When it comes to life insurance, it seems there's a lot of confusion. With over 20 years of life insurance experience, hopefully we can simplify the process for you and bring clarity prior to you making a buying decision.
There's really only two categories of life insurance: Term and Permanent (Whole).
What product is right for me and which company should I choose? That's where an independent agent has the advantage over the captive agent. Product selection should be made only after field underwriting has taken place, e.g. health, medications, family history, etc. In addition, what are your goals, time horizons, and budget? If you're just starting out, term might be your best option.
TERM LIFE INSURANCE
Term Insurance is for a specific time generally, but not always. Life Insurance coverage is for 10, 15, 20 and 30 years. After your contract time period your term insurance tends to go up significantly in price. If you already have a policy, check your illustration for pricing. Since we generally can't predict when we are going to die, we like to educate our clients on purchasing a convertible term product. For more details, simply email, or give us a call.
In the beginning, permanent insurance meant Whole Life Insurance. I pay a fixed amount and I am insured until age 100. There are some instances where Whole Life Insurance may make sense, however, it is archaic and can take a long time to increase in cash value. Other types of permanent insurance may include, but not limited to, Universal Life Insurance and Index Life Insurance. Both Universal Life Insurance and Index Life Insurance have more flexibility with payment and may offer a higher yield. Options and opportunity can vary greatly depending on the Life Insurance Company.
As of 2017, only 16% of Fortune 500 companies offered a traditionally defined benefit pension plan to its new hires, according to a Willis Towers Watson report. That's a dramatic drop from the 59% of that same group of employers that offered pensions in 1998.
That's where our expertise may come in handy for your retirement future. A pension is an annuity. If income is needed now, that's an immediate annuity. If you are planning for your retirement future you can choose a deferred annuity. Similar to life insurance there are different product options to suit your needs, e.g., Fixed Annuities, Index Annuities and Variable Annuities. (If you're looking for a variable product, we can refer you to a product specialist.) These vehicles can pay a period certain, or income for life. We work with only top rated mutual and stock owned companies. These companies offer some of the highest payouts in the market. Some of these companies offer flexibility on payout. We've done the research for you. We are client driven, period.
LONG TERM CARE
Considering long-term care costs is an important part of any long-range financial plan, especially in your 50s and beyond. Waiting until you need care to buy coverage is not an option. You won’t qualify for long-term care insurance if you already have a debilitating condition. Most people with long-term care insurance buy it in their mid-50s to mid-60s. However, the best price point to buy long-term care insurance is around 45 years old. When you're in your 50's and 60's you may be better off purchasing short-term care insurance. Working with an independent agent, that's truly interested in helping you first, will provide you with the best options. Our recommendations are based on what we would do if we were in your situation.
A long-term care insurance policy helps cover the costs of that care when you have a chronic medical condition, a disability, or disorder such as Alzheimer’s disease. Most policies will reimburse you for care given in a variety of places, such as:
A nursing home.
An assisted living facility.
An adult day care center.