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Life Insurance FAQs


  1. How much insurance do I need?
  2. What type of insurance is best for me - term, whole or universal?
  3. Do both spouses need life insurance?
  4. Do I need a personal life insurance policy if I have group coverage through work?
  5. Do I need life insurance if I'm single and have no family depending on me?
  6. Do I need life insurance for my child?
  7. Do I need life insurance if I'm a senior?

  1. How much insurance do I need?

    In general, you want enough insurance to cover your family’s financial needs, such as mortgage, outstanding debt, education funding and final expenses if you should die. Learn more on the Life page or access our life insurance needs calculator. External Link


  2. What type of insurance is best for me - term, whole or universal?

    Term insurance is intended to protect your family for a given time period.  Term rates tend to be some of the most affordable at a stage in life where budget is a concern.  Whole Life and Universal Life policies provide permanent coverage.  These policies have higher premiums however because they build cash value in order to provide an estate for your family or possibly even emergency funds later in life.


  3. Do both spouses need life insurance?

    In nearly every family, yes.  The fact is that a life policy only covers the person who owns it.  In most cases, there would be a significant change in lifestyle if either spouse dies.  A life policy for each spouse assures that, in case of a premature death, the family left behind is able to maintain their lifestyle.


  4. Do I need a personal life insurance policy if I have group coverage through work?

    Group policies are a great benefit for employees but are generally only in force while you are employed with that company.  So, if you leave the company or retire, you may be without coverage.  Therefore, a personal life policy assures adequate coverage regardless of your employment and may provide coverage after retirement when you are older, which often means significantly higher premiums.


  5. Do I need life insurance if I'm single and have no family depending on me?

    Quite possibly.  While you may not have a spouse or family depending on your income to get through life, you may have debts and final expenses that someone will be responsible for.  Also, if you are a younger single person, you have the advantage of being more insurable and, therefore, can get much better rates or take advantage of a whole life or universal policy which can build significant cash value over the years.


  6. Do I need life insurance for my child?

    There are great advantages to purchasing a policy for a young child.  While the loss of a child does not result in a loss of income, there are final expenses, a cost that continues to grow, and can, therefore, cause financial strain.  Also, a child is at his or her most insurable stage, which assures low premiums for a long period of time and will prepare them for a more financially secure future.  They can also take advantage of a whole life or universal policy which can build significant cash value over the years.


  7. Do I need life insurance if I'm a senior?

    Life insurance can be a very valuable tool for seniors preparing for the future.  Usually in later years, dependent children, mortgage and other debt is gone.  However, you must consider your spouse or family who may still rely on support from you and will be responsible for your final arrangements.  A life policy can also help supplement any social security benefits that you and your spouse receive.


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Policies issued by COUNTRY Life Insurance Company® and COUNTRY Investors Life Assurance Company®, Bloomington, IL. Coverage not available in all states. Read our full disclaimer.

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