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Need an affordable

Life Insurance Plan?

Find an Affordable Life Insurance Plan that's right for you.

Need an affordable

Life Insurance Plan?

Find an Affordable Life Insurance Plan that's right for you.

Life Insurance

Life Insurance is an important feature to provide your dependents with regular payments that replace your income if you die. Life insurance provides a certain amount of money, according to the coverage you buy. The best thing that Life Insurance provides is the reassurance that your dependents won't be burdened with massive debts when you're no longer there to support them. That means that no one will have to struggle to pay debts or be forced to sell any assets. 


You may think that these funds can be put to better use, but the life insurance benefit is highlighted during accidents or unfortunate events. It is mainly a lifesaver to protect your beloved ones and maintain their quality of life.


Why do I need Life Insurance?

Life insurance is an essential part of financial planning. One reason most people buy life insurance is to replace income that would be lost with the death of a wage earner. The cash provided by life insurance also can help ensure that your dependents are not burdened with significant debt when you die. Life insurance proceeds could mean your dependents will not have to sell assets to pay outstanding bills or taxes. An important feature of life insurance is that generally no income tax is payable on proceeds paid to beneficiaries. The death benefit of a life policy owned by a C corporation may be included in the calculation of the alternative minimum tax.

How much Insurance do I need?

Before buying life insurance, you should assemble personal financial information and review your family’s needs. There are a number of factors to consider when determining how much protection you should have. These include:

  • any immediate needs at the time of death, such as final illness expenses, burial costs and estate taxes
  • funds for a readjustment period, to finance a move or to provide time for family members to find a job
  • ongoing financial needs, such as monthly bills and expenses, day-care costs, college tuition or retirement

 

Although there is no substitute for a careful evaluation of the amount of coverage needed to meet your needs, one rule of thumb used is buy life insurance that is equal to five to seven times annual gross income.

Choosing A Plan

Buying life insurance is an important decision to make to secure the future of your family and beloved ones. When you start to pay your premiums, you're typically buying their comfort, future financial security, and protection when you're not there anymore. This life insurance protects their home, company business, and overall stability of their lives. Over the years, your needs and family situation will evolve and you must consider your ever-changing life goals. This will help you choose the right life insurance plan that matches your reality and goals, ensuring proper coverage. There are two types of life insurance to consider: Term Insurance Term Insurance offers coverage for a specific period of time and pays only if death occurs during the policy term. There are two main types of this life insurance, which are Level Term and Decreasing Term. Permanent Insurance (Whole life) Permanent Insurance offers lifelong protection and pays whenever you die, no matter how long you live. There are three main types of this life insurance, which are Traditional Whole Life, Universal Life, and Variable Universal Life. Before you make a decision, you must go through your financial situation and study your family's needs. Many factors must be taken into consideration before you settle down for which protection level you need. Before buying life insurance, consider the following: Any immediate expenses that will be needed at the time of death, including illness expenses, estate taxes, and burial costs. Funds to cover the readjustment period (cover a move expenses or secure some time for family members to get a job) Any financial needs to be secured, including monthly bills, day-care costs, college tuition, and more. Although there are no specific calculations to identify exactly the coverage you need, normally the policy to consider must be five to seven times your annual gross income.

Additional Points

If you miss the premium payment, you are given a 30- or 31-day grace period to pay the premium. Skipping the grace period, the policy will lapse unless your policy’s provisions allow you to reinstate. There is another option that the insurance company can choose with your authorization to keep the policy going. If you have sufficient cash in your policy, the company can withdraw the required value to compensate for the fees. This doesn’t apply except in some flexible premium policies because in most cases, there isn’t any cash to draw from in the first place. If it is possible, the premiums can be reduced or skipped because the policy will have sufficient cash. 

Some additional benefits can be added to amend the terms of the policy according to provisions or riders. One rider provides the insured parties with a “waiver of premium” for disability. This rider waives any premium fees for a specific duration if you become permanently or temporarily disabled.

Yes, there are different available riders, which are: 

  • Accidental death benefits: This rider offers an additional benefit in case of death due to a sudden accident. This additional rider requires additional fees if available. 
  • Accelerated benefits: This rider is also known as “Living benefits” because it allows you to receive the benefits of your insurance before you die. This only occurs in case of terminal illness, catastrophic illness, or long-term care in a nursing home. This additional rider may require additional fees if available. 
  • Child rider: This rider covers insurance for all of your children with death benefit from $1,000 to $20,000. This rider requires additional fees if available. 

Before you purchase the policy, you must understand when the policy will start working. Sometimes, the insurance becomes effective on a date different from the company’s issue date.

Accelerated Death allows policyholders to receive a part of the policy’s proceeds when they are still alive under some conditions; terminal illness or admission to a nursing home. But, these payments may affect the Medicare allowance through deductions taken from the beneficiaries’ benefits later on. Thus, the policyholder must understand the rider policy and consider their options before making a decision.

The applicants undergo medical tests that give precise information about their health condition. Consequently, the insurance company charges the insurers the right premiums that suit their state. Some health conditions are easily handled through suitable medication, therapy, or different lifestyles. All this information may allow the insurance company to accept coverage for applicants who shouldn’t be insured. On the other hand, medical tests can identify incurable conditions, huge risks, or diseases that the company can’t afford. 

  • You must add a secondary beneficiary in case you live longer than the first beneficiary mentioned in your policy
  • Make sure to name a specific beneficiary to be paid immediately to your family upon your death. In case it is paid to your estate, it will take much time for your beneficiary to receive as it goes through probate with all your other assets. 
  • Always be clear in assigning your beneficiary names so you won’t exclude anyone. If your beneficiary dies before you, this may cause a problem if you didn’t change the beneficiary designation. If you remember to do so, the proceeds will go immediately to the beneficiary’s child.

It is not always wise to change or drop an in-force policy. If you decide to do so, make sure that your new policy is in effect. Also, bear in mind the following: 

  • What is your health condition? Check the change in your health conditions over the years because you may not be still eligible for standard rates.
  • Are the two policies paying the same dividends?
  • Is the cash value of the new policy as large as the original one? Check if there is a surrender charge applicable to the original policy. 
  • What is the difference between the two policies regarding premiums, death benefits, and cash surrender value? Always make a breakdown of both before you decide.
  • Is the new policy already in force? Make sure of this point before you cancel your original policy if you want to reduce the policy’s value

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Life Insurance

Why do I need Life Insurance?

Life insurance is an essential part of financial planning. One reason most people buy life insurance is to replace income that would be lost with the death of a wage earner. The cash provided by life insurance also can help ensure that your dependents are not burdened with significant debt when you die. Life insurance proceeds could mean your dependents will not have to sell assets to pay outstanding bills or taxes. An important feature of life insurance is that generally no income tax is payable on proceeds paid to beneficiaries. The death benefit of a life policy owned by a C corporation may be included in the calculation of the alternative minimum tax.

How much Insurance do I need?

Before buying life insurance, you should assemble personal financial information and review your family’s needs. There are a number of factors to consider when determining how much protection you should have. These include:

 

  • any immediate needs at the time of death, such as final illness expenses, burial costs and estate taxes
  • funds for a readjustment period, to finance a move or to provide time for family members to find a job
  • ongoing financial needs, such as monthly bills and expenses, day-care costs, college tuition or retirement

 

Although there is no substitute for a careful evaluation of the amount of coverage needed to meet your needs, one rule of thumb used is buy life insurance that is equal to five to seven times annual gross income.

Choosing A Plan

Buying life insurance is not like any other purchase you will make. When you pay your premiums, you’re buying the future financial security of your family that only life insurance can provide. Among its many uses, life insurance helps ensure that, when you die, your dependents will have the financial resources needed to protect their home and the income needed to run a household.

Choosing a life insurance product is an important decision, but it often can be complicated. As with any other major purchase, it is important that you understand your needs and the options available to you.

Our agents can help you make sense of your options to fill this important need. Plan availability varies by state and by insurance company and your agent will review all of these factors with you.

The main types of life insurance available are term and permanent. Term insurance provides protection for a specified period of time. Permanent insurance provides lifelong protection. To learn more about term and permanent insurance click on the appropriate button at the top of this page.

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Insurance Plan

Additional Points

If you miss a premium payment, you typically have a 30- or 31-day grace period during which you can pay the premium. After that, the policy will lapse. You may be able to reinstate with evidence of insurability depending on your policy’s provisions. If your policy has sufficient cash value, the company can, with your authorization, draw from a permanent policy’s cash surrender value to keep that policy in force. This does not apply to term insurance because there is no cash value to draw from. In some flexible premium policies, premiums may be reduced or skipped as long as sufficient cash values remain in the policy. However, this will result in lower cash values.
Provisions or riders that provide additional benefits can often be added to a policy. One such rider is a waiver of premium for disability. With this rider, if you become totally disabled for a specified period of time, you do not have to pay premiums for the duration of the disability.
“Accidental death benefit”, provides for an additional benefit in case of death as a result of an accident. This rider, if available, would require additional premium. Availability and specifics varies by carrier and state. “Accelerated benefits”, also known as “living benefits.” This rider allows you, under certain circumstances, to receive the proceeds of your life insurance policy before you die. Such circumstances include terminal or catastrophic illness, the need for long-term care or confinement to a nursing home. This rider, if available, may require additional premium. Availability and specifics varies by carrier and state. “Child rider”, provides insurance for all your children, usually from $1,000 to $20,000 of death benefit. This rider, if available, would require additional premium. Availability and specifics varies by carrier and state.
If you decide to purchase the policy, find out when the insurance becomes effective. This could be different from the date the company issues the policy.
It allows policyholders to receive all or part of the policy’s proceeds prior to death under certain circumstances, including the need for long-term care and confinement to a nursing home. Because payments may affect tax status and Medicare eligibility, and will be deducted from the overall benefits paid later to beneficiaries, policyholders should thoroughly investigate options in advance.
Medical tests can provide accurate and current information about an applicant’s health, thus enabling insurers to charge premiums that reflect the level of risk an applicant represents. Because some health conditions are easily managed through proper medication, therapy or lifestyle changes, medical information sometimes makes it possible for insurers to cover applicants who might not otherwise be insurable. More serious or incurable conditions present an enormous risk that an insurer simply cannot assume.
Always name a “contingent,” or secondary, beneficiary, just in case you outlive your first beneficiary. Select a specific beneficiary, rather than having the proceeds of your life insurance paid to your estate. One of the great advantages of life insurance is that it can be paid to your family immediately. If it is payable to your estate, however, it will have to go through probate with the rest of your assets. Be very clear in wording beneficiary designations. Naming specific children may exclude those born later. If your child dies before you, do you want the proceeds to go to that child’s children? Changing the beneficiary designation is easy, but you have to remember to do it.
Think twice before you do, because in many situations it may not be to your advantage. Before dropping any in-force policy, make sure your “new” policy is paid for and in effect and first consider: If your health status has changed over the years, you may no longer be insurable at preferred or standard rates. Even if both policies pay “dividends,” it may be years before the new policy’s dividends equal those of your present one. If you replace one cash-value policy with another, the cash value of the new policy may be relatively small for several years and may never be as large as that of the original one. There may also be a period wherein a surrender charge is applicable on the first policy. You should ask for a detailed listing of cost breakdowns of both policies, including premiums, cash surrender value and death benefits. Compare these as well as the features offered by both policies. If you decide to surrender or reduce the value of the policy you now own and replace it with other insurance, be sure your new policy is in force before you cancel the old one.

NOT EVERYONE MAY QUALIFY FOR LIFE INSURANCE, ACCEPTANCE AND APPROVAL PER POLICY IS BASED UPON MEDICAL UNDERWRITING AND APPROVAL THROUGH THE CARRIER

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Find an Affordable Life Insurance Plan that's right for you.