variety of policies and limits that you can customize to your needs and the needs of your family, but plenty of people end up wondering if there might be something more they can do. 

For example, can you have more than one life insurance policy? If so, how can you decide whether this is the right move or not? Keep reading to discover the answers. 

Understanding the Importance of Life Insurance 

Before you can further explore the potential benefits of having multiple life insurance policies, it is important to get back to the basics. By understanding the core benefits of this important coverage, you can better decide whether getting even more coverage is the best course of action. With that in mind, here is a brief breakdown of the most important benefits of life insurance coverage. 

Providing Money for Your Spouse and Dependents 

One of the primary reasons people seek out this insurance in the first place is to help cover family expenses in the event of an unexpected death. For example, the primary earner in the family may want to take out enough coverage to pay the remaining mortgage so their spouse does not lose the house. In many cases, parents will want to take out a policy large enough to cover all the higher education costs of their children, giving them a chance to pursue their educational dreams without taking on excess student debt. 

Special Protection in the Event of Major Illness 

By themselves, standard policies typically do not cover you if you become disabled or develop a chronic illness. However, it is possible to take out additional riders that can protect yourself and your family. Depending on the carrier and rider in question, it may be possible to use coverage to pay for your premiums or even pay for the cost of your car. 

Insurance as an Investment 

There are different kinds of policies out there, but a whole life policy will gain value over time. As this happens, you may be able to personally use the growing value to create an emergency fund, supplement your retirement, or otherwise provide cash when you need it the most. 

Exploring the Possibilities of Multiple Life Insurance Policies 

Can you have multiple insurance policies? The short answer is “yes.” It is entirely possible to take out more than one policy. It typically simplifies things to get all your coverage from the same carrier, but nothing keeps you from shopping around and getting insurance from multiple carriers as needed. 

That said, it is possible to reach a point where you can no longer purchase additional coverage. Carriers have an “insurability limit” that keeps you from taking out so much protection that it exceeds a certain amount. That amount is so high (usually 20–30 times your annual salary) that most people can take out several extra policies before they hit the limit. 

Why is the limit there in the first place, though? The short answer is that all carriers wish to walk the fine line between helping your beneficiaries cover major costs (such as mortgages and college educations) without turning payouts into an easy method to get rich quickly. Limits are designed to prevent fraud and protect clients who may find themselves in a situation where their life insurance payments are more than their income. 

Benefits and Drawbacks of Owning Multiple Life Insurance Policies 

Now you know that it is possible to get more than one life insurance policy. Of course, the fact that you can easily do so does not mean this is the best decision for everyone. It is important to review both the benefits and drawbacks of having multiple policies before you decide to get additional coverage. 

What Are the Benefits of Having Multiple Policies? 

The primary benefit of getting more coverage is that it lets you and your family adapt to different needs as time goes on. What you need when taking out a policy at 30 may be very different than what you need at 45, so it is good to know you can take out another policy that better suits your current situation. 

On a related note, it is possible to take out multiple term life policies that are timed to provide life insurance for different major life milestones. For example, you can get a 10-year policy to help cover the final decade of mortgage payments, you can take out a 20-year policy to cover higher education costs for your 5-year-old, and so on. Once the milestone passes (such as paying off the house) and your coverage expires, you will no longer be responsible for paying the monthly premiums. 

The final benefit is that getting coverage from multiple carriers allows you to effectively diversify your protection. Chances are that you already diversify your other investments, and once you start treating insurance as one of those investments, diversifying in this way simply makes sense. 

What Are the Drawbacks of Having Multiple Policies? 

The biggest drawback of having multiple life insurance policies is, of course, the added expense. Even if you get great rates, the cost of those monthly premiums will add up. If you have multiple term policies, you may very well feel like you paid plenty of extra money over time for no real reason once a term expires. 

Relatedly, the more policies you have, the more time-intensive paperwork you will have to manage. Good carriers can help streamline this for you, but that does not change the fact that having twice as many policies will always result in twice as much paperwork. 

Finally, it is worth considering that life insurance gets naturally more expensive the older you get. Nothing keeps you from taking on additional coverage when you are older, but do not be surprised when the new premiums are much higher than the old ones. 

Making the Decision: Factors to Consider 

For most people, deciding whether to take out multiple life insurance policies hinges on whether their sudden death would leave family members stuck with a major expense. As detailed above, the most common expenses are mortgages and college education. It is not at all uncommon for someone with an existing policy to take out another when they experience a major life event like buying a house or having a child. 

If you do not anticipate that you will be experiencing such changes (for example, your house is paid off and your kids have already graduated college), then it is likely fine to stick with your existing coverage. 

Managing Multiple Life Insurance Policies 

If you do wish to take out multiple life insurance policies, what is the best way to do so? The most popular option is to take out multiple term life policies and create a “ladder” approach to coverage. 

Here is a common example of a ladder approach: Imagine someone with a spouse, two kids, and a mortgage takes out three different term life policies at roughly the same time. One of these is for 10 years, one is for 20 years, and one is for 30 years. 

If they die within the first 10 years, each policy pays out, and this should hopefully be enough to pay off the house, pay future college tuition, cover burial expenses, and so on. If they die within the second decade, there will be a smaller payout, but perhaps your mortgage will already be paid off. Your beneficiaries will still be able to use this money for educational expenses or other financial needs. 

Should they die in the third decade, only the 30-year policy will pay out. Under the ladder approach, this should be the smallest payout because the house is paid off and the kids have jobs and families of their own. That leaves a smaller amount to help cover your burial expenses and the remaining financial needs of your spouse. 

Real-Life Scenarios: When Multiple Policies Make Sense 

Outside the details in the ladder approach, there are other real-life scenarios where having multiple life insurance policies makes sense. One common scenario is that you own a small business. In this case, you may want one policy to cover business costs (including loans and operational expenses) and another to protect your family. 

Speaking of family, another common scenario is that you may wish to leave an inheritance for your children. In this case, you may want to take out a separate whole life policy in addition to the term coverage you are using to take care of expenses like the mortgage after you pass. Before doing so, make sure you understand the differences between whole life insurance vs. term life insurance. 

Find the Best Life Insurance Options for all Scenarios 

Now you know the most important details about getting multiple life insurance policies. But do you know where to find a carrier that offers the protection your family deserves? 

Here at InsureOne, we know that nothing is more important than your family. If you are ready to give your loved ones a better future, we are always ready for you to get a quote online. Of course, you can also give us a quick call at 800-836-2240. Finally, feel free to come into one of our nearby offices at your earliest convenience. 

The average person cannot predict everything that the future will throw at them. However, you can prepare for most major eventualities by getting good life insurance. 

Life has a way of changing at the most unexpected times: Will you have the resources to face whatever happens? If you are ready to start preparing for tomorrow, keep reading to discover how life insurance shields you from unexpected events! 

What Exactly Are “Unexpected Life Events”? 

When someone takes out life insurance, they usually take certain factors into consideration. For example, they may want enough coverage to help a surviving spouse pay the mortgage or enough coverage to safely pay for their children’s college education. 

However, unexpected life insurance events may cause you to get further coverage or perhaps take out a policy for the first time. When that happens, it’s important to take out the policy sooner rather than later. Generally, coverage will always be cheaper when you are younger and in better health, so waiting too long may raise the costs of your policy. 

What Qualifies as a Life Event for Insurance? 

Examples of unexpected life events or major milestones that prove you need life insurance include getting married, having children, and, unfortunately, sadder ones such as a devastating illness diagnosis. Other similarly important events include getting divorced, getting a new job, or even retiring. There are many reasons you may want to get or extend your coverage at different points as you get older, but most of them boil down to very significant life changes. 

For instance, someone who never anticipated getting married may do so and then want to protect their partner in the event of unexpected death. Or a couple who never thought they would buy a house may end up buying the home of their dreams, and they want at least one partner to have a policy that can cover the remaining cost of the home. Likewise, couples that have children after previously ruling that out will want to have coverage that can pay for things like the cost of college or even a starter home for their children. 

Protecting Your Legacy with Life Insurance 

Some of the examples mentioned above may seem confusing at first. For example, if your children are all grown up and the house is paid off, life insurance may not seem necessary. However, a good policy is still important once you realize the other ways that your coverage can help you and your family. 

For example, it is possible to name one or more grandchildren as beneficiaries of your policy, and that can help them get a head start by ensuring that their college educations, start in the business world and/or first homes are covered. As for you and your spouse, you should know that a whole insurance policy instead of a term life policy can help with your retirement planning, especially if you need to supplement income from Social Security or your pension. 

How to Update Your Life Insurance Coverage 

When you need to update your insurance, there are several ways to do so. If you just need to change your beneficiary, you simply need to contact your carrier and make the change. If you wish to get an additional policy, you can also talk to  your neighborhood agent. 

However, it is worth considering that life insurance is like any other type of coverage: You can usually get a better deal by shopping around and seeing what different carriers have to offer. By doing your homework now, you’ll know who to turn to when major events happen, effectively allowing you to expect the unexpected. 

Prepare for the Unexpected by Getting the Best Life Insurance Today! 

Now you know how life insurance can help with unexpected events. But do you know where to find the kinds of amazing coverage and service you could never expect? 

At InsureOne, we know how crazy things can get and we are here to help you expect the unexpected. Whether you need a brand-new policy or just need additional coverage, we are ready for you to get a quote online. Alternatively, you can pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to come into one of our convenient nearby offices and we’ll be happy to help you out! 

How does this work, and is your life insurance taxable? Keep reading to learn everything you need to know about life insurance tax! 

Is Life Insurance Taxable? Yes, No, Maybe So — Let’s Break It Down 

At this point, your beneficiaries might have one big question: “Do you pay taxes on life insurance?” The answer is that it depends. Specifically, it depends on how your beneficiaries choose to receive the money! 

Most recipients choose to receive their money in one lump sum. In that case, they most likely won’t have to pay anything to the IRS. However, some recipients choose to receive their payout as an annuity. The obvious benefit to such a plan is that it keeps a steady stream of extra income coming in for many years. However, there is one big downside: For those who receive their benefit this way, any interest that the annuity gathers over time may be subject to taxes. 

Are There Taxes If You Surrender Your Policy? 

Now you have a firm answer to the question, “Are life insurance proceeds taxable?” However, that leads us to the next question: If you decide to surrender your policy and receive a cash payment from your carrier, will you have to pay any taxes on the money you receive? 

Once again, the answer will depend on your specific circumstances. For example, if the amount of the policy you are surrendering is greater than the cumulative premiums you have paid, then the excess amount may be taxed by the IRS. But if the amount of the policy is less than the cumulative premiums, then you won’t have to worry about taxation. 

Whether or not you have to pay taxes on the cash you receive for a surrendered policy, keep in mind that insurance carriers reserve the right to charge you a surrender fee. That may or may not be a deal breaker, but it has the potential to cut into the amount of money you receive from the carrier. 

Will I Be Taxed If I Sell My Policy? 

In most cases, those who are no longer interested in their life insurance coverage simply surrender the policy back to the carrier. However, you do have the opportunity to sell that policy to a third party. Once again, whether you pay taxes on the policy you are giving up depends on the exact details of that policy. 

If you receive more from the sale than you paid via cumulative premiums over the years, then you may have to pay taxes. As always, you should consult with your carrier before attempting to sell your policy to a third party. 

Life Insurance and Estate Taxes: How They Interact and What You Need to Know 

Many people who purchase a life insurance policy intend for the death benefit to be the primary payout for their beneficiaries after their death. However, if you are wealthy enough to require extensive estate planning for your beneficiaries, you should know that the amount of money they receive via your policy may affect whether or not they are taxed by the IRS. 

For example, as of 2024, the federal government has a threshold of $13.61 million. If the value of what you leave behind exceeds that amount, your heirs will need to pay estate taxes. The death benefit counts toward this overall value, so in certain cases, a life insurance policy could make the difference in whether someone has to pay estate taxes or if it pushes the overall value past the IRS threshold. 

On top of the federal taxes, it’s important to research whether your state has any of its own rules regarding estate planning or inheritances. It’s entirely possible that your beneficiaries may not have to pay any estate taxes to the federal government but will still end up owing some amount of money to the state. 

Do You Have to Pay Taxes on Employer-Provided Life Insurance? 

It’s generally advisable to purchase a separate life insurance policy on your own. However, many people receive such a policy through their employer. Whether beneficiaries will have to pay taxes on payouts from employer-provided policies comes down to the amount of coverage you have. 

In short, policies where the death benefit is less than $50,000 will not have their payouts taxed. But policies where the payout is $50,000 or more may be taxed by the IRS. 

Get the Best Life Insurance Coverage Today! 

Now you know all about whether your life insurance is taxable. But do you know where you can get the kind of coverage that your family truly needs? 

Here at InsureOne, we know how important your family is to you. That’s why when you’re ready to get the kind of coverage that will protect them long after you’re gone, we’re ready for you to get a quote online. Alternatively, you can pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to come into one of our convenient nearby offices for a face-to-face chat. 

Borrowing against a life insurance policy is one option. In some cases, this may be the best way to get a quick injection of cash. Borrowing against your life insurance policy also comes with some possible drawbacks, so understanding the ins and outs is important. 

What do you need to know about borrowing against life insurance, and how soon can you get cash when you need it? Keep reading to discover the answers! 

What You Need to Know Before Borrowing Against Your Life Insurance 

Keep in mind you may only withdraw from a whole life policy. You cannot borrow against a term life policy, which is the most popular type of coverage. 

Term policies don’t have any cash value. However, it is possible to borrow against both universal life and whole life policies. As long as you have such a policy, the answer to “Can you borrow against life insurance?” is a big “yes.” 

Is Borrowing Against Your Life Insurance Policy Right for You? 

Growing up, you probably heard your parents say that just because you can do something doesn’t mean you should do something. Therefore, before you borrow against life insurance, it’s worth considering whether it’s the right decision for you and your family. 

If you already have the right policy in place, then borrowing against it is one of the safest and easiest ways of getting money. However, if you don’t repay the loan, you effectively reduce the death benefit intended for your spouse, children, or other beneficiaries. Because of this, you should strongly consider your ability to repay this loan before you initiate the process. 

The Pros and Cons of Borrowing Against Your Life Insurance Policy 

The bad news is that borrowing against your life insurance can be a stressful decision. The good news is that analyzing the pros and cons can help make your decision-making process much easier. 

The pros of such borrowing are quite straightforward. Because you are effectively borrowing from yourself, you don’t have to pass any kind of credit check, and getting the money won’t have any effect (positive or negative) on your credit rating. The IRS also doesn’t consider this money as income, meaning that in most cases, you won’t have to pay taxes. 

The cons of such borrowing are equally straightforward. While the interest rates are usually lower than what you’d get with a traditional loan, you will still end up paying back more than you borrowed.  

As noted before, you are also borrowing against money intended for your beneficiaries, so if you don’t pay the loan back, you’re reducing how much cash they will get later.  

Finally, depending on the exact policy you have, you may endanger the guarantee of a permanent policy or must pay an additional premium to keep that guarantee in place. 

How Soon Can You Borrow from Your Life Insurance Policy? 

If you’re interested using your life insurance to borrow money, then you probably have a simple question: “How soon can I borrow from my life insurance policy?” The answer to that question will depend greatly on how long you have had the policy in place. 

For example, as soon as the policy has enough cash value built up, it is possible to borrow money. That means that qualifying borrowers may be able to start borrowing from their policies as early as today. However, if you only took out your policy recently, then it may be several years before it has accrued enough value. In that case, you will need to pursue alternative methods of borrowing cash. 

Alternative Options to Consider Instead of Borrowing Against Your Life Insurance 

Maybe your policy hasn’t yet built up enough money, or maybe you don’t want to take the chance of reducing the death benefit for your family in order to get some quick cash. Fortunately, there are alternatives that allow you to secure money without having to use your life insurance coverage. 

For most people, the easiest way to borrow money is to ask their bank about loan options. You may be able to take out a personal loan, and if you already have a long and positive relationship with your bank, you’ll have an easier time getting the loan approved and getting a competitive interest rate. If you have a mortgage through your bank, then you may be able to get a loan that effectively uses your home as collateral. 

If you have a 401(k), it may be possible to borrow against that, as well. You can also explore other options, including getting loans through credit unions (which typically charge lower interest rates) or borrowing money with a credit card (if you do this, though, be very wary of how interest will affect how much you pay back). 

Get the Best Life Insurance Coverage Today! 

Now you have the information you need about borrowing against your life insurance. But do you know where you can find the best policy to protect your family? 

InsureOne specializes in the kinds of coverage that give you the peace of mind that you and your family deserve. When you’re ready to protect against the future, we’re ready for you to get a quote online. Alternatively, you can pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to come into one of our nearby offices at your earliest convenience! 

As part of the process for first-time purchasers, a health screening will probably be required on behalf of the insurance company. What they find during this screening will affect the cost of your premium for the duration of your policy, which could be up to 30 years for term life insurance or even longer for other policies. 

The screening doesn’t have to be scary, though, especially if you know how to prepare. Keep reading to discover our top tips for preparing for your life insurance health screening! 

1. Schedule Your Screening for the Morning 

Some of our medical exam tips are easier than others. Perhaps the easiest and most effective one is this: request your exam in the morning if at all possible. 

Why schedule it for the morning? For one thing, you might have to fast ahead of the examination, and a morning appointment means less time throughout the day you will deal with an empty stomach. For another thing, it’s good for your heart to be as rested as possible, and that’s easier to achieve early in the day rather than in the afternoon or evening when you’ve been working and walking around all day. 

2. Start Living Cleaner ASAP 

If you smoke, drink, or eat fatty foods (or maybe all three), then you’ll want to abstain from these things ahead of the exam. It’s important to do so, but keep in mind this plan comes with a bit of “good news, bad news.” The bad news is that you’ll still have to disclose your past habits to the doctor, and the insurance carrier will still take things like a history of smoking into account when setting your premium. 

The good news is that even living cleaner in the short term (say, two weeks before the exam) can improve your health in ways that may lower your premium, including lowering your blood pressure. And who knows? Even a temporary stretch of cleaner living may help you to quit smoking or drinking, especially if you previously considered kicking these habits. 

3. Drink Plenty of Water 

Most people don’t drink enough water on a daily or weekly basis. But when preparing for insurance health checks, it’s important to drink at least eight glasses of water each day in the week leading up to your exam. 

Why drink so much water? First, it helps to flush unwanted toxins out of your body. Second, your examination is going to require bloodwork, and when you are sufficiently hydrated, it will be easier for the examiner to draw your blood. 

4. Give Yourself a Home Field Advantage 

Our last primary tip for those getting coverage for the first time is nice and simple. Most insurance carriers will allow you to schedule your medical exam where it is most convenient for you. For a variety of reasons, we recommend you schedule the exam to take place in your own home. 

At your house, you are likelier to feel more relaxed, which can help lower your blood pressure and generally reduce your stress levels. Additionally, it’s important to get a full night’s rest before the exam, and you’ll definitely feel more rested if you schedule a morning exam in your own home. If you’re married, your spouse can also help you get prepared for the examination. 

Finally, all of the documentation you may need to present (including a government-issued ID, contact info for your doctors, and paperwork regarding medication and past hospitalizations and treatments) will already be there when you wake up, giving you one less thing to keep track of. 

Protect Your Family with the Best Life Insurance Today! 

Now you know our top tips for your life insurance health screening. But do you know where you can get the coverage that you and your family deserve? 

InsureOne is ready to offer you the life insurance needed to protect your family even after you are gone. If you’re interested, InsureOne makes it easy to get a quote online. Of course, you can also pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to come into one of our nearby offices at your earliest convenience! 

The truth is that there is no magical “perfect time” to buy life insurance. That said, there are certain major events in a person’s life that should make them reevaluate whether it’s time to buy the coverage they’ve been thinking about getting. 

1. Getting Married 

Marriage and life insurance go together like peanut butter and jelly. Why is that, though? It’s simple; the basic purpose of this coverage is to make sure your loved ones are taken care of if you should unexpectedly die. 

Once someone becomes a part of your life, it’s important to make sure they have the financial protection they deserve if you are suddenly taken away from them. By shopping around and finding the best carrier, you can enjoy your “happily ever after” with your partner without having to worry too much about what will happen to them if you are gone. 

2. Getting Divorced 

Sadly, “happily ever after” doesn’t always work out, and far too many marriages end in divorce. And believe it or not, the period after you are divorced is one of the most important times to start looking into life insurance. Why is that? Because your financial obligations may have changed in some fairly dramatic ways. 

For example, if you get the house in the divorce, chances are that you’re not worried about your former spouse ever getting it. But if you want to leave the house to a child, it’s important to make sure that it is paid off. Otherwise, the big inheritance you were planning on leaving your kids may just amount to a big pile of debt. 

With the right life insurance, though, you can make sure the house is paid off. Furthermore, if you are worried about what will happen to your ex and your kids if things like alimony and child support are cut off, you can simply name them as beneficiaries in your policy. 

3. Buying a House 

One of the other major life insurance milestones is something we have already discussed, and that is buying a house. For most people, this is the most expensive purchase they will ever make, and it will take anywhere between 15 to 30 years to pay off the mortgage and truly “own” the home. 

Which means that if you were to suddenly pass away, it could leave your spouse unable to pay for the house on their own. They could end up losing everything that you have worked for so long to achieve. But if you consider buying a home and buying life insurance at the same time, you don’t have to worry about that happening. And you’ll have peace of mind knowing  your spouse and the rest of the family can enjoy growing up and growing old in the house that you always wanted them to have. 

4. Having a Baby 

By now, you’ve probably figured out that life-changing events and insurance are a package deal. And speaking of “packages,” one of the biggest milestones that should motivate you to start shopping for life insurance is having a baby. And the reason for that is that raising a child to adulthood is very, very expensive. 

To put things in perspective, it takes over a quarter of a million dollars to raise a child to the age of 17. That’s a major financial responsibility for two parents to take on, and if you were to unexpectedly pass away, it could easily leave your spouse with major financial struggles as they try to raise a child on their own. 

However, with good life insurance, you can customize exactly how much coverage you need. This ensures your spouse can not only raise your child to adulthood but even cover future expenses like the cost of their college education. Parenthood and life insurance are a must-have combination for any parent! 

5. Getting a Promotion 

It often takes people by surprise that getting a promotion is a major sign they need life insurance. However, consider that for your spouse and/or children, life insurance is there to help replace lost income. If your income suddenly increases, then your family has that much more to lose if you were to suddenly pass away. 

By choosing how much coverage you need, you can account for the post-promotion money your family stands to lose when you die as well as any other costs they will need to have covered. The latter is particularly important if your promotion has led to a more expensive lifestyle. 

6. Retiring from Your Job 

You may not think of old age as the right time to grab life insurance. But whether you are getting coverage for the first time or perhaps renewing old coverage, it’s very important to have a policy in place by the time you retire from your job. 

Retirement planning and life insurance go well together because unless you have saved up a major nest egg over time, your family still has debts and regular expenses you must worry about covering. And once you retire, your fixed income will likely make it more difficult to continue saving. With a life insurance policy from a trustworthy carrier, though, you can make sure your spouse enjoys their golden years without worries or stress after you are gone. 

Get the Best Life Insurance Today! 

Now you know the biggest milestones that prove you need life insurance. But when you’re ready to get the coverage you need, do you know where to find the carrier you deserve? 

Here at InsureOne, we’re always ready to help you protect your family’s future. When you’re ready for coverage, we’re ready to give you a quote online. Care for a more personal touch? You can pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to come into one of our nearby offices at your earliest convenience! 

It’s possible to do so when you buy the right whole life insurance. Unfortunately, many people who could benefit from this coverage hold off on getting it because they aren’t sure if any coverage perfectly suits their lives and lifestyle. 

If that sounds like you, here’s some good news: adapting whole life insurance coverage to your specific needs is easier than you ever imagined. Keep reading to discover the secrets to personalizing whole life insurance and getting the most bang for your buck! 

1. Whole Life Insurance Customization: Choosing Your Level of Coverage 

There are plenty of whole life insurance options available to you, and the first way to tailor coverage to your specific needs is by choosing how much coverage you really need. As with automobile or homeowner’s coverage, the basic goal is to get the financial protection you need without breaking the bank on monthly payments. 

To ensure you have enough coverage, you need to consider all of the major expenses your family would be left with if you unexpectedly pass away. For example, some people want a death benefit that is 10 times their current salary. The logic here is simple: if that person were to die today, their family would receive the equivalent of a decade’s worth of paychecks, and that’s usually enough to square away major debts. 

It’s possible to take other expenses into account as well. For example, if you recently bought a house with your partner, you may want a death benefit large enough to pay off the mortgage so your family won’t be left without a home. If you have children planning to attend college, you need a death benefit that can pay for their education while still leaving plenty for your spouse. 

2. Tailoring Life Insurance to Your Needs Via the Accidental Death Benefit 

It can be morbid to think about, but we can die in many different ways. Not everybody passes away peacefully in their sleep. If you’re worried you might die in an accident, you can tailor your policy by adding an accidental death benefit to the policy. 

As the name implies, this addition to your policy will pay out an additional amount if you die of bodily injury due to an accident. While nobody ever hopes to die in an accident, this addition to your policy ensures that if it happens to you, your family will get all the financial relief they need when you are gone. 

3. Protect Against Disability with a Special Waiver 

As with other products your carrier sells, customizing life insurance policy options is easy to do using special waivers. For example, you can get a waiver of the premium rider that will fully fund your policy in the event that you are affected by a qualifying disability. 

This waiver is important because the death benefit is meant to take care of your family when you are gone. But a major disability can effectively disrupt your income just as much as a fatal accident. With this waiver in place, though, you can ensure that your family still gets the financial protection they need. 

4. Accelerated Benefits in the Face of Chronic or Terminal Illness 

Traditionally, your policy would only pay out when someone dies, which is why it’s called a “death benefit.” However, it’s possible to add an accelerated benefits rider to your policy that will pay out if you are affected by a chronic or terminal illness. 

Such a rider can be very useful because treating chronic or terminal illnesses is expensive, and those affected by them may no longer be able to work. With this rider, though, you and your family can get help dealing with these unwanted expenses. 

5. Life Insurance and Wealth Planning 

While not everybody takes advantage of this, one of the biggest benefits of whole life insurance over term life insurance is that this type of coverage can help with your wealth planning. This can make a big difference each year, especially during tax season. 

For example, families sometimes use whole life insurance policies to help descendants avoid or mitigate major real estate taxes. With the help of a financial advisor, you can even use this policy for charitable giving, helping you establish a legacy that leaves a lasting impact. 

6. The Importance of Finding the Right Carrier 

Customizing whole life insurance policy options is easy, but there is one constant you should be aware of: to have access to the best options for your policy, you need to make sure that policy comes from the best carrier. 

Some carriers are hard to communicate with, and it may feel like they only want to slide you a new bill each month. But by researching the different available carriers, it’s possible to find the right one. Never forget this simple fact: you deserve a carrier that is just as devoted to protecting your family as you are. 

Get the Best Whole Life Insurance Today! 

Now you know the most important things about whole life insurance customization. But do you know where you can find the carrier that offers the communication and customization you deserve? 

Here at InsureOne, we know you deserve someone you can effectively trust with your family’s life. Ready to discover how we can provide the peace of mind you’ve been dreaming of? It’s easy to get a quote online. Or you can pick up the phone and give us a quick call at 800-836-2240. Also, feel free to come into one of our convenient nearby offices.