Insurance Policies. Part 1
If you already have life insurance coverage, it’s important to review your policy periodically to ensure it still meets your needs, and more importantly that you are not paying too much.
Certain life events, such as getting married or having a child, should prompt a review of your current policy as well. You should always make sure that your beneficiary details are correct and make any necessary changes. It’s also a good idea to review your policy annually, even if there hasn’t been any major life events.
There are many different reasons why you may want to review your life insurance policy. Some of the more common reasons include: recently getting married, recently separating or divorcing, expecting or adopting a child or grandchild, purchasing a new home or refinancing an existing one, providing care for a parent or other relative, starting or stopping a business, or retiring. Additionally, if you have children who are preparing to or have completed college, this is a great time to review your life insurance policy.
The fact is, everyone should evaluate their life insurance policies annually! Not only can this help ensure that your policy still meets your needs, but you may even save money on your premiums. It’s important to make sure that your policy is up to date and reflects your current life situation. So remember to review your policy each year for your peace of mind and financial security.
These are just a few of the reasons it may be time to review your life insurance coverage:
• Recently married;
• Recently separated or divorced;
• Expecting or adopting a child or grandchild;
• Purchased a new home or refinanced your existing home;
• You now provide care for a parent or other relative;
• Started or stopped your own business, or added a partner;
• You or your spouse has retired or are planning to retire;
• Your children are about to commence or have completed college
The Fact is, everyone should evaluate their Life Insurance Policies annually! Not only for the few reasons listed above. You might even save on your premiums as well!
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Having a life insurance policy is one of the most important financial decisions you can make for yourself and your family. Here are five compelling reasons why you should consider having a life insurance policy:
- Financial Security: Having a life insurance policy can provide your family with financial security in the event of your death. It can help ensure that your loved ones are taken care of financially and can provide them with much-needed funds to cover expenses such as medical bills, funeral costs, and other debts.
- Retirement Planning: A life insurance policy can serve as an additional source of income for retirement planning. Having a life insurance policy in place can help to supplement your retirement savings, providing a more secure retirement plan.
- Tax Benefits: Life insurance policies come with a variety of tax benefits. Depending on the policy, you may be able to deduct your premiums from your taxes, resulting in a lower taxable income.
- Investment Opportunities: Life insurance policies can also be used to invest in stocks, bonds, mutual funds and other investments. This can help you build wealth and secure your financial future.
- Peace of Mind: Having a life insurance policy in place can provide you and your family with peace of mind. Knowing that you have the financial protection you need in the event of your death can help provide a sense of security and can help you feel more in control of your future.
By Ralph R. Dickinson
“Why would I want to leave money for my Wife’s boyfriend?
Well, how do you respond to this? I could simply say, “What a selfish SOB, you don’t care about your family at all, do you?” But a statement like that from me would be worse that the objection. I would very likely lose the opportunity to gain his trust and convince him to think differently.
Life Insurance is there to make a way for your family to maintain the same lifestyle they had while you were alive. It is not to be used as a slush fund for a future significant other! It amazes me that some husbands and even some wives think so little of their spouse’ decision making processes if one of them were to pass away. This to the extent of rolling the proverbial dice of financial destruction. Just because of superstition, or a lack of faith in their loved ones to make the right decisions in the wake of their death.
Also, Life Insurance policies can be set up as a structured payout when they are taken out or at any time before death, to satisfy the leery so-to-speak. The Bottom line, there is no reason to not have at least have “Some” Life Insurance in force to aid your family in their time of need.
Preparing for your family’s needs in the event you are no longer here to provide for them is a task that should not be procrastinated on. Regardless of your current position, financial or otherwise, there are many who depend on you. Our responsibility to leave our children and other loved ones well cared for never goes away. Life Insurance, especially Term Life Insurance, is one of the least expensive ways to create the instant estate and provide financial security for the ones you love.
Choosing a Life Insurance Policy that fits your needs, life situation, and budget is a pretty easy task. Contact us now through our free Life Insurance Quoter.
By Ralph R. Dickinson
“Why Should I Invest in a Personal Term Life Insurance Policy, it seems like a waste of money?
Bottom line is, if you are the primary breadwinner or the homemaker in your household, the loss of either of you could severely distress the financial security of your loved ones, such as:
The Lifestyle that your family is accustomed too
Whether the mortgage or rent payment could be paid
College Plans for Your Children or Grand Children
Consumer Debt or Car Loans currently owed
Whether your spouse will have to work or take on another job
Severely affect your share of household duties
Replacing childcare that the homemaker provided
Devastating to your Finances
Additional Expenditures for childcare, food preparation etc.
The Mental Instability caused by the loss and assumed financial stress
A Personal Life Insurance Policy at its core is intended to replace the income of the Breadwinner if proceeds are invested properly. Life Insurance cannot replace your family’s loss but it can replace the income and/or the household services that the family member provided.
At best Life Insurance paid to beneficiaries can be structured into a lifetime income. At the very least it can and should provide debt freedom to the loved ones left behind.
These are all concepts that are great reasons for you to think about purchasing a life insurance policy. Need a Quote you NOW!
By Ralph R. Dickinson
“But I already have life insurance!”
That’s great! However, there are many things to consider, even if you think you are up to snuff on your current policies;
1. Do you have enough coverage? You should have 10-20 Times your gross annual income in life insurance so you are able to adequately protect the loss of your current income. If your income rises you should supplement your current Life Policies with additional Term Life Protection.
2. Have you had a change in your circumstances? You should review your policies when you add dependents or when dependents move out. A Life Insurance review would be a smart move if you started a business, added any risk investments to your portfolio, or taking out financing of any kind.
Most families and business owners are actually underinsured and if they ever need to make a claim, the Death Benefit received would not be enough to cover their current needs and debts. It is so very important that you review your coverage annually as this will keep you current with your ever-changing life situations such as:
• Future college expense
• Buying out business partners
• Paying off your Mortgage
• Paying off Consumer Debt
• Setting up a Lifetime Income Stream for your loved ones
An Annual Policy Review is a simple, no-cost way to preserve your estate and help you know that you prepared. Let us Quote you NOW!
By Ralph R. Dickinson
“But I Have Life Insurance through My Work”
Some employers provide Life Insurance policies as part of their employee benefits package at little or no cost to the employee. This is a great benefit if you have it. However, there are many things to consider if you have a Group Life Insurance Policy:
1. You rarely “Own” the Group Policy…..In other words, these Policies are not portable, so you can’t take them with you if you get laid off or leave the company.
2. You can lose your Life Insurance Policy for many reasons. It can simply be phased out of your benefits package at the company’s discretion.
3. Price is not fixed and normally rises every one to five years!
4. An employer can alter or change and even cancel the policy as they see fit.
5. Group Life Insurance Policies are based on the average age and health of the group as a whole. This means you could be paying the price for older and/or unhealthy co-workers!
6. You are probably way underinsured with only a Group Life Insurance Policy. You should have 10 to 20 Times your gross annual income in Life Insurance Protection privately.
Compare your Group Rate against Private Industry rates as we routinely beat Group Life Insurance Rates, Dare to Compare!