The Who? What? When? Where? Why? How? of Life Insurance

Whether it’s about protecting your loved ones or the business you’ve built with your own hands, a Farm Bureau life insurance policy can give you peace of mind if something were to happen to you. This is why we have answered some essential questions that you may have about life insurance.

Who needs life insurance? Just a few examples of people who often answer “yes” to the question of “Should I get life insurance?” include married or partnered couples, married or partnered couples with kids, single parents, stay-at-home parents, empty nesters, retirees, and business owners. *

What is life insurance? There are two basic types of life insurance: 

Temporary Coverage: If you only need protection for a specific period of time, consider a Farm Bureau term life insurance policy. 

With a term policy, you can protect your mortgage, fund your buy-sell agreement, and provide collateral for your loan. These policies allow you to pay a set premium that will not increase until your term duration is complete. These policies may allow you to convert to a permanent policy without underwriting. 

Coverage For Your Whole Life: Ensure your family, business, and debts are protected no matter how long you live with a Farm Bureau Whole Life policy. 

With Farm Bureau whole life insurance policies, you can select from a single premium policy or a policy that could continue to receive payments up to age 100, or somewhere in between. 

Receive guaranteed coverage as long as you live. If you pay your premium (and any outstanding loan interest), we guarantee a death benefit even if you live to be 120. If you want to stop payments, you can use the reduced paid-up feature and secure a guaranteed death benefit.

Where do I get life insurance? Call or email our agency. You can find our contact information on our Facebook page or our website.

When should I get life insurance? If someone depends on you financially, you are most likely someone who needs life insurance. *

Why do I need life insurance? Life insurance is intended to provide financial security for individuals or entities that are dependent on someone else's continued ability to provide income. 

Most people buy life insurance to replace lost income, but it can also be used as collateral for: 

• Debt 
• Providing needed income to carry on a family business 
• Paying final expenses 
• Protecting the transfer of your estate to others (by providing funds needed to pay taxes) 

How much life insurance do I need? Life insurance amounts will depend on your specific situation (annual income, debts, family, etc.).  Connect with us and we can help you determine how much coverage you will need.  

Do not hesitate to reach out to our agency if you have additional questions.

*Reference: https://lifehappens.org/life-insurance-101/