Life Insurance 101: A New Berlin Family's Guide

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?

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.