Generally, we buy Life Insurance for the people we love because we don't want our loved ones to struggle financially while dealing with the loss of a parent, spouse or child. When you buy an individual life insurance policy, you know that your family has what they need to meet personal financial obligations.  Unless you are financially independent, life insurance will allow your family to maintain their standard of living. They won't have to move or stop doing the activities they love.  It provides a safety net to help your partner, and/or children process their grief, without having added additional financial stress. Life Insurance can be used to set up a trust for a disabled child, pay off personal and/or business debt, and protect your assets should someone suffer from a disabling illness.

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Questions To Ask Yourself: 

 

• Could you pay the day-to-day expenses, plus the mortgage, gas, food etc., if your partner were no longer present?
   

• Do you have the resources to pay for the medical and/or funeral bills should tragedy strike suddenly? The average burial of a simple funeral can cost upwards of $8,135), while cremation costs are between $1,000 to $5,000.
   

• Will the life insurance you have from work be able to sustain your family? If so, for how long?
   

• What happens if you leave your employer due to a health issue without securing other life insurance coverage?  What happens to your family then?
  
   

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Things You Should Know When Applying For Life Insurance  

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• THE PROCESS TAKES A WHILE. Some policies can be issued in just a few days while others can take six to eight weeks or even more. Once the underwriter has reviewed the policy, you will be given a final rate.  At that time, you have thirty days to accept the policy or decline it.
   

• DIVULGE A COMPLETE MEDICAL HISTORY. Always provide a complete health history to the application. Life Insurance carriers subscribe to many databases and can find out about criminal histories, past bankruptcies, and health challenges from years ago.  Failure to reveal medical information, including smoking, can mean that the insurer will contest the policy for having falsified your application.  
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• IF YOU HAVE SMOKED IN THE LAST YEAR.  Life Insurance policy premiums for smokers are higher than for non-smokers. The definition of a smoker is someone that has smoked cigarettes, cigars, (12 or more a year), used a Pipe, vape or use e-cigarettes, nicotine gum, and the patch within the last twelve months.   If you smoke Marijuana, you are considered a smoker, but it does not preclude you from qualifying for life insurance.

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How We Assist You

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LSM INSURANCE ASSOCIATES INC. works with over 30+ life insurance carriers.  We are happy to provide you with term, whole life or indexed universal quotes.  More importantly, we take the time to explain how each type of life insurance works and help you make an informed decision. We will walk you through the underwriting process and make sure that you have the right policy going forward.  Contact us for more information.