Life insurance FAQs

Life insurance is something that you do for the ones you love. You don’t usually benefit from it, but there is a certain satisfaction and peace of mind in knowing that the ones you love won’t be poverty-stricken if something happens to you. At Johnsen Insurance in Baraboo WI, we know that life insurance is essential coverage most people don’t know a whole lot about. We are here to answer the questions you may have today and every day. 

Is it possible to be too old to buy life insurance?

Not if you have someone dependent on you or want to leave a legacy to your grandchildren or great-grandchildren. It may not be the best investment, but having said that, it is risk-free, so it may be something you feel comfortable buying. Some people buy life insurance to make sure their final expenses are paid for, which is another good reason. 

Do you need to buy life insurance if you get some as an employment benefit?

Yes, you do. Your life insurance from your employer is a great benefit, but consider the possibility that you leave that employer or get sick and cannot work. What then? It is always best to have personal control over your protection. You know better than your employer how much life insurance you need. 

How much life insurance do I need?

How much you need depends on what your income is and who depends on that income. You need to figure out how many years of your income you need to provide and that will give you a basic figure to build your insurance portfolio on. You want to balance that with what you can afford. 

To discuss your life insurance needs, call Johnsen Insurance in Baraboo WI. We are here for you. 

 

Top 5 Reasons Why You Need Life Insurance

Most people associate life insurance with death. While it’s true, life insurance is more than death. We have many financial milestones to prepare in advance in this life, like buying a home, paying for college, and retirement savings. On top of these planned expenses, unexpected events also happen, which can drain you financially if not well-prepared.

Life insurance is one way of building up your financial security to protect your loved ones. That said, there are many reasons why you should purchase life insurance from Johnsen Insurance in Baraboo, WI.

It’s a sound financial plan

Lack of enough coverage results in harsh consequences for many families, especially if the primary breadwinner dies. But with life insurance and such occurrence, the policy will help the family pay important financial needs like college fees, living expenses, or even death expenses.  

It pays off debts

Most people accumulate some debt in their lifetimes, such as student loans or mortgages. When one dies, this debt can burden the family or their heirs. Life insurance clears these debts in such cases. 

Gives extra support in retirement 

There are several ways to prepare for retirement. Life insurance is one way. It can provide one with supplementary income through withdraws, policy loans, or long-term care benefits.

It protects your business

Running a business does not come easy. You do not want your legacy to go down after your death. That’s why life insurance is there to protect your legacy.

It gives peace of mind

While no one wants to think about their death, it’s inevitable. Life insurance gives you peace of mind knowing that your loved ones are taken care of in the event of your death.

Life insurance in Baraboo, WI 

Life can veer from the finest plans to the worst unplanned events. And that’s why having a sound life insurance plan is crucial for everyone with a dependent. If you are looking for life insurance in Baraboo, WI, and its environs, look no further than Johnsen Insurance. Contact us today for an affordable quote.

Do I need life insurance after I retire?

If you haven’t thought about life insurance, what are you waiting for? If you have someone who counts on you, life insurance isn’t optional. It is a necessity. Many factors go into the amount and type of life insurance that is right for you. Having an insurance agent that you can go to with your question makes the process so much easier.

Life insurance is something that has a place at every time of your life. As retirement starts to approach, you may be looking at ways to reduce your expenses, especially if you live on a decreased income. Deciding whether you should keep life insurance or if you need to purchase life insurance after you retire may be on your mind. Life insurance after your retirement is very much like life insurance at any other time in your life. To determine if you need it or not, you need to ask yourself a few questions. 

Who depends on you to support them?  If you have a dependent spouse or child who will need your retirement income to maintain their lifestyle, this is something to consider. Do you still have a mortgage or any serious debt?  You don’t want to leave your family to take care of these. How much savings do you have?  Is there enough to cover your final expenses? 

If you have planned well for your retirement, you may not need life insurance after you retire. You may no longer need the protection it provides. Talking to your independent insurance agent before you actually retire is probably a good idea. 

When you are ready to discuss your life insurance needs, contact Johnsen Insurance in Baraboo, WI. Johnsen Insurance in Baraboo, WI was founded in 1965, and our goal is to build a lasting relationship with all of our customers.

How much life insurance is enough

Some people might say that there is no such thing as too much life insurance. While the beneficiaries might think that was the right answer, those that have to pay the premiums on the life insurance may have a different viewpoint. Life insurance should be balanced. It must provide for those who are left behind being affordable. Life insurance is different for everyone, and finding the perfect balance takes a lot of time and effort. With an insurance agent like those at Johnsen Insurance in Baraboo, WI, it is much less stressful. 

Trying to figure out how much life insurance is enough requires a lot of thought. When you are young, you only need enough life insurance to pay for your final expenses and for any debt that you may have. Unless you have family members who count on your income to survive, it is pretty simple. It gets a little more complicated when you are responsible for someone, whether it is a spouse, a partner, or a child. You need to figure out how many years you need to supply support and how much that support is per year. That is the figure you need to shoot for. 

Suppose you want to provide a mortgage-free home or a college education, that requires additional insurance. Those in the know suggest between 7 and 10 years’ worth of salary. You will need to weigh this figure with the premiums for the coverage today to see if you can maintain this level of life insurance. 

Don’t stress about what you don’t know about life insurance. Give the office of Johnsen Insurance in Baraboo, WI a call or stop in to talk to one of our experienced insurance professionals about how much life insurance is enough.