Do I need Connecticut Life Insurance? 
Life insurance can be a sensitive topic for many Connecticutians. No one likes to think about their own untimely or unexpected demise. Nor are most people fond of discussing the unfortunate loss of their loved ones, but discussing life insurance can be a vital part of any family’s financial planning. There comes a time when most of us must consider what will happen when we go, and how to best provide for the ones we love. The right Connecticut life insurance policy can dramatically help reduce the financial strain families often encounter in the wake of a family loss. Yet when it comes to such an important financial management strategy, research shows that many Connecticutians aren’t planning correctly.
Who needs life insurance?
Truthfully, not everyone needs life insurance, especially Connecticutians without dependents. The fundamental purpose of Connecticut life insurance is to help individuals provide some element of financial security to their family members after their passing. For this reason, single individuals may not really need a life insurance policy if they have no one depending on them for financial support. Individuals with high savings and financial assets may require less life insurance if their liquid assets are ample enough to cover their family’s expenses.
How much life insurance do I need?
When secured properly, Connecticut life insurance will help families mitigate funeral fees, medical expenses, lost income, debt and other cumbersome financial burdens. The commonly held rule of thumb for securing a Connecticut life insurance policy is to attain eight to ten times their annual income in insurance coverage. However, the more financial resources your have, the less insurance you would likely need. The reverse is also true. Families with small savings and assets often take the hardest hit when faced with a death in the family.
Are there different policies?
There are two primary types of life insurance policies that Connecticutians can secure. The first are protection policies which, like other personal insurance policies, are designed to provide lump sum claim settlements in the event of a specified event such as death or serious illness. Term life insurance is a protection policy which provides coverage to the policy holder for a specified period of time. The other type of life insurance is a permanent policy, which combines a traditional settlement with a savings component designed cultivate invested capital for the financial gain of the policyholder throughout their life.
At Sinclair Risk and Financial Management we specialize in helping our clients manage their assets and funds. We offer comprehensive financial planning services paired with comprehensive personal insurance products to provide our clients with the best solutions to protect themselves, their loved ones, and all their assets. Give our specialists a call today at (877) 602-2305 to learn more about all our services.