Do You Still Need Life Insurance After Age 65?

One of the nicest aspects of life insurance is that it can be purchased to suit your needs through life’s various stages. A small policy on a child could build equity to help with college expenses.

A large term insurance policy can provide coverage for a young family with growing responsibilities. Does life insurance become less critical as we age, however?

Do you still need life insurance after the age of 65, for example? The answer could be yes.

You may wish to have life insurance to cover final expenses, especially if financial assets are limited. Life insurance proceeds can provide ready access to cash in the event of your death and even help cover any estate taxes.

Some older Americans continue to carry life insurance as a way to benefit their families or leave a nest egg for grandchildren.

As we age, we begin to think about our legacies, and life insurance proceeds can be used to help benefit a non-profit organization or a charity.

Some people prefer to have life insurance for the convenience of those left behind and to make the period following a death just a bit less stressful.

Even if you presently don’t have life insurance, it still may be available to you after the age of 65. Your options may be more limited, and the premiums will likely be more expensive as you age, but acquiring life insurance may still be possible.

It’s been said repeatedly that life insurance is best purchased when young and healthy, when it is at its most affordable. However, it can still be made available to you as you age.

Contact one of our independent life insurance agents with your questions and for a no-obligation price quote. Our network of life insurance companies includes those who specialize in more affordable life insurance for older Americans. Simply by answering a few questions, you could be on your way to securing valuable life insurance coverage. Of course, the final decision remains yours.

Whether it is to cover final expenses, to leave a little something for the grandchildren, or to leave a bit of a legacy,

Why Life Insurance Is Such a Good Bet

For generations, some have viewed life insurance as a form of gambling. The wager is the insured’s premium payments against the face value of the policy. While life insurance obviously isn’t gambling, here are some reasons it is a good bet.

Death is Inevitable

Well, let’s get the obvious out of the way. We are all going to die someday. As long as the premiums are kept in good standing, a permanent life insurance policy will pay benefits.

You are Getting a Large Amount of Protection for a Relatively Small Price

A relatively small monthly life insurance premium can provide many, many times its value in protection.

Permanent Insurance Can Build Value

Not only does a permanent life insurance policy provide protection in the event of the insured’s death, but it can also build value that can be used in emergencies or for opportunities.

Life Insurance Has Additional Benefits

A life insurance policy can also have other beneficial provisions. It could pay multiples of the death benefit should death occur by accident. There may be loss of limbs provisions and payments may be waived should the insured become disabled. Insuring a life may just be the start.

There are a Choice of Life Insurance Programs

Your independent life insurance agent will discuss your current life situation with you and your priorities in protecting your family financially. They can craft a custom life insurance program to fit your needs. It could include term insurance, life insurance, or a combination of products to suit your needs. They can create a program that is affordable.

Peace of Mind Is a Bonus

Along with the above, life insurance is a good bet in part because of the peace of mind it can buy you. You can take comfort in knowing that even in a worst-case scenario, your family is financially protected.

Our independent agents have access to a wide range of insurance companies to shop and compare rates and coverage. Even if you have some health issues or have a high-risk career, they can find a provider to meet your needs. Of course, the final choice is yours.

Contact one of our independent life insurance agents and learn why life insurance can be such a good bet. We look forward to assisting you.

Why Permanent Life Insurance Is Still Popular

There is no question that term life insurance has its appealing aspects. It is easy to acquire and affordable, even in large amounts. Term insurance is an excellent choice for those high-responsibility periods of life, like when you have a young family and a mortgage. There is, however, still a place for permanent or whole life insurance.

On a cost-per-thousand basis, permanent life insurance is generally more expensive than term life insurance. It is still an option for many.

Parents or grandparents will often select a small permanent life insurance policy for young children. This is because permanent insurance can build cash value as the years pass. This can serve as a little nest egg for the child’s first car or the start of a college fund.

A permanent life insurance policy also ensures the policyholder will always have coverage as long as premium payments are kept up. A term policy will expire at some point.

A permanent life insurance policy may also be a good option for those who may have trouble setting money aside. As equity is built up in the policy, the policy can be surrendered for its cash value, or it can be borrowed against, usually at attractive rates. An established permanent life insurance policy with equity is a financial asset that adds to your net worth.

Permanent life insurance policies often contain additional benefits like a waiver of premium or disability benefit. It may pay benefits if the insured loses a limb or vision. It can pay multiples of the death benefit if death should occur by accident. In addition, the cash value built up can be used to extend coverage should the insured no longer be able to afford to pay premiums.

If you would like to know more about permanent life insurance and whether it may be the best option for you, please contact us. We work with a network of companies that offer permanent life insurance, and we can find you valuable options. Contact us today. Discover how a permanent life insurance policy can play a role in your financial future.

Why Everyone Should at Least Have a Small Life Insurance Policy

According to industry statistics, about half of Americans don’t have any life insurance. Of those who do, the average life insurance policy is roughly $10,000. There is an increasing number of individuals who are securing large amounts of life insurance, often in excess of a million dollars.

How much insurance should you have? That can depend on your individual situation, your goals, and your resources. Few would argue, however, that everyone should at least have some life insurance. Why?

Even with the growing popularity of cremation, final arrangements can still cost several thousand dollars. At the very minimum, you will want to make sure these expenses are covered.

In addition, the assets of a deceased person may become inaccessible for a period following a death. Life insurance proceeds are frequently paid out quickly, usually within 30 days. This can often ease cash flow issues following a death.

One of the biggest reasons everyone should have at least minimal life insurance is the value of the peace of mind it can bring. The stress following a death can be significant under any circumstance. Life insurance may not relieve that stress, but at least it won’t contribute to it.

We get many questions about how much life insurance a person should have or even if a person needs life insurance at all. The bottom line is that everyone can benefit from at least a small policy.

You may be surprised with just how affordable life insurance can be. If you consider term insurance, you may be able to secure more life insurance than you expect. Reach out to one of our independent life insurance agents today for a free, no-obligation quote. We can search our network of companies to find a price and policy that can work for you.

Remember, a life insurance policy may never be more affordable than it is today. Don’t wait for a change in age, health, or even employment to make rates more expensive. We look forward to assisting you.

Life Insurance 101: What Everyone Should Know

Life insurance, like real estate and the legal and medical professions, has its own language that can make it appear to be more complicated than it is. If you are unfamiliar with life insurance and some of its terminology, this should help.

There are two basic types of life insurance: term and permanent. Term insurance covers the insured for a specific period of time, typically ten or twenty years. Permanent, sometimes referred to as “whole life,” provides coverage for as long as premiums (payments) are kept up-to-date.

As noted above, premiums are simply another name for the payments made for a life insurance policy.

The beneficiary is the person designated to receive the proceeds of a life insurance policy upon the death of the insured. A pet cannot serve as a beneficiary.

Life insurance companies are generally categorized as stock or mutual companies. These refer to the type of ownership of the company. In simple terms, stock companies are owned by their stockholders, while mutual insurance companies are owned by their policyholders.

There are two basic types of insurance agents: captive and independent. Captive agents are those who only represent the products of a single company. Independent insurance agents represent the insurance products of a variety of companies.

Factors that impact your life insurance costs include your gender, age, health, employment, lifestyle, and more. Generally speaking, life insurance is at its most affordable rates when you are young and healthy.

How much life insurance you should have depends on your situation. Some individuals just carry enough to cover final expenses while others wish to provide for the payment of bills, pay off an existing mortgage, pay for a continued lifestyle, or for children’s education.

Your independent life insurance agent can serve as a resource for your life insurance questions. If you want life insurance explained in plain English, reach out. We will be glad to answer questions and even provide a no-obligation price quote. Discover the affordability and peace of mind that can come with life insurance. We look forward to assisting you.

Buying Life Insurance When You Have the Most Options

When is the best time to buy something? Whether it is real estate, automobiles, gold or silver, or virtually any consumer good, the best time to buy is when you have choices (availability) and the price is attractive. It is pretty simple when you think about it. So when is the best time to buy life insurance?

When you have choices and it is affordable.

Generally speaking, that is when you are young and healthy. The challenge is that you are getting older as each day passes, and your health could change at any time.

The best time could be now.

One of the biggest factors in pricing life insurance is age. Everything else aside, as you age and the years go by, your rates will likely increase.

As far as your health is concerned, you are perhaps one doctor’s visit away from increasing costs. You could be diagnosed with high blood pressure, diabetes, or any one of a myriad of other health issues that could make life insurance more expensive or even difficult to find. The lesson here is that if you are in good health and relatively young, it is far easier and potentially less expensive to acquire life insurance.

You may have more choices of companies to select from; you can select whole life, permanent insurance, or term insurance, and you are likely eligible for a large amount of coverage without being required to take a medical exam. Our independent life insurance agents specialize in offering life insurance choices. They have a network of companies they can choose from, even if your choices may be a little more limited. They get the quotes; you make the final decision.

If you want to buy life insurance at the very best time, it just may be today. Get a no-obligation quote from one of our agents and decide for yourself. More choices are better, and you may never have more when it comes to life insurance than right now. We would be honored to serve you.

Unique Situations That Call For a Life Insurance Quote from an Independent Agent

We have stressed repeatedly how a quote from an independent insurance agent can benefit you. Because our independent agents have access to a large network of companies, you can get more choices, perhaps better coverage, or a lower price. When it comes to life insurance, these benefits can be amplified, especially for those in unique situations. Here are circumstances when getting a quote from our independent life insurance agents can be particularly valuable.

Unique or High Risk Jobs

Those employed in high-risk industries can benefit from access to companies that specialize in this type of life insurance. High risk jobs include those in the lumber industry, roofing, construction, as pilots, and more. If you have found it expensive or difficult to even find life insurance coverage in one of these professions, connect with one of our independent life insurance agents.

Unique Hobbies and Activities

Odds are, if you skydive, mountain climb, or race cars for fun, you may get some pushback from a life insurance company. Our agents can search a variety of companies, some of which are willing to insure those with high risk hobbies. Give us a call.

Unique or challenging Health Issues

One of the main factors that impact your ability to secure life insurance is your health. But even those with diabetes, high blood pressure, or even cancer can still get insurance. Now, in some cases, a physical or medical exam may be required, but it may be able to be done. Contact an agent to get started.

Unique and High Wealth Financial Situations

High-net-worth individuals and those with key positions at multimillion-dollar companies may require ultra-high-value life insurance coverage. One of our independent insurance agents can search to find high-limit policies.

If you are in a unique situation and your job, hobby, lifestyle, or finances are making it challenging to find affordable life insurance, we may be able to help. Contact us to discuss your unique situation today.

Why Term Insurance Is So Popular

When shopping for life insurance, you will be faced with a choice between two broad insurance types. There is permanent, or whole life insurance and then there is term insurance. Permanent insurance provides life insurance for as long as you continue to maintain premium payments in a timely manner. Permanent insurance can also build cash value as the years progress.

On the other hand, term insurance provides protection for a specific period of time, or “term,” and doesn’t generally accumulate a cash value.

In recent years, particularly, term insurance has grown in popularity. Why are so many people choosing term life insurance?

Perhaps the biggest reason term insurance is so popular is that on a cost-per-thousand basis, term insurance is less expensive than permanent insurance. In other words, $500,000 worth of term life insurance will be cheaper than the same amount of permanent insurance.

This is important for a young family with a mortgage, debts, and potential college expenses to cover. That large amount of protection may not be needed once parents become empty-nesters, so a large 20-25 year term insurance policy can cover this critical period.

Another factor is that Millennials and younger have more of a “pay for just what you need” attitude. Many prefer to rent as opposed to buying a home, lease as opposed to buying a car, and enjoy ride-share and scooter services.

Term insurance better allows younger families to afford the coverage they should have.

If your life situation dictates a large amount of life insurance coverage, term life insurance may be your best option.

Contact one of our independent insurance agents to get a no-obligation price quote on term life insurance. Because our independent agents are not captive to one company, they can search a network of providers who offer exceptional term insurance products. You may be pleasantly surprised with just how affordable it can be. As an independent insurance agent, we can search a network of companies to find your best value. Reach out to us today.

Setting a Life Insurance Goal

Many people set a retirement age goal, a savings goal, or a net worth goal. It is also possible to set a life insurance goal. What is a life insurance goal, and how can it be useful?

A life insurance goal is an amount of life insurance you would like to ultimately obtain. You may not achieve it as a young married couple, but it is worth building toward. Here’s how you begin:

Start by determining how much life insurance you would like to have in a perfect world. Include everything, such as final expenses, debts, a mortgage, money for your family to live on, and perhaps even college expenses. This could be a sizable amount.

Contact one of our independent life insurance agents for a price quote on both permanent (whole life) and term insurance. If the premium turns out to be a bit more than you can afford right now, purchase it in chunks.

For example, your overall goal may be a million dollars in coverage. Buy what you can afford right now. It may be $250,000 to $500,000, but it is important to get started. The reason? Life insurance is generally less expensive when you are younger, and in good health. You may not be able to buy the entire building but building the foundation can be important. Eventually as your income improves, you can add more coverage as you go.

Some view life insurance as an all-or-nothing proposition. Quite frankly, it is far better to have some life insurance than none. Our agents have access to a variety of life insurance products that can help you meet your goals while being budget friendly.

If you need help getting started, contact one of our independent life insurance agents. They can shop our network of companies to find some of your best options. The choice from where you go from there is up to you. This is no-cost and no-obligation. Set your life insurance goal and start working towards it today. Our agents look forward to assisting you.

Should You Have Life Insurance? HINT: Ask Your Spouse

The question of whether you should or shouldn’t have life insurance can be an easy one to answer. Simply ask your spouse. Odds are you will get a resounding “Yes!” The reasons may include:

Paying off Debts

Your debts may be taken out of your estate leaving your spouse with less and less. Life insurance can cover these debts.

Less Stress

The death of a loved one is stressful under any circumstances. Financial pressures will only add to that stress.

Maintaining a Lifestyle

Sufficient life insurance can allow your spouse and family to maintain a lifestyle that is comfortable. It can pay off the mortgage, cars, and even provide a nest egg for living expenses.

Child Care

When a young family loses one parent it usually means an increase in child care expenses. Life insurance can help cover these added expenses.

Cover College Expenses

You may have plans to send your kids to college, but the loss of an income earner can sidetrack that goal. Life insurance can help ensure future college expenses are covered.

Provides Access to Ready Cash

Life insurance benefits are usually made accessible relatively quickly and without hassles. This can be a real gift in an uncertain time.

Final Expenses

The fact is final services can be very expensive. Even cremations, which are usually less expensive, can still total in the thousands of dollars. Proceeds from life insurance allows your spouse to make some decisions that can provide comfort for them.

The decision on whether or not you should have life insurance is not complex. Ask your spouse. Now the amount of life insurance you should have may require further discussion. This, too, can involve your spouse. Have a talk about what you would like to see happen following your death. Connect with us for a free quote. If you don’t feel like you can afford the full amount, start somewhere. It is just important to start somewhere. We can help. Reach out to us today to get started.