Life insurance
Protecting your family
Understanding life insurance
9 min workbook
Why this matters
Life insurance conversations usually start with products. It works better to start with people.
Ask yourself: who would be financially affected if something happened to you?
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Start with people, not products
Who might be affected
- A spouse or partner
- Children
- Aging parents
- Business partners
- People dependent on your income
- People dependent on your unpaid caregiving
Family protection inventory
What life insurance is designed to do
Life insurance can provide a death benefit to beneficiaries, subject to policy terms.
Needs people commonly consider
- Replacing income
- Paying debts
- Housing stability
- Childcare
- Education
- Final expenses
- Business obligations
Term vs. permanent
- Term insurance
- Coverage for a defined term, subject to policy provisions.
- Permanent insurance
- Designed to remain in force longer when policy requirements are met, and may contain cash-value features.
Neither category is universally right. What fits depends on who depends on you, for how long, and what you can sustain.
Employer coverage
Find out
- How much coverage you actually have
- Whether coverage is portable if employment ends
- Who the beneficiaries are
- Whether the amount still fits your household
Beneficiary check
What you've heard vs. what you should know
What you've heard
“Life insurance is only for people with children.”
What you should know
Anyone whose income or unpaid caregiving supports another person may want to consider it.
What you've heard
“My work coverage is enough.”
What you should know
Employer coverage amounts vary and often end with the job. It's worth knowing the amount and whether it's portable.
What you've heard
“I set my beneficiary years ago, so it's handled.”
What you should know
Beneficiary designations can go out of date after a marriage, divorce, birth or death.
Start here
Create a simple family protection inventory: who depends on me, what coverage do I already have, and what financial responsibilities would remain.
30-day WORKWELL challenge
0 of 8Locate all current policies and employer benefits, then review each one.
Reflection
Your next step
Once your inventory is written down, any future conversation with a licensed professional starts from facts rather than guesses.
WORKWELL does not sell insurance. If you want help understanding what you found, just ask.