Q: How much is enough?
You can use life insurance to pay off debts that you leave behind as well as to help maintain a lifestyle for this you leave behind. Paying off a mortgage, credit cards, death taxes, home equity loans, student loans, last health expenses not covered by your health insurance, besides last expenses like burial or cremation costs. Even when these expenses are paid, your survivors may need additional lost income to pay for food, clothing, taxes, insurance, home and auto maintenance, retirement funding and other miscellaneous living costs. We will work with you to calculate what's important to you, so that you cover what's best for your family.
Q: What type of life insurance should I purchase?
There are three basic type of policies, term, universal and whole life and there are many variations of each. Quite often we have provided a blend of two types depending on what your family needs to accomplish. Term insurance provides you with plenty of leverage in that you get a lot of coverage with a low premium, but quite often, the insurers know that people don't usually die while the term coverage is in force. Whole life is completely opposite term insurance in that it provides coverage for your whole life. It has a guaranteed death benefit, a guaranteed fixed premium and a guaranteed cash value with some participating policies also paying non guaranteed dividends. This coverage is the most expensive, but it serves a specific market. Universal life is a blend of term and whole life in a way. It seems to be a very popular product because it allows the agent to dial in exactly what the client wants to accomplish. Many people use it for lifetime protection with minimal cash value growth, thus achieving permanent protection without the high cost of whole life. We will consider your needs and your budget and create a program that fits.
Q: Why should I use a professional agent?
You generally never pay more for a policy when using a professional agent so it makes no sense to go it on your own. There are so many policy variations and trying to learn all about what is available could take you forever. There are many traps that a consumer can fall into when doing it themselves. I will give you a few examples. You may purchase a term policy with a conversion privilege, but that particular insurer may not offer a product in your state to convert to. You may think that comparing the preferred rates of different insurers is a good way to price shop. This can be the biggest error a do-it-yourselfer can make. In fact each policy has it's very own underwriting requirements and you may qualify for one company as a preferred rate and another at standard, so by comparing it in this manner can cost you more After we complete your family's needs analysis, we evaluate your health in detail and use the insurer that fits the best for you specifically.
Q: Where can I find more information?