5-7x your annual salary is what is recommended. However at Mid-Western Insurance we know that cost is often an issue. We feel it is better to have at least some coverage in place, rather than none at all.

Yes. Premiums paid are based on the age at time of application. If a policy was purchased on a 2 yr old, he/she will be paying the same premium at 40 as they did at the time of application. General rule of thumb…the older you get the more it costs.

Employer provided insurance stays with the employer if you were to ever seek different employment. Employers usually offer term life policies, which means they build no cash value.

Term
Term insurance does not build cash value or equity, so at the end of the term, the policy will have no value. Premiums are generally less than with permanent policies.

If you die during the term, your beneficiary will receive the insurance benefit. If you outlive the term, the policy lapses.

Permanent
Permanent insurance accumulates a cash value, and the policy owner may be able to borrow against it tax-free or use it for retirement or other goals (like education). Premiums are initially higher than for term coverage.

As long as you keep the policy in force, your beneficiary will receive a death benefit. This type of policy costs more because at some point there will be a death benefit paid.

An annuity is a contract between you and an insurance company that is designed to meet retirement and other long-range goals, under which you make a lump-sum payment or series of payments. In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date.

A popular choice for investors who want to receive a steady income stream in retirement.

They stand alone as the only investment that is inherently accorded tax-deferred status. All money invested into annuities of any kind grows tax-deferred until it is withdrawn.

Predictable income you cannot outlive

Protection from investment and market risk.

It depends on how much income you will need. You can tailor an annuity to meet specific timing and family needs, and you will see corresponding changes in your anticipated payments based on what you decide.