PERSONAL LIFE INSURANCE PLANNING FOR PUBLIC-FACING LIVES
Kelly Insurance Group provides personal life insurance planning for individuals and families — helping clients identify the right coverage type, the appropriate coverage amount, and the carrier and policy structure that matches their health profile, financial situation, and long-term planning objectives.
UNDERSTANDING THE LIFE INSURANCE OPTIONS AVAILABLE FOR INDIVIDUALS AND FAMILIES.
TERM LIFE INSURANCE
Provides coverage for a specific period — typically 10, 20, or 30 years. The most affordable way to purchase a large death benefit. Appropriate for income replacement, mortgage protection, and covering financial obligations that have a defined end date. Coverage expires at the end of the term if the insured is still living.
WHOLE LIFE INSURANCE
Provides permanent coverage with guaranteed death benefit, guaranteed level premiums, and guaranteed cash value growth. More expensive than term on a per-dollar-of-death-benefit basis, but builds guaranteed cash value over time. Used for permanent insurance needs, estate planning, and situations where the certainty of permanent coverage is the priority.
UNIVERSAL LIFE INSURANCE
Provides flexible permanent coverage with adjustable premiums and death benefits. Cash value accumulates based on credited interest rates. Indexed universal life links cash value growth to a market index; variable universal life links it to investment subaccounts. More complex than term or whole life, with different risk and flexibility profiles depending on the product type.
SIZING LIFE INSURANCE TO YOUR ACTUAL FINANCIAL SITUATION.
A common starting point is 10 to 12 times annual income — enough to replace the income stream the family depends on. High earners with significant assets or low-income-dependent families may need more or less than this benchmark.
Mortgage balances, car loans, student loans, and other debts that the surviving family would need to service should be factored into the coverage calculation alongside ongoing living expenses.
College funding, dependent care costs for children or aging parents, and planned major expenses should be included in the total coverage need — not just current obligations.
Existing assets, savings, other insurance, and a surviving spouse's earning capacity reduce the life insurance need. The gap between what the family needs and what they already have is the target coverage amount.
EXPLORE MORE SPECIFIC LIFE INSURANCE PLANNING RESOURCES.
FREQUENTLY ASKED QUESTIONS ABOUT LIFE INSURANCE PLANNING.
How much personal life insurance do I need?
The most common starting point is 10 to 12 times annual income, but the right amount depends on the specific situation. Key factors include current income, outstanding debts, future obligations such as college funding, the number and age of dependents, and existing assets that would reduce the family's financial need. A life insurance review that models the specific situation produces a more accurate coverage target than any rule of thumb.
What is the difference between term and permanent life insurance?
Term life insurance provides coverage for a specific period and pays a death benefit only if the insured dies during the term. Permanent life insurance — whole life, universal life, and their variations — provides coverage for the insured's entire life and builds cash value over time. Term is less expensive and appropriate for coverage needs with a defined end date. Permanent coverage is appropriate for ongoing needs such as estate planning, business continuity, and guaranteed insurability.
Can I have both term and permanent life insurance at the same time?
Yes. Many individuals carry both — a permanent policy for lifelong needs and a larger term policy for the years when income replacement obligations are highest. The term policy provides affordable coverage during the peak financial exposure years, while the permanent policy serves long-term estate planning or business continuity purposes.
What happens if I become uninsurable after I buy a term policy?
A term life policy with a conversion option allows you to convert the term coverage to a permanent policy without a new medical exam, regardless of any health changes that occur after the original policy is issued. This option is available during the conversion window specified in the policy — typically the first 10 years or until a specified age. Exercising the conversion option preserves insurability that health changes might otherwise eliminate.
How does life insurance get paid out?
The death benefit is paid to the named beneficiary upon the death of the insured, following a claim submitted to the carrier with a certified death certificate. Most carriers pay claims within 30 days of receiving complete documentation. The death benefit is generally income-tax-free to the beneficiary under IRC Section 101(a).
Should I buy life insurance through my employer or independently?
Group life insurance through an employer is typically low-cost or employer-paid, but coverage is usually limited to one or two times salary — inadequate for most income replacement needs. Group coverage also ends when employment ends. An individual policy provides portability and the ability to size coverage to the actual need, independent of employment status.
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REVIEW YOUR LIFE INSURANCE COVERAGE WITH A SPECIALIST.
Kelly Insurance Group helps individuals and families identify the right life insurance coverage for their specific situation — the right product, the right amount, and the right carrier for each client's health profile and financial objectives.
The availability of coverage and eligibility for coverage can depend on numerous factors. We cannot guarantee that all customers, individuals, and businesses looking for coverage will be successful in these efforts when contacting our team. All policy coverages and terms need to be fully reviewed by the respective consumer to ensure the coverage asked for is what is specifically being quoted or provided by any insurance policy. Insurance Policies, Coverage Changes, and their terms and conditions are not bound or altered until written confirmation is provided by one of our licensed team members or underwriters. This page does not offer legal advice, legal opinions, or policy interpretations. Rather, this page is meant as a resource to help provide customers and insurance consumers with additional considerations that may help in their insurance buying or pursuit of insurance information. Kelly Insurance Group does not employ or direct attorneys.
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Disclaimer: Coverage availability and eligibility may depend on many factors, including underwriting review, carrier guidelines, policy terms, state requirements, business operations, risk characteristics, and other information provided during the application or quoting process. Kelly Insurance Group cannot guarantee that every individual, customer, organization, or business seeking coverage will qualify for, receive, or successfully place insurance coverage. All policy coverages, exclusions, conditions, limits, endorsements, and terms should be carefully reviewed by the consumer, insured, or applicant to confirm that the coverage requested is the coverage being quoted, offered, or provided. Insurance coverage, policy changes, endorsements, cancellations, and other policy terms are not bound, changed, confirmed, or altered unless and until written confirmation is provided by a licensed Kelly Insurance Group team member, the applicable insurance carrier, or an authorized underwriter. This page is provided for general informational purposes only and does not provide legal advice, legal opinions, insurance coverage opinions, or policy interpretations. Information on this page should not be relied upon as a substitute for reviewing the actual policy language or consulting appropriate professional advisors. Kelly Insurance Group does not employ, supervise, or direct attorneys.