Life insurance can cover virtually any type of expenses, such as:

Immediate Expenses

• Funeral and burial costs

• Uncovered medical expenses

• Mortgage or rent

• Car loans

• Credit card debt

• Taxes

• Estate settlement costs

Ongoing Expenses

• Food

• Housing

• Utilities

• Transportation

• Healthcare and Insurance

• Continuing a family business

Future Expenses

• College costs

• Retirement

Every business has risk. Insurance can help you recover when something goes wrong. If you suffer a property loss, such as a fire or theft, insurance will help get you back to running the business. If you have liability issues - think about everyone else and should someone sue you, legitimate or not, insurance will help defend you and pay claims. Proper policies will give you peace of mind.

The price of life insurance depends on four main factors: your age, your health, the type of policy and how much coverage you buy. In general, you’ll pay less the younger and healthier you are. You also typically pay less for a term life policy than a permanent life policy.

That said, don’t let your age or health status discourage you from considering life insurance. There are policies available for people of any age as well as those with high blood pressure, diabetes and a smoking habit. (Just know that you’ll generally pay more for your policy if you’re in poor health and/or smoke.)

Still wondering the answer to the question of how much does life insurance cost? If so, here’s a working idea:

A healthy 30-year-old can get a $250,000 20-year level term policy for just $13 a month.

That means that if you purchase that policy and pay the $13 a month without fail, your loved ones would get $250,000 if you were to die at any point during those 20 years.

Absolutely! It's a cost of doing business. You'll want to understand what kind of payment options the carriers offer. When you are just starting out, be sure to keep business and personal expenses separate. This will help in determining your business assets to establish the proper coverage.

Yes! Even if you are in your living room running your business and you have very few assets, there are policies designed just for you. The most common is the BOP - Business Owners Policy.

A great starting point is to consider 7-10 times your income. However, there are many variables that can offset that need based on individual circumstances, including potentially coverage you may have from a workplace. While there are many online "Calculators" to help determine the amount of coverage you may need, there is no right or wrong answer to the question.

One could argue that some insurance is still better than no insurance. Think of life insurance as a tool to "buy time" for your loved ones. The more insurance you have, the longer they have to be able to adjust to the new realities and be able to continue their plans without financial hardship.

A Business Owners Policy typically covers:

• Property Damage - a bit like your homeowner's policy, covers damage to your location whether you own or lease, equipment, inventory and any fixtures or furnishings you may own.

• Business Interruption - what if you can't operate out of your location because of a covered loss? This helps protect your revenue stream.

• Liability - Covers damages and defense costs if you are sued or held liable for accidental bodily injury or property damage arising from a covered loss.

Everyone's plans for the future change over time, giving reason to periodically review your insurance coverage to ensure its still providing adequate coverage for your needs. Life changes happen, such as a marriage, welcoming a new child, or even entering retirement. All of these are good reasons to review your needs and current coverage.

Some life insurance policies, in particular permanent life insurance products, offer a tax-deferred and potentially tax free cash accumulation vehicle along with potentially other benefits. This cash accumulation can be used later in life to help pay for any expenses or help supplement retirement. Other benefits or riders can include coverage to help pay for long-term care expenses. While considered more expensive than term life insurance, there are also many additional benefits that can be harnessed through a permanent life insurance product.

Coverage depends on your business and your unique risks. We do a thorough assessment of what your needs may be and put together our recommendations. At a minimum, you would want the BOP, business owners policy, to provide business property and liability coverage.

Discuss with your agent, talk through what your business does and how your company works thoroughly. This will help assess your liability needs.

Yes! You and your agent should develop a strong relationship. As your company needs change and you grow, your agent should grow with you. Someone who understands what you do and knows you will be the best partner in your risk management. Work with an agent who has experience specifically in working with businesses. Our business insurance specialist has been in the industry for over a decade and has worked in risk management.

Each policy will be different. Some tips to keep costs down - do an annual risk assessment, identify ways to make safety a priority, and be as detailed as possible.

They likely will! This is why developing a strong relationship with your agent is important. At Star Insurance, we consider our clients our partners and we will be there all year long for you.