Minnesota Life Insurance Professionals

For residents of Minnesota, life insurance policy options can be confusing. While it’s important to have good coverage for your family, it’s also important to choose products and policies that are affordable. The right combination of coverage and cost can give your family real peace of mind about the future. Here are some tips to help you make a good decision.

Who needs life insurance?

Conventional wisdom says that the main breadwinner of the family should be covered by life insurance. The reasoning behind that concept is that the breadwinner’s income should be replaced in order for the family to be able to continue with as little disruption to its current lifestyle as possible.

But many families recognize the importance of covering the main caregiver, too, even though that person is often not technically considered to be a breadwinner. The reality is that the cost to hire someone who could perform the same duties 24 hours a day, 7 days a week would be extremely high. So families who are raising young children or caring for elderly relatives need to consider life insurance coverage for the wage earners and the care providers.

Types of life insurance coverage

Term Insurance – Premiums for coverage must be paid on a regular basis, and there is no cash value at the end of the term. Premiums usually increase as the insured gets older. Or if premiums remain stable, the amount of coverage decreases. Usually the least expensive and most affordable type of life insurance, term insurance provides minimum coverage.

Whole Life, Universal Life and Variable Life – These types of policies offer fixed premiums, fixed coverage and a variety of different savings and investment options. Since a portion of every premium payment goes toward the cash value of the policy, there is a cash value remaining at the end of the payment term. As the policies age and gain value, it’s often possible to borrow against them tax-free.

Compare life insurance options

As you can see, because there are so many options to choose from, it can be a real time saver to find an agent who is knowledgeable about a wide variety of insurance companies and products, the expertise to compare and evaluate them, and the integrity to make recommendations based on your family’s needs and financial situation.

Choose experienced life insurance advisors

When you need expert and reliable advice about life insurance, visit one of Faribo Insurance Agency’s 3 local offices: in Faribault, MN…Hastings, MN…or Lakeville, MN. You can also call 888-923-0430, email us or use the Quick Quote Insurance form to ask questions. We’re here to help!