Life Insurance

The simplest way to answer this is to ask: would anyone who depends on you financially struggle if you were gone? If you have a spouse, children, aging parents, a mortgage, business partners, or anyone relying on your income, the answer is almost certainly yes. Life insurance exists to replace your financial contribution when you no longer can. Even if you have no dependents, a policy can cover final expenses (funerals average $8,000–$12,000) and any outstanding debts so your family isn't left with bills. If someone would suffer financially from your death, you need life insurance.

Life insurance is a contract between you and an insurance company. You pay a regular premium — monthly or annually — and in exchange, the insurer pays a lump-sum death benefit to your named beneficiaries when you pass away. The death benefit is generally income-tax-free to your beneficiaries and can be used for anything: replacing your income, paying off the mortgage, covering college tuition, paying final expenses, or simply providing financial security. The amount of your premium is based on your age, health, the type of policy, and the amount of coverage you choose.

Term life insurance covers you for a specific period — typically 10, 20, or 30 years. It's straightforward: you pay premiums, and if you die during the term, your beneficiaries receive the death benefit. If you outlive the term, the coverage ends. Term is the most affordable type of life insurance and is ideal for covering temporary needs like a mortgage, raising children, or income replacement during your working years. Whole life insurance covers you for your entire lifetime as long as premiums are paid. It also builds cash value over time that you can borrow against. Whole life premiums are higher, but the coverage never expires and the premium never changes. The right choice depends on your goals — Brad can walk you through both.

Universal life (UL) is a type of permanent life insurance that offers more flexibility than whole life. Like whole life, it covers you for life and builds cash value. Unlike whole life, universal life lets you adjust your premium payments and death benefit within certain limits as your financial situation changes. The cash value in a universal life policy grows based on current interest rates (traditional UL) or market performance (variable or indexed UL). Universal life is often used for estate planning, business succession, or as a long-term savings vehicle alongside lifetime coverage. It tends to be more complex than term or whole life, so working with an agent like Brad who can explain the trade-offs is important.

The most common rule of thumb is 10–12 times your annual income. So if you earn $60,000 per year, you'd look at $600,000–$720,000 in coverage. A more precise method is the DIME formula: add up your Debts, multiply your Income by the number of years your family needs support, include your Mortgage balance, and estimate future Education costs for your children. The right number is different for everyone. Brad can help you work through your specific situation to find a coverage amount that gives your family real protection without overpaying for more than you need.

Usually not. Most employer-provided group life insurance offers only 1–2 times your annual salary — far below the 10x recommendation. More importantly, group coverage is tied to your job. If you leave, get laid off, or your employer changes benefits, your coverage disappears — often at exactly the time you might need it most. Individual life insurance you own is portable and guaranteed renewable regardless of changes in your employment or health. The smart approach is to use employer coverage as a supplement, not your primary protection. Brad can help you figure out how much additional individual coverage makes sense on top of what you have at work.

Much less than most people think. Industry research consistently shows that consumers overestimate the cost of life insurance by nearly 3 times the actual price. A healthy 35-year-old can often get a 20-year, $500,000 term policy for $25–$35 per month. Permanent policies cost more, and premiums depend on your age, health, tobacco use, coverage amount, and policy type. The most important thing to know: the younger and healthier you are when you buy, the lower your premium — and it stays locked in for the life of the policy. Waiting costs money. Call Brad for a free personalized quote.

It depends on the policy type and coverage amount. Traditional fully-underwritten policies require a medical exam — typically done at your home by a nurse or technician and covering height, weight, blood pressure, and blood/urine samples. These policies offer the best rates for healthy applicants. Simplified issue policies skip the exam but ask health questions on the application. Guaranteed issue policies require no exam and no health questions — anyone in the eligible age range is approved. Guaranteed issue policies carry higher premiums and lower benefit limits, but they're an important option for people who can't qualify otherwise. Brad can match you with the right underwriting approach for your situation.

Yes, in most cases — though the terms may vary. Many health conditions result in a higher premium (called a "rated" policy) rather than outright denial. The insurer is assessing additional risk, not automatically refusing coverage. Some well-managed conditions like controlled diabetes, high blood pressure, or a history of certain cancers can still qualify for standard or near-standard rates depending on the carrier. Because different carriers evaluate risk differently, working with an independent agent like Brad — who shops multiple companies — gives you the best chance of finding coverage at a fair price. Even if you've been declined before, it's worth exploring options with a different carrier.

A beneficiary is the person or entity who receives the death benefit when you pass away. You'll name a primary beneficiary (first in line) and typically a contingent beneficiary (backup if the primary predeceases you). Beneficiaries can be a spouse, children, other family members, a trust, a charity, or a business. Your beneficiary designation on a life insurance policy overrides your will — so keeping it current is critical. Major life events like marriage, divorce, the birth of a child, or the death of a named beneficiary are all reasons to review and update your designation. Brad can help you think through the right structure for your family situation.

Cash value is a savings component found in permanent life insurance policies (whole life, universal life). A portion of each premium payment goes into a cash value account that grows over time on a tax-deferred basis. You can borrow against it, withdraw from it, or use it to pay premiums later in life. Cash value builds slowly in the early years and accelerates over time. It's not the same as the death benefit — borrowing against it without repayment reduces what your beneficiaries receive. Cash value makes permanent life insurance more versatile than term, but also more expensive. It's a useful feature for long-term financial planning, retirement income supplementation, or estate planning.

Riders are optional add-ons that customize your policy. Common riders include: Accelerated Death Benefit — lets you access a portion of your death benefit while still alive if diagnosed with a terminal illness; Waiver of Premium — waives your premiums if you become totally disabled and can't work; Child Term Rider — adds coverage for your children at low cost; Return of Premium — refunds what you paid if you outlive a term policy; and Guaranteed Insurability — lets you buy additional coverage in the future without a new medical exam. Not all riders are available from every carrier. Brad can identify which riders make sense for your specific goals and budget.

Life insurance companies can deny claims in a few specific situations: the policy lapsed due to unpaid premiums; the death occurred during the contestability period (typically the first 2 years) and material misrepresentation was found on the application; the cause of death was explicitly excluded from the policy; or in rare cases, suicide within the first 1–2 policy years. Outside of these scenarios, life insurance pays. Honest, accurate answers on your application are essential — misrepresentation is the most common reason legitimate claims get denied. Brad walks every client through the application carefully to make sure everything is documented correctly.

Final expense insurance (also called burial insurance) is a small whole life policy — typically $5,000 to $25,000 — designed to cover funeral costs, medical bills, and other end-of-life expenses so your family isn't left scrambling for money during an already difficult time. Funerals in Wisconsin average $8,000–$12,000. Final expense policies are popular with seniors aged 50–85 who may not qualify for larger traditional policies. They are typically guaranteed issue or simplified issue, require no medical exam, and premiums are locked in for life. Brad specializes in final expense coverage and can help find the most affordable option for your age and health profile. Learn more on the Final Expense page.

Mortgage protection insurance is a type of life insurance specifically designed to pay off your mortgage balance if you die before it's paid off — so your family keeps the home. Some policies also include a disability or job loss rider that covers mortgage payments if you're unable to work. Unlike private mortgage insurance (PMI), which protects the lender, mortgage protection insurance pays your family directly. It's a focused, straightforward solution for homeowners who want peace of mind that their family won't lose the house. Learn more on the Mortgage Protection page.

Possibly — and buying now while you're young and healthy is the smartest financial move regardless. Even without dependents, life insurance can cover final expenses, co-signed student loans, or provide for aging parents who may rely on you. More importantly, locking in a policy today means locking in your current health rating and a low premium that stays fixed for the policy's life. If you wait until you're married with kids and a mortgage, premiums will be higher — or a health change may make you uninsurable altogether. Think of buying life insurance young as an investment in your future insurability.

Yes — permanent life insurance policies with cash value can serve as a supplemental retirement savings vehicle. The cash value grows tax-deferred, and you can withdraw or borrow against it in retirement without triggering ordinary income taxes in certain scenarios. This is not a replacement for a 401(k) or IRA — those should be maximized first — but for high earners who have maxed out other retirement accounts, a permanent life policy can add a tax-advantaged layer of retirement income. It also provides a death benefit alongside the savings component. This strategy is more complex and not right for everyone, but Brad can discuss whether it fits your financial picture.