INSURANCE >> LIFE

What is life insurance? Life insurance is protection against financial loss resulting from death. It is an insurance company's promise to pay your beneficiary a specific amount of money when you die in exchange for timely payment of premiums. Life insurance also has estate planning implications you should consider. Should I have insurance on my child?

Why do I need life insurance? Although you may not think about it, your ability to earn income is a significant asset and life insurance helps replace lost income in the event of your premature death. Here are some reasons people buy life insurance.

The death benefit may be used:

• To replace income the family would need to maintain their standard of living after the death of a wage earner.
• To pay off a mortgage loan and other personal and business debts or to create a rent fund.
• To create a fund for children's education.
• To pay final expenses, such as funeral costs and taxes.
• To create a family emergency fund or a fund for a family member with special needs.

What amount do I need? You need to consult with our insurance agent to determine the best coverage for your needs. Generally you need cash needs that exceed your available assets can be covered by life insurance.

What type do I need? There are many types of life insurance programs. Choosing the one that best matches your needs depends on many factors. We've provided some information here to prepare you in making that decision.

Business owners should consider business key person insurance to protect against loss of someone vital to your company success.

At My Twin Cities Home we will search a variety of companies to try to get you the best policies for your needs. We work with lots of different providers so you have a great selection of what is available in the marketplace.