Life insurance FAQs

Most people realize the value of life insurance but likely don’t know much about it. If you have questions, you are not alone. At Patrick McNealis Insurance and Financial Group in Emmaus, PA, we can help our customers understand life insurance’s value and any questions you may have about it. 

What type of life insurance should I have?

The type of life insurance you should have depends on what you want. Two different types of life insurance are available. Whole life and term life. While they both have death benefits, there are some other differences in what you get with that death benefit. Whole life insurance lasts for your whole life, and it earns dividends. Term life insurance lasts for a specific term. When the term is up, the life insurance ends, and nothing exists. You are paying just for the death benefit. 

How much life insurance do I need?

Life insurance is a personal decision and depends on some very individual facts. These need to be taken into account when determining the amount of life insurance that is needed. 

  • How many people depend on your income?
  • The amount of your yearly income 
  • How many years do you need to provide income for
  • What you can afford

When should you review your life insurance?

Life insurance is not something that stays the same for an entire lifetime. It changes as your circumstances change. The amount of life insurance you need when you are 20 years old may not be the same as when you are 50 years old. Getting married and having children significantly changes your insurance needs. 

Contact Patrick McNealis Insurance and Financial Group in Emmaus, PA if you want to learn more about life insurance and what would be best for you and your dependents.