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Life Insurance 101: A New Berlin Family's Guide
Updated: Aug 22
Frequently Asked Questions
What is the best type of life insurance for families?
For most families, term life insurance offers the best value. It provides maximum coverage for the lowest premium during your highest-need years, such as when you have a mortgage, young children, or other financial obligations.
At what age should I buy life insurance?
The best time to buy life insurance is when you are young and healthy, as premiums increase significantly with age and health conditions. Many financial advisors recommend purchasing coverage in your 20s or early 30s.
Can I have life insurance through work and also buy my own?
Yes. Employer-provided life insurance is a great benefit, but it typically offers only 1-2 times your salary and ends when you leave the job. A personal policy provides additional coverage that stays with you regardless of employment.
What happens to term life insurance when the term expires?
What is key person insurance, and does MM Insurance offer disability coverage too?
Key person insurance is a life insurance policy a business takes out on an essential employee or owner, paying the business a death benefit to cover the financial impact of losing that person. MM Insurance also offers disability insurance, which replaces a portion of your income if you become unable to work due to illness or injury.
For the full picture of life, key person, and disability coverage, see our Life, Key Person and Disability Insurance page.
When a term policy expires, your coverage ends. Some policies offer a conversion option that lets you switch to a permanent policy without a new medical exam. Otherwise, you would need to apply for a new policy, likely at a higher premium.
Does MM Insurance help with estate planning through life insurance?
While we are not estate planning attorneys, we work closely with your financial and legal advisors to ensure your life insurance coverage supports your estate plan, including setting up policies for estate tax liquidity and wealth transfer.
Honestly, sitting down to read this guide was super eye-opening for our household. When you have kids running around, thinking about the future isn't always fun, but breaking it down like this really helps put things into perspective. What stood out to me the most was realizing that safeguarding our financial safety net goes way beyond just a standard death benefit. Adding a solid Disability Income rider or policy into the mix is seriously such a game changer because let's be real, getting hurt and being unable to work can happen way before anything else. It totally makes you rethink your options and pushes you to lock down the right coverage sooner rather than later. Definitely a must-read for any…