Life Insurance Is Not About You

As you can imagine, we talk to a LOT of people about life insurance. One of the most common comments we hear has something to do with “Why should I get life insurance? I’ll be dead anyway!” Sometimes it is said in jest, followed by a chuckle. There are times, however, when the comment is made with a sense or seriousness.

Alright. We get it. The thing to consider, however, is that life insurance is not about you. It was never intended to be about you. Sure, it may make you feel better and give you peace of mind, but buying life insurance is about those left behind.

It is so those who care the most about you won’t have to worry about how they will manage paying for final expenses. It can serve to help your family stay in their home and continue to live life without struggling. It may help clear debts and pay off students loans, a car or a mortgage. Life insurance may even provide a path for your children to still be able to attend college in your absence.

Yes, life insurance can be one of the greatest gifts you leave your family, but like most gifts, it is not about you.

Life insurance can provide relatively quick access to cash following a death. Life insurance has certain tax benefits not provided by other assets or funds left in an estate. It may help your family keep a business going or provide for the time needed to sell it. Should you decide upon whole or permanent life insurance, a life insurance policy may even build value through the years. This is value that you may be able to access in an emergency.

We encourage you to contact us to talk about giving your family the gift of life insurance. We can start with a review of any current coverage you may have and the level you would like it to be. It is important to keep in mind that life insurance is at its least expensive when purchased when young and healthy so don’t delay.

Our independent insurance agents can do the shopping for you, getting quotes from multiple companies. The final decision, of course, is yours. While it is true you may not be here when your life insurance is needed the most, but life insurance was never about you. It is a gift for those you love.

Four Needs Life Insurance Can Help Fulfill

Life insurance needn’t be complicated. Especially if you have the assistance of an experienced independent insurance agent to work with. They can help explain the details of any policy you may be considering. Before you get to the details, however, it can help to determine the role life insurance will play in your life and that of your family. This can be relatively simple, and will impact just how much life insurance you may require.

To Cover Final Expenses

Some may decide that just having enough life insurance to cover the costs of final expenses may be sufficient. Among those costs would be expenses involved in a funeral and perhaps even final medical bills. This frequently will be a modest amount of life insurance.

Clearing Debts

Along with covering final expenses, you may decide to acquire enough life insurance to cover any debts you may leave behind. This can help your estate from being diminished by debts. These debts should include credit cards, car loans, mortgages and even student loans. This can increase the amount of insurance you need significantly but will be extremely valuable to those you leave behind.

A Financial Safety Net

Once you’ve covered final expenses and debts, you may choose to provide for the financial security of your family. This may include enough to provide income for several years, a nest egg and even funds for college expenses for children. For some, this is the ultimate goal in the acquisition of life insurance.

A Financial Asset

A whole life insurance policy may not only provide financial protection upon a death, but it may also become a financial asset as years pass by. This is because whole life insurance policies can build value that increases the longer they are kept in force. This is an asset that can be used in emergencies or for opportunities. Cash values of life insurance policies can be used to help pay for college or serve as part of a retirement fund. Some young marrieds will buy whole life insurance not only because they need the protection, but they may have difficulty setting aside savings. The “forced savings” of a whole life policy may be very helpful for them.

To talk about your situation and how life insurance can best help you, contact one of our independent insurance agents. The can compare rates and policies from multiple companies in the search to find you the best value for your circumstances. Life insurance doesn’t have to be complicated. Certainly not with the help of our independent agents. Contact us today.

Term Insurance: Big Protection at Affordable Rates

There will likely be periods in your life when your financial responsibilities increase to the point where acquiring a significant amount of life insurance would be prudent. When you are expecting to become a parent, for example. You not only have to be concerned about your own individual financial health, but will want to ensure your child is financially taken care of, possibly even including college.

When you get married, your responsibilities will probably increase and taken on a mortgage for a home will also create a need for significantly more life insurance. Should you go in business for yourself or with a partner, your financial responsibilities also increase. These are all times when term insurance could play a significant role.

Term insurance is a form of life insurance that provides coverage on the insured’s life. It provides this coverage only for a specific time period. For example, should you purchase a home with a 30 year mortgage, you may acquire a 30 year term life insurance policy.  If you have a child, a 20 or 25 year term policy would cover you until they would reach adulthood.

Term life insurance is so valuable in these situations because it can be significantly less expensive on a per-thousand basis than whole life insurance. When young and healthy, a significant amount of term life insurance can be surprisingly affordable.

If you are in or entering a “high-responsibility” portion of your life, it is time to consider getting life insurance in the amount your family deserves, and we can help. As independent agents, we offer life insurance protection from multiple companies. These are  respected companies we are familiar with and have relationships with. We provide them your basic information and they will generate a quote for you. You choose the company, coverage and premium that suits your situation and your budget. There’s no obligation to discuss your potential life insurance needs and to get a quote. Just contact us today and answer a few simple questions. Soon, your family can have the protection it needs and you will have the peace of mind you deserve.

Funerals, Life Insurance and Flowers

It is no secret that funerals today can costs into the thousands, and in some cases, tens of thousands of dollars. many believe this has led to the increase in cremations in recent decades, to the point where cremations now exceed traditional burials in popularity. Even a cremation, however, can put a financial strain on a family who is financially unprepared.

This often leads to a family requesting memorials be sent to a funeral home “in lieu of flowers”. Lieu, of course, means instead of or in place of. For some families, this is a way to help pay for an appropriate funeral, even if there wasn’t sufficient life insurance.

Flowers, however, remain a popular way to express empathy and grief. Here are some of the more popular flowers that symbolize love and sympathy.

Roses

The classic red rose signifies love. Deep colored roses signify even deeper love. Roses continue to be one of the most popular choices to send when a loved one passes

Lilly’s

The white Lilly, in particular, symbolizes purity and rebirth. The white Lilly carries religious significance for many of the worlds largest religions.

Poppy

Poppies are recognized worldwide as a way to show sympathy. It is especially noted for a way to express respect for those who have served in the military.

Purple Hyacinth

The purple hyacinth is a sign of sorrow, regret and forgiveness. It can be a way to express regret at things not said or issues left unresolved.

White Tulip

Frequently given in a show of respect and worthiness, white tulips symbolize regret. They may be a good choice when one feels the need to apologize.

Carnations

Carnations are popular in that different colors have different meanings. Many will send bouquets of various colors to express sympathy.

Of course, not all families that request memorials do so to help pay final expenses. Many request donations to a favored cause or charity of the deceased. Some families feel donations to a good cause is a superior choice to flowers. Of course, in any such situation you’ll want to check the obituary or contact the funeral home to determine the family’s wishes.

Do you have sufficient life insurance? We can help with a no-obligation life insurance review. Should you like, we can seek out quotes from multiple companies we have relationships with. Get the coverage and peace of mind you deserve. Contact us today.

The Difference Between Burial Insurance and Life Insurance

There was a time when life insurance was generally referred to as “burial insurance”. Today, in the industry, burial insurance is frequently the name given to the name of whole life insurance policies with a face value of $5,000 to $25,000. The purpose, is of course, to cover the final expenses of a funeral. In fact, years ago, whole life burial insurance could be purchased in amounts as little as $250-$500. Of course, funerals were less expensive then as well.

Today, life insurance is affordable enough to purchase in much higher amounts. When purchased at a young enough age, one million dollars of term life insurance can be surprisingly affordable. This gives insureds the opportunity to provide for far more than just the cost of a burial. It provides the chance to truly insure the quality of life for your family.

Life insurance is used to pay any remaining medical expenses. It can be used to pay off credit cards and student loan debts. Life insurance is often used to pay off new car loans and mortgages. Many times, parents of young children will secure enough life insurance to assure a paid college education for their children should they die prematurely. Ideally, life insurance would pay for all debts, college and provide a nest egg for a family’s current lifestyle to continue.

Far from just “burial insurance, life insurance can protect the quality of life for your family. That is worth looking into.

If you would like to learn more about the affordable options available to you when it comes to life insurance, contact one of our independent insurance agents today. Because they are not tied to representing insurance from just one company, they can shop multiple companies for you. This means you are better assured of getting terrific coverage at a price you can feel comfortable with.

Remember, your ability to acquire life insurance in sufficient amounts depends greatly on your age and health. Waiting may limit your options. Get started today for the life insurance protection your family deserves.

Why a Million Dollar Life Insurance Policy May Not Be Enough

One million dollars. It can sound like a significant amount of money. When it comes to life insurance, however, you may be surprised with how quickly that million dollars may be spent. That’s why a million dollar life insurance policy may not be enough.

Paying off a mortgage, for example, can take 25% of that million dollars or more. It is not unusual today for homeowners to carry $250,000, $350,000 or more in a mortgage balance. If life insurance doesn’t cover this balance, the home may have to be sold.

Student loans are another significant debt. The average graduate has about $40,000 in student loans with some carrying significantly higher debt.

Some deaths, especially when a younger person is involved, may have large medical bills associated with them. Whether death is from an illness or accident, many rely on life insurance to cover those debts.

Car payments and credit card debt will also need to be addressed upon a death. These too, can run into the tens of thousands of dollars. Then, of course, you’ll have the final expenses involved with a burial or cremation. Even a less expensive cremation can costs thousands of dollars.

But paying off debts may not be the end of it. An insured may wish to cover living expenses for those left behind for a few years or cover college costs. It quickly becomes apparent that a million dollars may not be too much when it comes to life insurance.

The good news is that when purchased at a younger age, term insurance in an amount of one million dollars may be more affordable than you may believe. Finding out is simple. Just contact one of our independent insurance agents and answer a few questions. They will then do the shopping for you, comparing coverage and prices from multiple companies. You make the final choice for the coverage that is best for you.

There was a time when a million dollars worth of life insurance seemed excessive. That is just not the case anymore. Get started with your free quote today.

Creating a Life Insurance Inventory

A large factor in determining how much life insurance to acquire is having expectations for what you want the proceeds to accomplish. In other words, what do you intend your life insurance funds to pay for?

It can take a little time and some thought, but creating a life insurance inventory of your debts and wishes can be extremely helpful. Here’s what your “inventory” may include.

  • Final expenses. Whether you anticipate a traditional burial or cremation, final expenses can reach into the thousands of dollars. Paying for these expenses is the traditional basic use of life insurance.
  • Consumer Debt. You will likely want any credit cards and car payments to be cleared by the proceeds of your life insurance policy so be sure to include what you owe in your “inventory”.
  • Student Loans. You may owe a significant amount in student loans that life insurance can pay for upon your death. This is especially critical if you have student loan debts that someone else has co-signed for.
  • If you own a home, especially with a family, you will want to make sure they can stay in the home. Add the balance of your mortgage loan to be covered in the event of your death.
  • Potential Medical Expenses. It is possible an end of life illness or accident can leave significant medical debts.
  • College Fund. If you have young children you may wish to help provide for their college education should you no longer be around. This can be significant. Even if you can’t provide for full college funding, a significant start can be very beneficial.
  • Living expenses. A death in a family can be traumatic. When significant changes have to be made due to financial reasons, it can increase the stress and pressure. Providing for living expenses for a period of time can make a big difference.

It doesn’t take long to realize that you may want a significant amount of life insurance to completely cover your obligations and goals. The good news is we can help. Contact us for a no-obligation quote on a life insurance program to fit your needs and budget. Our independent agents can seek out quality coverage at a price you can afford. We look forward to assisting you.

Life Insurance: Why Waiting Limits Your Options

Let’s face it. It can be easy to put off buying life insurance. There seems to always be a number of other priorities to address. If you like having options, however, there is no time like today to get started building your life-insurance program.

Why? Because waiting limits your options when it comes to life insurance. Here’s how.

Life Insurance Generally Gets More Expensive as You Age

One of the most significant aspects when it comes to pricing life insurance is the age of the applicant. The younger you are, the less it will cost you on a per-thousand basis. Waiting on the other hand, will likely make it more expensive and ultimately limit how much you can afford. Buy life insurance when young to maximize how much you can buy.

You May Become Ineligible

Waiting to purchase life insurance may make you ineligible to purchase it in the quantity you would like, or even at all. Your health or physical condition could deteriorate. You could sustain injuries in an accident or become ill. You can’t assume you will always be eligible to purchase insurance in the amount you may desire.

Waiting Limits the Time for Permanent Life Insurance to Build Value

Permanent or whole life insurance can build value for future use. It can be borrowed against to help buy a first car, pay for college expenses or to even use in an emergency or opportunity. Waiting to purchase life insurance can significantly shorten the time period your policy will have to build value. It is why many parents or grandparents will purchase life insurance on children and grandchildren.

If life insurance has yet to become a part of your long-term financial plan, waiting will only serve to limit your options. That’s why we invite you to contact one of our independent life insurance agents. We can discuss your present life situation, your obligations and your goals. We’ll create a plan to help you achieve those goals affordably. Our agents have the ability to get quotes from multiple companies, again, giving you more options. Don’t wait. Take advantage of as many options as possible by securing your life insurance program today. We are here to help.

Five Cents a Week for Life Insurance? Wait…There’s more!

Have you ever talked to an older person about what things USED to cost? Your parents or grandparents may have bought a new car for a couple thousand of dollars or a home for $20,000. Gas used to be priced at 19.9 cents a gallon and bread at 10 cents a loaf. Not only were prices lower but service levels were different. Gas was pumped into your tank for you and checking your oil and cleaning your windshield was routine. You may even have received a premium for buying gas at a certain station like a game piece, glass or stamps to save for gifts. It wasn’t just gas either. Bread and milk was frequently delivered to customers doors and doctors made home visits.

Even life insurance has changed dramatically. Would you believe that, in some cases, life insurance could be purchased for a few cents or a nickel per week, and an insurance agent would actually come to your home to collect premiums? It’s true. Some very large insurance companies built their businesses on these “nickel per week” policies with insurance men visiting homes just like mail or milk men.

The good news about this system was that these insurance representatives often became friends with the families they served. They were there when a child was born or when a customer got married. They were a familiar face when a policy loan was needed or a claim needed to be submitted. Sadly, it was not necessarily a cost-effective system and like at home doctor visits and service station attendants, this type of insurance representative went by the wayside.

Today, it is up to the consumer to let their insurance representative to know what is going on with their lives. If there are significant changes like a birth, marriage, divorce or death, the policy holder should contact the insurance company. It is then their responsibility to provide exceptional service and valuable loss prevention products.

If it has been a while since you’ve had a life insurance review, contact us. We will be glad to provide the attentive, personal service you deserve.

The Difference Between Term Life Insurance and Permanent Life Insurance Explained

If you are unfamiliar with life insurance or just beginning to explore your options, one of the first things you will be faced with is the choice of term insurance and permanent insurance. These are the two basic forms of life insurance that suits a variety of needs for those in search of life insurance protection.

Before getting caught up in all the insurance speak that can often confuse consumers, here is what you need to know about these two basic forms of insurance.

Permanent Insurance

Often referred to as Whole Life Insurance, permanent insurance is usually purchased to protect the policy holder and beneficiary for the long term. As long as premiums are kept up-to-date and maintained, the policy will be kept in force. This is important because even if your health situation changes, you will still be able to maintain protection by making timely premium payments.

One of the other significant benefits of a whole life or permanent insurance policy is that they often build cash value as time passes. This becomes a financial asset that can be accessed for college expenses or needs or opportunities that may present themselves in the future. This makes whole life policies popular for parents and grandparents to purchase for young children, as a form of savings for the future. It provides life insurance coverage while also building value.

Term Insurance

As opposed to permanent insurance, Term Insurance is intended to cover the life of the insured for a specific period. This is valuable in a variety of circumstances. For young families, it allows them to acquire a large amount of insurance at an affordable price. This is beneficial as young families move through a period of high responsibilities, like a mortgage, car payments, student loans and credit card debt.

Term Insurance usually can be renewed if the insured meets health and physical standards set by the issuing company during the renewal period. While term insurance is more affordable than whole life insurance, it generally does not build any cash value that can be tapped into in the future.

What They Have in Common

What both term and whole life insurance have in common is that both are less expensive to acquire when you are young and healthy. That means you will never be able to purchase life insurance of either type at rates that are less expensive than today. That’s why we invite you to contact our independent insurance agents to get a no-obligation quote today.

Contact one of our agents, answer a few questions, and our professionals will go shopping for the best rates for you. It is part of the power of working with an independent agent whether term or whole life insurance is best for you.

Exploring life insurance? Let us help. Contact us today.