What You Need to Know About Life Insurance in Pennsylvania

Protect your family for a lifetime with life insurance.

Trying to decide if you need to buy life insurance without all of the facts is impossible. Trying to figure out how much life insurance you need to buy is difficult. The truth is life insurance isn’t about you. It’s about protecting your family and loved ones you leave behind from financial hardship.

What is your life worth? That’s a hard question to answer. To figure it out you need to estimate how much you will make between now and retirement and calculate your monthly expenses. If you were to pass away tomorrow, how big of a financial strain will that place on your family? Having an active life insurance policy in place is the only way to assure that your loved ones will have the financial resources they need to survive after you pass away.

Understanding Life Insurance Types

There are three types of life insurance policies available: whole life, universal, or term life insurance. Before you make a choice, make sure you understand their differences.

Whole Life

Whole life insurance is a form of permanent life insurance that lasts your entire lifetime. This type of life insurance builds cash value over time and is often purchased as an investment. You are not subject to tax payments as it increases in value. You have the option to borrow against it or surrender it for its cash value when needed. If you decide to borrow against the policy, you are required to repay the loan with interest. The biggest benefit of a whole life insurance is the premiums remain the same for the life of the policy.


Universal life is another form of permanent life insurance. Unlike whole life, it offers flexible premiums and costs less.  As your needs change, you can tweak a universal policy to reflect those changes. Another great benefit to a universal life policy is that you can use the interest you earn to pay for the premiums. 

Term Life

Term life insurance is the opposite of permanent life insurance. You can buy insurance for a specific period including 10, 20, and 30-year terms. This life insurance costs much less, but it doesn’t build cash value over time. Once the term expires, you have to repurchase coverage, and in most cases, the premium will increase because you are older.

Reasons to Change Your Existing Life Insurance Policy

Whether you have life insurance already or you are looking to buy coverage, there are times in your life when it makes sense to re-evaluate your coverage. Here is a list of crucial life changes that require a life insurance review:

  1. You get married or divorced

  2. Your family grows - children and grandchildren

  3. You open a new business
  4. You expand an existing business

  5. Your spouse or children’s health needs change

  6. Your health changes

  7. You become a caregiver for a parent or grandchild

  8. You buy a new or bigger home

  9. You want to invest in your children’s or grandchildren’s education

  10. You are concerned about retirement

  11. You refinanced your home

  12. You receive a large inheritance

  13. You have a large estate to account for

Rumbaugh Insurance has been helping Hanover, PA, and surrounding areas with their life insurance needs for years. We’ll help you calculate your life insurance and help you find a policy that protects your loved ones financially. Give us a call today at 717-632-6001 or fill out the form below for more information on Life Insurance.

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